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The benefits of having a business partner

On Behalf of | Jul 19, 2017 | Business Law

From the time you were a child, you have learned the value of teamwork. Teachers may have paired you up for projects, and coaches taught you to work together for a victory. Later, you discovered that sharing the burden of a task made the work go faster, more efficiently and often more enjoyably.

Now that you have a solid idea for your new business taking on a partner may seem a natural step. However, you have likely heard stories of partnerships that were disasters. This is certainly something you want to avoid.

Partnering for the win

Like any partnership – friendship, marriage or business – communication is essential. Business analysts recommend constant sharing of ideas, updating each other on the progress of your projects and setting new goals. If you and your partner agree to be frank with each other, you may find fewer misunderstandings between you.

Finding a partner that fits your personality is also important. Business experts recommend you look for a partner who meets certain standards, for example:

  • Is willing to take and give advice
  • Completes your deficiencies, especially when dealing with clients
  • Can contribute to the partnership but also profit from it
  • Communicates well with you
  • Is willing to sign a partnership agreement

That partnership agreement can include details about how the responsibilities – both logistical and financial – will be divided, how you will handle major disagreements and how the business will end.

In the beginning, your partnership may run smoothly, but it is wise to expect some disputes or conflicts down the line, and preparing for them ahead of time may save your business.

An advocate for your team

Creating a business partnership may be the beginning of a long-lasting collaboration that brings satisfaction and success to both of you. By establishing a clear direction for your work relationship, you and your associate may be able to avoid some of the conflicts that often mean the demise of a partnership and, ultimately, the business.

For assistance in creating a solid partnership agreement, many in Ohio enlist the help of an attorney. A business attorney who has worked with business partners for years will have the experience to guide you through all of your legal needs, from establishing your business, drafting employment contracts and even purchasing the real estate for your future business. Your attorney will also be your advocate if any business disputes lead to litigation.