I often tell people that starting a small business with a partner is similar to a marriage. You share your hopes and dreams for creating a successful future with someone else. Frequently, you will spend more time and share more of your concerns with a business partner than you will with your spouse. So, what happens if things do not work out? What happens if you have to endure a business divorce?

Similar to the end of a marriage, you may experience emotions of loss, insecurity, fear, perhaps even betrayal. Beyond your emotions, you may have financial assets and/or liabilities to divide. You may have employees, customers, vendors who all need to be informed and potentially divided between the two partners.

The thought of this may now be making your palms sweat and your heart race. Have no fear; there are many things you can do now to prepare for the dissolution of your business, even if it never happens

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As you are aware, Gordon Law has previously provided information on Nevada’s laws concerning covenants not to compete. (Please see http://gordonlawlv.com/id-tell-id-kill-sue-disclosing-trade-secrets-best-way-protect-business-trade-secrets/#.WT2gIGjyvD4.) However, at the eleventh hour, the Nevada Legislature has made material changes to the manner in which you can protect your business from competition from former employees.

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The Question of Non-Disclosure Agreements

If you are contemplating entering into a business relationship with someone, the first agreement you may encounter is a non-disclosure agreement (NDA). NDAs are used, among other times, when starting new businesses; acquiring new technology or other operational needs; and in the discussions to purchase or sell an existing businesses. Often times, one party to such a discussion will suggest that an NDA be executed and present the other party with a form agreement.

The following is a checklist for you to consider when either receiving or creating an NDA:

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