Risky Business: The Hidden Risks of Handshake Agreements with Rachel Partain [Ep. 163]

Handshake deals might seem convenient, but they could put your business at serious risk. Discover how to protect your company from these hidden dangers and build a reliable foundation.

Larry Heller, CFP®, CDFA®, is joined by Rachel Partain, a leading tax attorney and partner at Forchelli Law, to break down the risks of running a business without formal agreements. 

Whether you’re launching a startup, managing growth, or exploring new partnerships, Rachel provides actionable insights to help you understand the risks of inadequate documentation and strengthen your business with essential agreements and expert legal guidance.

Key Points Covered:

• The widespread use of handshake agreements and the risks they pose to businesses
• The impact on business management from operational turmoil caused by unclear leadership succession plans to disputes over roles, voting rights, and profit distribution
• Barriers to securing loans and attracting investors due to informal business structures
• Tax complications, such as IRS audits and challenges related to shareholder contributions
• Legal exposure, including the risk of litigation and potential personal asset vulnerability
• And much more!

Actionable Takeaway: Assess your current business agreements today and consult a professional to protect yourself against potential financial and legal challenges.

Connect with Rachel Partain:

• LinkedIn: Rachel Partain 
• Forchelli Deegan Terrana LLP
• rpartain@forchellilaw.com 

Connect with Larry Heller: 

• (631) 248-3600
• Schedule a 20-minute Call
• Heller Wealth Management
• LinkedIn: Larry Heller, CFP®, CDFA®, CPA
• YouTube: Life Unlimited with Larry Heller, CFP®

About Our Guest:

Rachel L. Partain is a Partner at Forchelli Law concentrating her practice on complex tax advisory and tax controversy services for low to middle-market businesses and high-net-worth individuals. Rachel advises businesses on how to structure transactions in a tax-efficient manner and handles general corporate and transactional matters.