Crucial Tips for Forming a Partnership

Before you form a partnership, you should have the hard conversations that will come up in the course of business. Having these hard conversations before they happen allows you to think soundly and clearly about the solution. It is important about these conversations before they happen because when they do happen, your emotions are running High and you are not thinking clearly. It is good to have protocol to understand exactly what to do when complex and frustrating situations arise. Before you form a partnership, you want to talk about everything. How will the money get split up. Who will put in money and who will not put in money? What happens if someone likes to pace around the office and the other person likes to sit down all the time? How much free time do we get from the partnership? What exactly are our responsibilities? Ask everything? And before you even form a partnership, find out if you have to form a partnership. Many times you can have business relationships with people without forming a formal partnership. This is the case with many vendors and suppliers as well as service providers that may be intricate to your business, but do not need to be a partner.

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