The first step in any joint business venture is for one or more of the parties to meet with an experienced business attorney and a good CPA to consider the multiple options available for the enterprise. This should be done even before the parties attempt to draft a letter of intent. There are many legal, tax and accounting issues to consider at a preliminary level first.
Thereafter, the parties should do their best to outline the key business terms on their own before returning to consult with their attorney(s) for the preparation of a formal letter of intent or term sheet. Our firm can assist you with the preliminary discussions about the new business idea and with the preparation of a formal letter of intent or term sheet.