Perhaps it happened at a neighborhood cookout, a college reunion or on your lunch break at work. You and a friend started talking about where you really want to be in life, and the idea of starting your own business began to grow. Now, the two of you are ready to take your ideas from dreams to reality by forming a partnership.
Even in the middle of the excitement of preparing the real work of starting your own company, you may have concerns. How will you and your partner work together? Who will be responsible for each aspect of the business? What will happen if the partnership sours?
Talking it out
Business experts say that the most crucial element of a successful partnership is communication. Communicating with your partner will enable you to maintain the focus of your original goal of your company. Some ways to achieve this include:
- Constantly conversing with your partner
- Always knowing what your partner is working on and updating your partner on your projects
- Never assuming you know what your partner is thinking or doing or that your partner can read your mind
- Accepting that there will be disagreements and dealing with them quickly and calmly
If you and your partner set expectations for each other, as well as for the overall success of the business, you may find you have a more open channel of communication. Your partnership can provide a complete experience for your customers if you are able to rely on each other’s strengths and compensate for each other’s weaknesses.
Making it work
Once you and your partner have decided the time is right for launching your business, you may want to begin by hammering out a partnership agreement. Creating this document may be the most important step you take to ensuring the long-term success of your partnership. Your agreement can cover many aspects of your business, including the division of profits, the responsibilities of the partners and the process you will take in the event that you decide to dissolve the partnership.
Drafting a partnership agreement is one area in which having legal counsel will prove advantageous. A Pennsylvania attorney with extensive experience in structuring businesses can provide you with advice and guidance every step of the way. Additionally, you attorney will be there to help you with any legal issues as your business grows.