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Business Partnership Top 2 Challenges

March 13, 2020

Although the idea of starting a business with your best friend may sound like a great idea, these relationships often become very complicated. Partnerships can put tremendous strain on friendships. Whether the business succeeds or fails, conflicts inevitably ensue. Often the former is the greatest source of tension.

 1.      One partner feels the other partner is not working as hard and contributing to the success of the business to the same degree. This partner feels taken advantage of.

2.      One partner would like to sell the business while the other would like to continue building it.

Off the shelf incorporation kits are cost effective and quick, but all that print embedded in the seemingly innocent looking legalese can come back to bite you. It’s a very good idea to bite the bullet and sit down with a qualified lawyer to hash out the proposed structure of the company including the various rights of shareholders, especially if you do decide to enter a partnership.  

For more information on raising capital and handling the other unique challenges of running a small business, visit our site at Register to receive a free copy of our upcoming “Small Business Survival Guide” book and connect with accredited investors to potentially fund your startup.

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