When crafting a business partnership, it’s important to take a number of things into consideration, especially if a partnership is expected to stand the test of time. Business partnerships are established for many reasons, but of course when going into business with someone, it’s important to trust them. Trust can be a hard thing to develop, but a partnership isn’t much of a partnership without a degree of trust.
When forming a partnership, both parties should spell out exactly what their expectations are and what they’re contributing, and more importantly get all of that in writing on a legally binding partnership agreement. This way if either party steps out of line, they can hold each other accountable. Continue reading