Partnership issue

[Ojonuyo]

Partnership in business is lovely and can make the business grow faster, because two heads are said to be better than one. But partnership in business should be done on the basis of trust, if you do not trust your business partner then there is no need partnering with such because the business will crash.

 

[Nicklas22]

Sharing responsibility

Being a partner means sharing profits and sharing decisions with other partners. Disagreements may occur in both cases. Additionally, all partners must devote a significant amount of time to the company, adding more responsibility to each partner.

 

[Oliver 20]

In any partnership, there are business issues that can affect daily operations. Solving these issues may be more difficult with multiple owners having different ideas and solutions. To set clear guidelines on how to resolve business issues, partners can create a partnership agreement. This is a voluntary document that can cover myriad issues that impact the business from the first day it opens until it is sold or closes.

 

[Holluwaphemmy]

Partnership is interesting of you have a very good partner, you have the privilege to maximize profits and pool resources together. The major challenge of partnership business is that one the partners quarrel, the business is prone to liquidate

 

[Osaz96]

Your brother’s friend is being really unfair and unrealistic. How can you lavish the money coming from a business you do not have sole proprietorship over and request your share. The question is your share of what? Is the one you’ve squandered or what? Your brother and his friend should have signed legal documents as regards the running of the business to prevent stuff like this.

 

[Klashlly]

Partnership Issues
Different management styles don't have to be a big problem. ...
Personal habits.
Financial problems and equity.
Setting boundaries.
Commitment levels.
Disparities in skills and roles

 

[Hassan14]

My brother and his best friend started a game house business back in the year 2012.

When the business started, it was very successful and both friends were happy together until recently, his friend started lavishing money and the business started going down.

Since the beginning of this year, the sales went down and because of the pandemic, they had to close down the business and I know you could imagine how it will feel like.

Somedays ago, my brother friend came to tell my brother that he doesn't want to continue with the business anymore, that he needs his share.

Please how do we solve this issue?

When a partnership is formed in any business, first of all one of its biggest disadvantages is that it has a very bad relationship and that makes the business very difficult to run and very much so. There is a loss, so I think the business should be your own, so that you can run your own business so that the business can run well and be successful.

 

[Kinglegend01]

This is one of the reasons I dont like to go into a partnership type of business, although it has a lot of advantages like double capital,better connection and joint idea contribution but it risks are still there you can't make a good decision alone and like the case of your brother if your partner is an extravagant type I guess you are in for a long or is it a short ride.

 

[Flashblaque]

Partnership in business is lovely and can make the business grow faster, because two heads are said to be better than one. But partnership in business should be done on the basis of trust, if you do not trust your business partner then there is no need partnering with such because the business will crash

More Business Opportunities One of the advantages of having a business partner is sharing the labor. Having a partner can not only make you more productive, but it may afford you the ease and flexibility to pursue more business opportunities. It might even eliminate the downside of opportunity costs

 

[Irfan Aslam]

There are many types of partnership business, most of which people leave together or part with. My brother started his own business two years ago and he was joined by a partner. After a year of partnership business, the second partner stopped investing which caused a lot of losses.

 

[Nurudeen]

This is simple, if your brother also thinks the Business doesn't have a proper future at the moment they should sell the Business. Because with the way I'm seeing it, your brothers friend wants to remove himself from the fall of the business and leave your brother to lose if he decided to continue with it

 

[Bookwormlux1]

I is always important to have a formal agreement before embarking on partnership like this. I think it is important for your brother to reason together with his friend and tell him he can't continue again then they should talk of sharing the proceeds equally. That's the best option.

 

[Richard92]

Partnership is very important in business when you trust your partner. Have a partner in business help to make business grow fast in areas of funding, ideas, innovation, goals and objectives of the business, but sometimes partnership can be very dangerious if there is no mutual understanding between them.

 

[Rimsha kanwal]

My brother and his best friend started a game house business back in the year 2012.

When the business started, it was very successful and both friends were happy together until recently, his friend started lavishing money and the business started going down.

Since the beginning of this year, the sales went down and because of the pandemic, they had to close down the business and I know you could imagine how it will feel like.

Somedays ago, my brother friend came to tell my brother that he doesn't want to continue with the business anymore, that he needs his share.

Please how do we solve this issue?

Business partnerships have many advantages as they allow entrepreneurs to pool complementary skill sets and share startup costs and risks with one another. Unfortunately, many of the advantages of partnerships can also be disadvantages, and statistics show that up to 70% of business partnerships ultimately fail. Take a closer look at some of the most common reasons why business partnerships break down, so you can make any partnership you enter a more successful relationship.

 

[giddy]

As compared to a sole proprietorship, which is essentially the same business form but with only one owner, a partnership offers the advantage of allowing the owners to draw on the resources and expertise of the co-partners. Running a business on your own, while simpler, can also be a constant struggle.

 

[Ebuka Stephen]

Thats one reason I don't like partnership , it is risky to venture into, before one must go into partnership their must be terms and conditions guiding them but in your brothers case the type of approach to it depends on the agreement between them.

 

[Kennysplash]

My brother and his best friend started a game house business back in the year 2012.

When the business started, it was very successful and both friends were happy together until recently, his friend started lavishing money and the business started going down.

Since the beginning of this year, the sales went down and because of the pandemic, they had to close down the business and I know you could imagine how it will feel like.

Somedays ago, my brother friend came to tell my brother that he doesn't want to continue with the business anymore, that he needs his share.

Please how do we solve this issue?

They should dissolve the business and go their separate ways. It makes no sense when one person has all the brains and the other does not. It is called a partnership, if one side fails, the other suffers it. Don't suffer for someone else actions.

 

[Erik4150]

When a partnership is about to start, several agreements have to be signed in the presence of a legal practitioner. One of those agreements has to be about what would happen if the partnership were to be dissolved. This agreement is important because it would contain how profits will be shared if one partner walks away or dies.
If this agreement doesn't exist then there is bound to be problems.

 

[Peterlight]

If am to rate the relationship between my uncle and is partner in business,I would say it is 60/40, cos when my uncle is not around, the partner cannot do anything but when it comes to spending,his partner can spend anything on the business but they are not that close.

 

[Dowenship]

---

That's disheartening your brothers friend have growned to be a wayward spender which affected the business, and I think the best is to let him go. They should share the business or if he could afford t buy his friend share so the business won't close down totally, which ur brother will continue at the long run.