I think that anything that has to do with money should be handled with utmost care as money is all in all after God and Jesus Christ,make sure you two have clear part on where you both are headed and how to share profit like wise loss.
Starting a business with someone
- Thread starter Setho
- Start date
This can be very challenging as your partner could proved to be a passive partner and not an active member in the course of running the business, leaving you alone to make all the decisions and even finance the business on your own. Some may even turn out to be fraudulent in nature and they siphon the asset of the business. And sometimes there could be challenges in process of dissolution.
If you want to start working with someone you don't know, first learn about their history.Then check his ID card That he is the rest of the citizen is not Then check the recovery in its market Then check the man's police station record You start by writing on stamp paper Cash V draw only when you both sign the bank check book Both have full activity during work
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Sole proprietorship is not for everyone. Some people can not just do business on their own no matter how hard they try. If you want to go into partnership with someone, the person has to be someon you trust and make sure you have everything legalized.
This is a very good question. Sometime ago a family member asked me the same question and the answer l gave the relative was that the partnership should be first endorsed by law court before any other tip comes in.
Starting a business up with a partner is a great idea—not only does a business partner effectively halve the staggering amount of work that comes with forming a new company, but having a partner also means having someone to talk to and bounce ideas off of
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Choose an honest person for partnership. If he is not honest don't bother to start a business relationship with him.
Also calculate every thing which is being spent for business and note that things..
If you're thinking of doing that then it must be with a trusted individual or preferably a family member as this can cut the risk of getting into a serious disagreement between both parties and this can also improve and make the business run smoothly for a long time
If you are planning to start a business with someone. Firstly honestly and openness is the first character but of you must cultivate.
The benefit of partnership business is more than a sole proprietorship business sometimes and this is an additional advantage for both of you.
The benefit of partnership business is more than a sole proprietorship business sometimes and this is an additional advantage for both of you.
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If the person has the same goal and we complement each other then why not? It's more like finding missing puzzle. Take a look on how Apple can to be, the same goes with Facebook. If someone provides the missing puzzle then we have ourselves a future to build.
I think business with known people can bring a lot of issues. You have to take care of the legal issues. If you don't care for those issues things can get out of hand. And even worst part is that you have to think of process. Unless you have formed the process it becomes harder to do business with other people. I think that is something you have to watch out for the better business from what I have noticed while seeing some family businesses.
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.
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Whoever you want to start a business with must be someone you can guy trust. Moreso it is advisable to undertake an agreement that states and specify each individual's role in the business
Whoever you want to start a business with must be someone you can guy trust. Moreso it is advisable to undertake an agreement that states and specify each individual's role in the business
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Whoever you want to start a business with must be someone you can guy trust. Moreso it is advisable to undertake an agreement that states and specify each individual's role in the business
Starting a business with someone is an easy thing to do but very risky if is not the right person. Being business partners should have a lot of charismatics which are similar in order they can work as one to enjoy their profit. They should be transparent, tolerant , intelligent, trust worthy people before they can live well.
Starting a business with someone is an easy thing to do but very risky if is not the right person. Being business partners should have a lot of charismatics which are similar in order they can work as one to enjoy their profit. They should be transparent, tolerant , intelligent, trust worthy people before they can live well.
Post automatically merged:
Starting a business with someone is an easy thing to do but very risky if is not the right person. Being business partners should have a lot of charismatics which are similar in order they can work as one to enjoy their profit. They should be transparent, tolerant , intelligent, trust worthy people before they can live well.
The first thing to do when you want to enter into business with anyone, is to go into a partnership agreement. This way, it will be clearly spelt out who belongs to who.
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Partnership business is very complicated in doing partnership with any person make sure that the role and sharing formula is documented. Partnership business is very good to do especially when you have a good and reliable partners in the business but in order not to have future conflicts in the business you must have a documented partnership deed which will states the sharing formula of the profit, duties of every partners and other important things. In business many partners do have serious conflict but once you have the documented your partnership deed you will have rest of mind.
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.
I would sincerely advise that you stay away from partnership, some partners do not employ the same motives as your, some carry around ulterior motives and trust issues may occur, if you are going to get a partner, do make sure to get a lawyer who will monitor a signed business agreement between you and your partner incase issues set in in the future.
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For once in my life, I don't fancy starting up any kind of business with partner because of the challenges that comes with running a business with another person. I rather start my own business with my own money and see it to the very end whether I win or lose.
Partnership business is good and at the same time can be risky if the right partner is not chosen well and if the terms of agreement are not clearly stated before starting such a business. I suggest you first ask yourself if the person is someone you can trust and is the person going to agree on the sharing percentage based on your capital contribution.
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