The single owner might be enough to run a small business. But when a larger business company is worried, business partnerships become unavoidable. Business partnerships provide opportunities for business owners to share business assignments thus get greater benefits. On the one hand the idea of a business partnership can prove useful by offering freedom acting for individual business owners and on the other hand can lead to disaster relations.
Business partnerships can be several types depending on the nature of the partnership. For the joint venture, partners involving must approve the implementation of business processes and profit and losses that occur allocated among them in accordance with their agreement. In the general partnership business, general partners only have part of business with unlimited legal accountability for debt partnerships. In terms of limited partnership business, limited partners can only invest but do not empower the right to disrupt the problem of business management related partnerships.
Round decision making is the key to the partnership business. Therefore to establish a successful business partnership the following points must be considered:
It is important to analyze the potential and skills of participating partners. Based on special skills such as marketing, technical, financial management, partners must be given special responsibility. All partners involved in business partnerships must use agreed authorities and must follow the same tactical decisions for the benefits of the company. The agreed course that clearly fulfills the desires of partners involving can produce a successful partnership business. Often the concept of the same participation results in consequent disagreements and failure. Therefore the involvement of third partners can help in the decision making process removing hostility.
Routine communication between related partners is very important to build efficient business partnerships. Sharing views and opinions at the time interval still left the open communication platform. Such interactive communication can eliminate complaints, provide constructive ideas so that it aligns relationships. The partnership agreement is not necessarily based on legal documentation, a rather oral agreement between participating members can build a strong business partnership. But to avoid opportunities for future disagreements, it is preferred to put legal settlement under the documentation. Business partnerships can operate smoothly only when members pursue the same perspective.
Summarizing from the points above it can be concluded that business partnerships must be based on the equity invested by each partner. Advantages and disadvantages must be shared in accordance with the agreement. At the time of a dispute, or when there is a need to compensate, each and each partner must be considered as responsible. There must be provisions to resolve cases of death and during dissolution, properties must be distributed in accordance with the agreement. Approaches that are not ambiguous and placing legal problems that are documented correctly will divert differences in the future that occur next to prosperous business partnerships.