As you might suspect, this can be a tough subject. Regardless of the relationship of the partners, successful partnerships are difficult to maintain. However, there are at least as many successful partnerships as there are unsuccessful ones. The key is to know how to make your partnership a success. All of the reasons you are planning to form a partnership need to be talked about with your partner before you actually finalize any agreement.
Many business partnerships begin with a handshake and progress on from there just fine.
However, this is the exception, not the rule. So, to help you with this transition and build your chances of success, here are some basic guidelines you should consider as you form your new partnership. Second , write down what each partner's financial commitment will be initially, and what the expectations are for hours of work, and ongoing financial infusion, if needed. Fourth , write down succession plans for the unexpected event of a partner's death. By putting all of this in writing and having all partners agree to it, you will have something concrete to refer to if there is any type of disagreement or conflict in the future.