Going into a business partnership with someone else can have its advantages over going into business just as yourself:

You have someone in the business to discuss future plans and have input in those plans.

You can take a holiday with the knowledge that someone as dedicated as yourself to the business is covering your work.

It can bring a broader range of complimentary skills into the business.

 

However with every positive, you should consider the cautions as well:

Partners can have different visions of where they want the business to go.

Business partners can fall out.

If both partners are not putting in the same amount of effort, this can cause friction.

 

The downsides to a partnership can be overcome through good planning from the start, including the use of a partnership agreement to set out what would happen in different circumstances.

For more information about Accountancy For Business Partnerships

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