With the increasing number of graduates and job seekers at large depending on the few available jobs, many people have opted to start their ventures. Different reasons will make one decide to work alone or get someone else involved. When looking for a small business enterprise partner, one must be very considerate if they intend to have a long-term goal.
It is advisable you have a valid and substantial reason as to why you think you need a partner. This decision can be based on whether the venture can do well when you run it alone or if it needs another party for its success. You can bring in another person if they are in a position to provide essentials of the business, like skills or necessary contacts. Weigh where you stand and what you need and decide from there.
It is almost impossible for two people with different interests and vision to work together and end up with a fruitful venture. It is therefore compulsory to find someone whose interests are not far apart from yours. Having to force someone to believe in what you want to achieve is the last thing you should do is they are not likely to give their best to something they have little or no interest at all in.
There ought to be equal ownership of all registered assets of this firm. This will go far to include the liabilities and losses encountered. Both of you must agree and see what each person has, and is bringing into the partnership. It does not always mean you have to contribute capital in some cases one may give the capital, and the rest brings the expertise needed.
Depending on the kind of venture, it may be more appropriate to work with a relative or a spouse. This may be a good or bad idea depending on how everything is conducted. The best approach is to have all documentation needed and to treat it the same manner as you would have when dealing with a stranger. It is also critical to put fine lines between work and relationship to avoid deteriorating one for the other.
Any joint ventures require a more formal and legal structure as compared to individual ventures. You must, therefore, involve the services of an attorney before signing any contracts. The attorney brings in the legal recommendations and ensures that they are met. They are also the people to turn to anytime there are any conflicts. Both of you must be ready to comply with all the legal requirements.
A partnership is not a lifetime commitment. Different reasons may lead to one wanting to leave. It is very critical to have a well-defined document dictating what happens when such arises. If both of you want to quit, then terms of how to dissolve and liquidate all assets must be agreed upon. All this should be incorporated in the agreement signed at the initial stages.
Addressing all matters at the young stages of the venture will give you time to focus on it once it is operational. The manner in which all these steps are carried out largely influences the success or failure of it. You must, therefore not overlook any factor lest it starts hunting you in later.
It is advisable you have a valid and substantial reason as to why you think you need a partner. This decision can be based on whether the venture can do well when you run it alone or if it needs another party for its success. You can bring in another person if they are in a position to provide essentials of the business, like skills or necessary contacts. Weigh where you stand and what you need and decide from there.
It is almost impossible for two people with different interests and vision to work together and end up with a fruitful venture. It is therefore compulsory to find someone whose interests are not far apart from yours. Having to force someone to believe in what you want to achieve is the last thing you should do is they are not likely to give their best to something they have little or no interest at all in.
There ought to be equal ownership of all registered assets of this firm. This will go far to include the liabilities and losses encountered. Both of you must agree and see what each person has, and is bringing into the partnership. It does not always mean you have to contribute capital in some cases one may give the capital, and the rest brings the expertise needed.
Depending on the kind of venture, it may be more appropriate to work with a relative or a spouse. This may be a good or bad idea depending on how everything is conducted. The best approach is to have all documentation needed and to treat it the same manner as you would have when dealing with a stranger. It is also critical to put fine lines between work and relationship to avoid deteriorating one for the other.
Any joint ventures require a more formal and legal structure as compared to individual ventures. You must, therefore, involve the services of an attorney before signing any contracts. The attorney brings in the legal recommendations and ensures that they are met. They are also the people to turn to anytime there are any conflicts. Both of you must be ready to comply with all the legal requirements.
A partnership is not a lifetime commitment. Different reasons may lead to one wanting to leave. It is very critical to have a well-defined document dictating what happens when such arises. If both of you want to quit, then terms of how to dissolve and liquidate all assets must be agreed upon. All this should be incorporated in the agreement signed at the initial stages.
Addressing all matters at the young stages of the venture will give you time to focus on it once it is operational. The manner in which all these steps are carried out largely influences the success or failure of it. You must, therefore not overlook any factor lest it starts hunting you in later.
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