Starting a business with someone

[Husnainali]

Each partner can withdraw funds from the partnership at any time up to the amount of the partner's equity. A partner can also withdraw money from the partnership through collateral payments. These are payments that are like a salary paid for services in partnership

 

[Rainlover207]

The moment business is in between you and a friend where you both need to commit money into it , sideline trust by ensuring you are both committed in a written agreement , this is the best way to preserve your friendship and level of commitment in the business.

 

[GIFTMICHAEL]

One of the biggest mistakes you can make when partnering is not sufficiently clarifying each other’s roles, boundaries, compensation, and exit strategies and then documenting them on paper. While it’s important to trust each other, it’s also important to ensure you are clearly on the same page before you start.

You are totally correct. Except if the business is very small, It is very important that you get legal document involve in this thing. Your goals and vision must align as partners as well. You must also align role for each other in the firm.

Yes buddy documents is very important when it has to do with two people. This is the age of human civilization agreement is very important. Before starting a business either partnership or any other business it is good to do an agreement.

 

[Marissa]

In the event that they're to be your accomplice, you need to ensure they're as energetic about the business thought as you are yourself; you need somebody who'll be focused on observing it through in light of the fact that they have faith in it as much as you do - they should be a supporter for the item/business. You likewise need to ensure you can cooperate.

 

[Jomarie05]

Someone can actually startup a business with someone or friend if the person is understanding and reasonable someone that is honest and faithful...not someone that when he see that you are getting good profit is I'll want to snatch the business and turn it to his own.I think first you should know the kind of person before starting a business with someone, partner with someone I don't think it is necessary, if you want to make a successful business.

 

[Usama Iqbal]

It will be very good idea to start a business with someone. If we have trust to someone it will be very good and it will be very profitable for the business. Your partner will be help to make your business successful. He has different ideas to solve the business problems with together you can promote their business.

 

[gbadebo9]

Starting a business with someone is not some how good bcos it will be difficult for u to know the mind of that partner so it is advisable to do the business alone so that if u gain u will be joyful and if u loose u will take the blame yourself. Partner difficult to trust this time around because now ppl doesn't want to work but they want to get money by all any means, so if u have that category of as ur partner u are doom.

 

[Cybersec]

It's not always adviceable to start with family and friends. But if you are adamant to do that you guys need to hire the service of a litigator to put your partneship into a formal agreement while you both sign documents

 

[Taimoor Jutt]

It is very good to take suggestions before any step. Partnership some times give us loss or disadvantages because when you share your business, then some partners ask for return their partnership then it hurts. So try to chose perfect person about This.

 

[Oladeji]

What are the tips you think I should employ if I would like to start a partnership with someone?

The first thing is Legal paperwork. This is compulsory because it’s a foundation where other business activities are built.
The organization structure need to be spelled out as individual need to know his/her responsibilities i.e memorandum of understanding.
As little as your beginning might look, Mode of Operation is also needed and your staff/customer will know you for this as an identity.

 

[Waqas wajid]

I think when we start a business we need a partner so before starting a business one should have good writing with the business partner first royal does any business develop Before starting a business with someone, it is important to discuss all the things about the business with them. There is only one business point table.

 

[Kaindio Agnes Wanja]

What are the tips you think I should employ if I would like to start a partnership with someone?

First you should have known the person so well and consider you got same goals,passion and interest in the business .
Get into partnership with someone that you trust and is willing to work towards the success of the business .
Again you should have legal agreement signed by both parties that will help you incase of any disagreement .

 

[Afrinish]

The easiest way to start a business with someone else is to establish a general partnership. You don't have to file paperwork with the state to set one up, your business income will pass through to your personal tax return, and you won't have ongoing recordkeeping or reporting requirements.
You must decide if the profits and losses will be allocated in proportion to a partner’s ownership interest — which is the way it is handled unless

 

[Abelcairo43]

Partnerships can be wonderful, but also can become your worst nightmare. Use math to decide on the right partners. That's right, math. If one plus one equals two, that's not the right partnership for you. One plus one must equal three! A partnership must be more than the sum of its parts; otherwise, you'd just as well outsource different parts of your business.

 

[Tinaconcept]

The most important thing in entering partnership with someone is to have or build trust when you trust your partner you will be so comfortable in the business and think about growth. Then before starting the business both of you should have written agreement including profit sharing ratio

 

[Adebola]

There are some criterial you look into before partner with someone in business.

1. Check if you share the same values.
2. Choose a partner with complementary skills.
3. Have a track record together.
4. Clearly define each partner's role and responsibilities. ...
5. Select the right business structure.
6. Put it in writing.
7. Be honest with each other.

 

[Adesuwa]

To start a business with a friend or partner you need a legal agreement and you have to trust the person you want to start business with.
And after that you can now spend time together, dream big about the business and so on.

 

[Onachukwu]

The advantage of going into business with a partner is being able to make the most of shared resources and complementary talents of others in a new enterprise. But going into business together is more than just two people with complementary talents "teaming up" to work together and there may be legal implications.

 

[Ridorz]

First you need to find a mutual ground with your partner. Make agreement with your partner and let your lawyer certify your agreement in written. Also you need to register your business under the appropriate government body

Yes, you are right of what you said. It's very important and it's a imperative to take a necessary steps by sign a document and make agreement in front of a lawyer. I think this is the best thing to do if you want to start a business with someone.

Post automatically merged: Feb 11, 2021

First you need to find a mutual ground with your partner. Make agreement with your partner and let your lawyer certify your agreement in written. Also you need to register your business under the appropriate government body

Yes, you are right of what you said. It's very important and it's a imperative to take a necessary steps by sign a document and make agreement in front of a lawyer. I think this is the best thing to do if you want to start a business with someone.

 

[Talibhussain074]

What are the tips you think I should employ if I would like to start a partnership with someone?

If you want to partnership with someone. So it's not something unusual or wrong. You can make anyone your partner. But it is very important for you to do the legal documents before you can partner up. There must be a legal agreement between both of you. You partnership with a person who is trustworthy.