Partnership is a type of business enterprise wherein two or more persons own and manage a certain business. They also share in the business’ loss and profits. The owners of the business are called as “partners”, which can be an industrial or capitalist partner.
Often, a business partner is misunderstood to mean that the partner has invested capital in the business. However this is not always the case. A business may offer a partnership to an inventor or manufacturer. The partner shares in the profit by giving exclusive manufacturing or selling rights to the enterprise that offers him or her partnership.
When looking for a partner, you should look for someone who you can trust and shares your passion, vision and enthusiasm. Also, you should choose someone who is a complementary or someone who has the skills, experience and know how to help you run your partnership.
Many of us believe that it’s a dumb idea to go into business with a partner because you have to split the ownership and profits. However, having a business partner can actually increase your profits and overall business success.
What many people do not know is that having a business partner can substantially increase the overall success of your business, because a partner can offer their own connections, expertise, and skills the business needs in becoming successful.
But when it is the right time to find a business partner? Find out at: http://time.com/money/4277030/when-bring-partner-small-business