The three of us who founded Technically Philly dissolved our partnership at the end of last year. But it was good news.
Moving away from the general partnership we launched in early 2009, we’ve incorporated as an S-Corporation in the Commonwealth of Pennsylvania, for better protection against liability, losses and for better treatment by the federal government (though, as I understand it, if we were to ever sell this thing, it’s a less desirable designation).
That means we closed a bank account, tossed out our partnership agreement in lieu of an operation agreement and started anew of sorts. In our case, dissolving our partnership coincided with our new, dusted off business plan for Technically Media Inc., our parent publishing consultancy that oversees TP.
I put considerable thought into the organization of our business so as to make this inevitable step forward as painless as possible. For others it might be obvious, but if it isn’t for you, below I share some lessons and the steps we took.