Going into Partnership

A partnership combines the talents and resources of more than one person: Where one might fail, two might succeed. And with two or more people, the business benefits from more time, money, and expertise. Unfortunately, partnerships can also lead to conflicts.

You need to consider whether you're launching a home-based business because you prefer to work alone. If that's the case, then you might not be the best candidate for a partnership, especially if that partner is a friend or family member. All too often, when the partnership fails, the relationship does, too — the stress and the negative emotions can stay with you for a long time and cause all kinds of fallout within your family circle. On the other hand, if you enjoy working closely with other people, and you put a clear partnership agreement into place (see Chapter 8), a partnership can be a great choice. It allows you to reduce your individual risk and share the load of running the business.

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