If you are considering entering into a business partnership, you must understand that the partner will offer something valuable for your business. Also know that conflict with your partner can cause serious damage to your business.
Business partnership is like a connection, you can not only generate your partner as your employee.
Does your partner have a share in ownership in your business ?
Separation of the partnership is a lawsuit, divorce, and it can be very costly, even leading to bankruptcy.
You must make this decision wisely, to be sure that you are entering into a partnership for the right reasons. Friend or family member, do not give a good choice for business partners. They should bring something of value that you need to run the business, whether money, knowledge or skills in a specific area or attributes required for your success.
Another important rule for joining the partnership is to never enter into a partnership 50/50. Someone must have larger stake. Any disagreements on the business decision, in which power is 50/50, you come to a dead end, where you will experience failure.
It is perfectly accepted to 50/50 gap of income, but one side of the partnership should be at least 51% operational. This should be decided by a sincere and intelligent procedure, that one of you will make a final decision. Anyone who has a 51% and administrative position, promises to ask, seek advice and to respect the opinion of their partner before a final decision.
Another important document that should be included in your agreement of cooperation is a swim / sold by the Treaty with the expression of separation, describing how each will buy another if you can leave the partnership for any reason. Whether it’s because of the disagreement or simply because one does not want to continue the affairs with another, it is very important that the separation agreement sets in the future tense.