IT IS ALLOWED TO DESIRE FOR CO-OWNERS AND PARTNERSHIP IN BUSINESS LIFE!!!

Hey, they say “two hands are better than one,” yes and there’s more!

ONE: ARE YOU DESIRING TO START A PARTNERSHIP BUSINESS YET YOU DON’T HAVE SUBSTANTIAL BUSINESS FUNDS? TWO: ISN’T IT TIME YOU COMBINED YOUR BUSINESS PROFESSIONALISM WITH A TRUSTED BUSINESS PARTNER? THREE: ARE YOU IN NEED OF LEARNING MORE BUSINESS IDEAS FROM OTHERS AND ENJOY BUSINESS FREEDOM?
(Don’t worry. Partnership in business is Possible.)

Here’s 5 Practical Tips to put into consideration when venturing into a Partnership type of Business.

  1. Assess the nature of your business.

Some of the questions you may have to ask yourself are;

  • is the business going to involve a lot of risks-taking? ( Safety and good health should always be a matter of concern and of high priority even when starting a Partnership type of Business.)
  • are the risks that are involved worth taking?
  • Is it a legal business?
  • how soon can it be legalized to avoid penalisation and future disputes from the other partner/s?
  1. Assess the
  • expected expenses
  • expected profits. ( Profit making is and should always be the top goal of and type of Business and profits are not limited to monetary value, additional partners can be termed as profits in any partnership business.)
  • expected losses to be incurred. ( Losses are major limitations in any given type of business, however losses are inevitable and should be planned for ahead. Losses are not limited to monetary value as well. Loss in a partnership type of business can also be by contract breeching and withdrawal from the other partner, theft, or death which all call for prior proper planning and accurate accountability.
  • expected taxation reports.
  • expected debts to be accumulated.
    With the expansion of the partnership business, there may be need to reach for debt or loan funding which also needs to be considerably planned for in time.
  • expected insurance policy to be offered to that particular type of Business Partnership.
  • expected time input by each business partner.
  • expected monetary value input by each business partner.
  • expected energy input if need arises by each business partner.
  • expected experience, expertise, availability in professionalism and ability, proficiency, and the expected level of competence in input by each business partner.
  1. Management privileges involved.
    You may want to find out and understand all the code of ethics that will be involved in running that particular type of Business Partnership.
    (Is there room for mutual trust with your business partner?)
  2. Business Documentation.
    Always ensure that you clearly document all the business agreements you arrive at with your business partner and each business partner should keep copies of all the agreement documents for accountability purposes that may have to be involved.
  3. Disagreements and Disputes
    Plan ahead with either a trusted mediator on how you will handle any inevitable dispute with your business partner/s and in case of unresolved business dispute or disagreements plan ahead if mandatory call for an arbitration agreement with your business partner will be necessary.

Summary.
Partnership in many businesses today is a very easy and simple way to go and could be the treasure Island that is awaiting your business to venture into.

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