3 ms·
Top 3 mistakes businesspeople make when forming partnerships: 1. Trusting the relationship at the expense of a signed agreement: the relationship is critical,
by jon_dahl 18y ago
Top 3 mistakes businesspeople make when forming partnerships:
1. Trusting the relationship at the expense of a signed agreement: the relationship is critical, of course, but relationships can change. So all details should be spelled out on paper.
2. Not getting adequate legal advice: your attorney can help with paperwork, your structure (LLC? LLP?), and the terms between the partners.
3. Assuming that good friends make good partners: they can, but friendship and business partnerships are more or less orthogonal. And you don't want to put yourself in a position where you make a bad decision for your business because you won't jeopardize the friendship, or vice versa.