A partnership is one of the different business entities you could choose to create when forming your own company. You may feel that this option best suits your needs in terms of business goals, liability and overall governing of your company. Of course, in order for such an arrangement to work in the best interests of everyone involved, a partner needs to be chosen carefully.
As you consider your business partner candidates, some individuals may immediately come to mind for various reasons. You may have a friend who has expressed interest in your venture, or maybe you feel that your spouse would be an asset to your company. However, because partnerships can often make or break businesses, you may want to take a variety of criteria into consideration.
Questions to ask
In order to find the best partner or partners for you company, you may find it helpful to ask yourself and even your candidates certain questions to ensure that your ideas and goals align. Some inquiries that could help you find the best partners include:
- Could personal aspects get in the way? If you choose to go into business with a spouse or friend, you may think that the business relationship will go as smoothly as the personal relationship. However, in some cases, it can prove difficult to keep the two relationships separate, and if personal issues bleed over into the business operations, the company and partnership could suffer.
- How committed are you and your candidates to the company? If you feel that this company will be a top priority and you are willing to make the necessary personal and financial sacrifices to see it succeed as best as possible, you may want to ensure that your potential partners have that same level of commitment.
- How will you handle failures? With any business venture, some ideas may not prove as successful as hoped. When deciding on a partner, it may help to know whether he or she will lose hope in the company during down times, will cling to failing ideas rather than moving on or will want to leave the company due to not making as much money right away as hoped.
These and many other considerations could help you find a partner who may allow your business to thrive and share in your successes and failures.
Of course, even after making all possible considerations, conflict could still come about. In the event that partners do not get along, it may take legal action to resolve disputes. Though this action may seem harsh, it may also prove necessary to preserve the best interests of your company.