Yes, it is much better to form some sort of written agreement signed by both the parties before you get involved in any kind of business activities. This prevents fraud and wrong commitments.
Starting a business with someone
- Thread starter Setho
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Yes, it is much better to form some sort of written agreement signed by both the parties before you get involved in any kind of business activities. This prevents fraud and wrong commitments.
Legal agreement is the most important thing to do. No matter who the person is. This would be ones only way out, entrepreneur that wants to go into partnership should not overlook this
There's nothing wrong with saying a business with someone provided the person is trusted and has the neccessary skills and experience to grow the business. But the right needs to be done to avoid future misunderstandings. Hence the need to sign deed of partnership and other neccessary legal documents before starting the business.
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It is very important to make the partnership formal. So, you and your intended partner would have to sign some legal agreements. This would help avoid future problems.
Very true, but in movies I have seen cases whereby written agreements have been mortified by one party just to cheat the other, do you think it's possible in real life?
I would not advices anyone to start a business with a friend or family member but if you really want to, let there be a written agreement, for instance an MOU will do.
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Before you go into a partnership with someone, ensure that you have reached a good agreement with the person. There should also be a form of legal deal to seal the partnership.
Make sure your partner knows what your business entails and have similar goals.
Partnership business is definitely an area that I will not want to go at all. This is because the partnership business always end up with conflict. So it's better not to go into it at all.
Patnership in business in my own opinion is not good enough foe me because it doesn't last long , i will rather start a business on my own with the little fund I can organise .
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Actually going into business with someone is really very good and to some extent is more of partnership in the sense that you both shared similar business ideas, resources and also risk in the business.
Nothing really special. Just that you must know the person you are partnering with. If you can't trust the person with simple things then you have to be very careful if you are partnering with the person in any business. The person must be trusted
You must only go into partnership with someone you can really trust. Also, there must terms of agreement signed by both parties. This will help whenever there are misunderstandings or disputes between the two parties.
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In every catalogs, there are categories. It is not bad to go into partnership with someone. Before this is done, you must check whether you and the person belongs to the same category of humans. It is often said that birds of the same feathers flock together. Don't get a lazy partner when you are very hardworking, don't get someone you don't trust.
For me personally I don't really like starting any business with anyone because I don't like problem of people, when you comes to business aspect I don't like it.
There are many reason why you might prefer starting a business with someone , most of the time , the money needed to start the business might not be enough , and you might not have the neccesary knowledge in starting the business alone.
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may be, In arrange to enter into a trade with somebody you've got to form beyond any doubt that you just are able to believe this person and have a few past involvement of working with this person at a few point of time. If working with that individual has been a wonderful and pleasurable involvement at that point getting into a commerce together may be a great thought.
Starting a business alone and being the sol owner of the business has been my dream which i have fulfilled but sometimes the amount needed to start the business might be more than what you can handle and that's why you need a patner.
Starting a business or a pertnership with someone is not really a bad idea in the essence,provided you and the person that is involved will have a proper written and legal agreement on how the operations and profit sharing would be.
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You can start a business with someone who is very close to you. However, it is really hard to find a person whom you can trust nowadays and it does not matter if it is your personal life or professional life.
Many people see patnering in business with other people as a bad thing to do because they have seen far more worse thing and how heart breaking it can be , but looking at the bright side of it , if you have a trustworthy patner , you are going to enjoy patner in business .
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