A partnership in a business is similar to a personal partnership. Both business and personal partnerships involve: Pooling money toward a common purpose; Sharing individual skills and resources, and Sharing in the ups and downs of profit and loss.
Every business sits on mountains of data, but applying that data to arrive at strategic insights will help businesses achieve their transformational goals. The success of your business depends on the relationship between IT and Finance.
A business partnership is a specific kind of legal relationship formed by the agreement between two or more individuals to carry on a business as co-owners. A partnership is a business with multiple owners, each of whom has invested in the business. Some partnerships include individuals who work in the business, while other partnerships may include partners who have limited participation and also limited liability for the debts and lawsuits against the business.
If your business will be owned and operated by several individuals, you’ll want to take a look at structuring your business as a partnership.
Obviously, only go into business with those you trust. Vet everyone in your business dealings, whether it be a contractor, a tenant, etc. This could mean conducting background checks and calling personal references. This is especially true with your business partner(s) and is by far the most important way to protect yourself when entering a partnership.
Address potential issues before they become issues. Talk about worst-case scenarios. If your partner isn’t willing to do so, for whatever reason, you have the wrong partner.
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