Many big name companies were founded upon business partnerships: Baskin-Robbins, Hewlett-Packard, Kohlberg Kravis Roberts, etc. By combining complementary skills sets and sharing expenses, partners can build a successful business and profit handsomely from their efforts.
However, partnerships aren’t always, if ever, easy, and they’re certainly not for everybody. There are many other ways entrepreneurs can organize a business. In many cases, an alternative may actually be preferable.
See, the tough thing about most partnerships is that they are just like marriages, and if you know anything about divorce statistics, you know that half of all marriages fall apart. Making a partnership work is a balancing act worthy of a circus show. Not only do business partners have to manage their monthly overhead and day-to-day expenses, but they also have to keep their stress and egos in check. A small slip up in any one of these areas can cause the whole thing to collapse.
To build a partnership that works, you must avoid the potential pitfalls, such as:
If you are experiencing a serious dispute with your business partner, feel free to order a complimentary copy of “The New York and New Jersey Partnership Dispute Guide” provided by The Internicola Law Firm, P.C. You can also contact our office for immediate legal assistance.
Category: Partnership Disputes
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