What are the factors to consider before starting a partnership business

[Damismiling]

Can two Walk together except they agree, absolutely no, before you can start a partnership business with anybody, a lot of agreement must be reached, legal agreement, financial agreement, and many more agreements.

 

[Adeyoola7]

If you're thinking about seeking a partner to join your business, be sure to consider these factors: Ownership. ...Financial commitment. ...Time commitment. ...Cash compensation. ...Expenses. ...

 

[Alexandoy]

First consideration in entering a partnership is the knowledge on the business. It is not good to just rely on your partner for that. Next point is the partner if he is trustworthy. I am saying this thing about trust because I was too trusting to my business partner that later on he robbed me of my major customers. To think that he is my best friend in high school that goes to show that trusting a person is always a gamble.

 

[Adexgrace]

Before starting a partnership business there are lots of things to consider such of the nature of the business. The net worth of your partner, and some necessary information about your partner, the integrity of ones partner is also a very important factor to consider.

 

[Mary]

I think the most Paramount is the experience of the partners, a potential partner experience is an important factor you must consider because they need to perform their job without depending on each other

 

[Bookwormlux1]

This kind of thing needs a lot of legal backing and proper documentation. Don't just agree to partner with him, especially because he is the one bringing the idea. If you don't make enough findings, he might claim being the main person running the business even if you have made your contribution.

 

[Niftyyem]

First thing to consider is how trustworthy he is. Even if you truly trust him, ensure that your partnership is strictly professional with all the necessary legal papers signed and sealed. Ensure that all terms are well spelt out and the consequences for breaching those terms are well understood.

 

[Tariq Shehzad]

I would never get support, for doing business on partnership because there are many misunderstanding in the partnership. If you want doing business on partnership, then there should be some agreements regarding the investment, profit and loss distribution, time management and responsibilities of every person.

 

[Ojonuyo]

Partnership to carry out a business plan can be an encouraging ways to generate much returns and growth, this is made possible when both parties have the same mindset and focus. I mean they both want the success of the business. Because it really gets frustrating when one person is working to see the business prosper then the other person put on an I do not care attitude. Next is trust. Never engage in partnership with someone you do not trust, this can save you from heart attacks in the future. And finally, ensure capital is set in place and be determine to work hard to promote the welfare of the business.

 

[Ralphjoe]

Partnership business should be a mutual agreement for two people that have agreed to set up a business venture together. It shouldn't be between two people just starting a business together, the major word there is agreement.
So when considering to set up a business with a partner, first thing you consider is if you guys are in Agreement with all parts or aspect of the business. Some of what to consider before dabbling into a business venture with a partner are as follows:
1. Capital outlay or contribution from each partner.
2. Partnership deed that will guide the conduct of the business, it profit sharing ratio, dissolution of the business if it's warranted other rules that will guide the business.
3. The knowledge of the business the partners posses of the business.

 

[WhiteHouse]

Partners should be willing to put an agreement to writing. A written agreement may not be a legal requirement in your state, but a well crafted partnership agreement may not only insulate you from personal liability issues, it will force you to think about how you and your partner, or partners, will achieve the implementation of your entrepreneurial vision. Partners should be able to resolve any issues that arise by referring to the agreement. In the absence of an agreement, discrepancies will be resolved by your state’s generic partnership law, which will undoubtedly not cover the intricacies of your business partnership.

 

[MastetG]

In case like this is capital that always results to issues

* Capital; capital plays a major role when it comes to business success. But when it comes to one person contributing more money during the business start up, it can lead to disagreement. Because the other, will like to show superiority over another, making the business not to reach galaxy. But when settled amicably, their won't be hindrance to the business. This kind of issue is often in the partnership business. You need to consider it, before going on partnership with a friend

 

[Kinglegend01]

A friend of mine is looking to start a business but he doesn't have enough capital so he came to me and asked me to become his business partner and run the business together.
What are the factors I should consider before sharing a business with a partner?

The major factor for engaging on a partnership is trust. You have to trust the other person or people involved in the partnership. A good partnership with trust go a long way. Another factor to consider Is what type of business of business you want to invest in and how much you know and how intrested you are in the business too.

 

[Harisstech]

There are alot of factors to be considered when starting a partnership business, because is a business that involves two or more people coming together from different backgrounds to form a business,
First is active of each partner , either active or non active , understanding each other and the sharing formula both profit and loss, transparent , accountability,
Partnership business is very good and is help someone to develop the ideal by source for support from other people.

 

[Gilead]

There are several factors that you need to consider entering into a partnership business. You need to have an in dept knowledge about your partner. You need to understand that your partner is a person of integrity and if possible do a background check.Another thing is that the partnership should be contractual.

 

[Nurudeen]

The first thing is to ask for his business plan, don't partner in a business with him just because his your friend if he doesn't have any plans on the business. The second thing you need to look into is if his proposed Business is a hot niche in the market and people are willing to patronize such Business. Discuss profit share and seek legal advice.

 

[Hasan Raza]

A friend of mine is looking to start a business but he doesn't have enough capital so he came to me and asked me to become his business partner and run the business together.
What are the factors I should consider before sharing a business with a partner?

Partnership runs if both of the partners spend full time in business. If one try to avoid giving time then the other will also try same or conflict occur.
The most important thing is trust which must be in partnership business. And the best point i am telling you that must write down an agreement of business and investment amount both will invest. Also write down each and every thing for proof purpose.