What do I need to know to build a good business partnership?
ASK THIS BEFORE YOU START A PARTNERSHIP
Why you want/need this person as a partner in the first place? This is critical because you will be sharing profit so they need to bring value to the partnership. Normally this is something you lack such as – capital, expertise, fill a critical staff position and or time.
- You want a clearly defined partnership agreement outlining each partner’s responsibilities and consequences if they are not fulfilled.
- How profit will be shared as well as when the company requires financial help.
- How the partnership would break up should that happen.
- If you cannot afford an attorney at the very least have this agreement notarized.
