Need For A Partner In Your Business

[Augusta]

Do you know you can do better if you have business partners, maybe you have never thought about it. See the gains below, why you should have business partners:

• You know two heads are better than one, this will foster good decision making
• Starting the business with enough capital will be easy with contribution from all partners
• There is bound to be bigger borrowing capacity from all involved
• The affairs of the business will be restricted only to the partners
• You will not borne the losses and expenses of the business alone

What do you think about partnership in business?

 

[Abigael]

I think that partnership in business is so good and you have given very good points there on its advantages. Starting a business with a partner can be so great since you contribute capital together and add it up to be a good amount. This will lead to good profits that will be shared. Having someone else who can help you think through problems and solve them is also a great thing in partnership. That said, you should choose a partner/s well as a wrong partner can bring so much disadvantages to your business.

 

[Carson20t]

The points you have shared are quite true and can really come in handy if followed through accurately.In most cases there is betrayal when a business doesn't turn out Well or when it actually does work well so in my addition as much as you may share interests i suggest you put it in writing as to what each persons obligations are towards the business.That will help you when there is a challenge that may compromise the smooth running of the business.

 

[Josemendez]

Partnership in business is very good in many aspect and it offers some advantage not seen in sole proprietorship.

But then just as the saying goes , what has good sides will surely have bad sides.

Partnership is demanding because there is a lot of measures to be taken into consideration ,such as having a legal document ,that will be used in terms of dispute ,to decide actions that will be taken.

Difficulty in taking decisions that will promote the business ,due to individual differences and opinions.

Enemity in the business ,which can lead to death of one partner caused by the other partner due to greed .

 

[Ephy]

Partnership in a business is not bad it's very good but everything has his own advantages and disadvantages.

Advantages
1. Good in decision making in that two heads are combined together to reason and come up with the best possible solution or decision.
2.Capital to start the business becomes very easy in that it's divided into two according to the shares one wants or can afford to have in the business.
3.Its rare to incur a loss. Though if you do business you have two options in mind loss or profit.
4.It becomes very easy for the business to expand in that everyone comes up with new ideas plus each share holder has his/her own customers.

N/B:- In order for the business to prosper choose your partner/s wisely.

Disadvantages.
1.Slow in decision making in that if one is not around you have to wait.
2.Any little misunderstanding can lead to fall of the business maybe one is greedy for money or power. Or even not being transparent with one another on financial matters.

 

[Wisdom01]

I don't really like partnership business because there could be issues and quarrel between partners on decision making and solving problem amicably , and the issues between partners could end the partnership deal between them and that is why i stay anything clear for partnership business , so it's best to run your business your self abd make your acceptable decision making that won't bring issues between partners and others and right now i am into sole proprietorship business making money all by myself

 

[Kennysplash]

Do you know you can do better if you have business partners, maybe you have never thought about it. See the gains below, why you should have business partners:

• You know two heads are better than one, this will foster good decision making
• Starting the business with enough capital will be easy with contribution from all partners
• There is bound to be bigger borrowing capacity from all involved
• The affairs of the business will be restricted only to the partners
• You will not borne the losses and expenses of the business alone

What do you think about partnership in business?

• Partnership has its own advantages, like you said two is better than one.
• your business is easy to establish and start-up costs are low
• more capital is available for the business
• you’ll have greater borrowing capacity
• high-calibre employees can be made partners
• there is opportunity for income splitting, an advantage of particular importance due to resultant tax savings
• partners’ business affairs are private
• there is limited external regulation
• it’s easy to change your legal structure later if circumstances change.

 

[Alexandoy]

I agree with the points that you mentioned like having 2 heads are better than one. But in a partnership the main concern and the usual issue is the disagreement. My brother had a partnership business with his best friend in their company. The 2 friends decided to resign and put up their own business. It was good going but after 5 years they got fed up with the usual disagreements that they decided to dissolve the partnership and divide the assets. Their business was retailing special steel that is imported from Japan. That is why I do not approve of partnership anymore.