If you are about to start a new business and think whether to do this solo or in partnership with somebody else, there are many things to consider. Whatever you do, you should do so with a full understanding of what it means to be in a partnership and all the consequences that it may entail for you. So you should weigh all potential negative consequences against the benefits of partnership.
On balance, unless you have a very specific and compelling reason to enter into a partnership with specific person or persons, on which the success of your business depends, you may be better off avoiding partnership altogether. There are many alternative ways of doing business in collaboration with other people without getting tied up in a sort of marriage of convenience where divorce is both likely and very difficult and quite expensive.
We can help you do this assessment, taking into account all relevant factors, including the nature of your business project, the resources required for its implementation and the related risks, as well as your personality and that of your prospective partners.
Indeed, a business partnership is based on a personal relation between specific human beings, whatever legal form it takes. Its success and that of the underlying business depends largely on the interaction between those human beings, the fit between their personality types, the chemistry, ability and willingness to understand each other, on shared vision and values. Without this, your partnership is doomed to failure. It is important to get it right from the outset.
Watch a video with a detailed discussion of the pros and cons of a partnership as a form of business, including a comprehensive test of its suitability for specific business projects. (https://youtu.be/_SC1YNib3v8)
