The Art Of Partnering

Lewis and Clark, Sears and Roebuck, Hewlett-Packard, the Wright Brothers. What do these names all have in common? Aside from being almost universally recognized they were also incredibly successful partners. Despite the seeming preponderance of advice regarding the challenges and pitfalls of having a business partner there can be great value and tremendous benefits to being part of a successful partnership.

Making the Journey Together

You need to surround yourself with quality human beings that are intelligent and have a vision.

Vince McMahon, Chairman and CEO of World Wrestling Entertainment Inc.

So what are the advantages of a business partnership? Aside from the legal and tax advantages—a partnership is relatively simple to establish and requires less record keeping than a corporation, and income is taxed only once—the benefits are numerous:

• Shared financial responsibility and start-up costs
• Shared risks and business expenses
• Mutual trust between owners
• Shared duties and tasks resulting in a lesser workload
• Different perspectives and insights
• Mutual support and motivation
• Complementary skills and abilities
• Broader networking and support structure