Partnership is one of the best options to take when starting a business, since you share ideas, capital, losses and skills. It makes things a lot easy to partner whenever starting out but whenever something is good, there are things that are shortcomings as well. All the benefits I have listed above are without; sharing profits.
The main purpose of starting a business is to make profit out of it. When doing business alone, this is not a problem but when in partnership, it is. This is why you need to avoid this one thing by all means. Never partner based on friendship. This is what kills dreams and relationships. Make commitments clear and on paper since the first day you start doing anything together.
Without a clear layout and limits, you might regret later for being taken advantage over. It doesn’t hurt to say, yes, we are friends but let us write down the commitment and responsibilities. Have a witness if possible so that you are ready for the day of trouble.
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