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* In a marriage, individual financial resources often become jointly owned.
- In a partnership, your partner has a legal claim to all of
current (and most future) business assets.
* In a marriage, you must be willing to give of yourself, even when it is not always returned.
- In a partnership, one partner can come to feel like they are doing all
work, but both partners have
right to receive income.
* In a marriage, when things go bad it can be difficult to split up.
- In a partnership, when splitting up,
remaining partner can often face a demand for thousands of dollars from
departing partner.
> The Path To Partnership Bliss
If you decide after careful reflection on your true motivation that a partnership is your desired form of legal organization, then there are some steps I suggest that you take:
1. Create a written partnership agreement, spelling out
following terms:
* The full legal name of each partner. * The purpose of your business enterprise. * Detailed description of each partner's primary functions; and a description of
joint functions. * Financial controls, such as mandatory signatures of both partners on any check over $500. * The dollar amount of capital each partner will invest initially in
business. * The percentage breakdown on profits and/or losses between partners. * The personal compensation of each partner and how often it will be paid (this may be set on an increasing scale as
business's revenue grows). * What exact business activities must be approved, in writing, by both partners, e.g. signing a retail lease agreement. * What process will be used to pay off a partner who wishes to leave.
2. Have a social get-together with
partners and their spouses (or significant others) to explain what kind of time commitment
business will require.
3. Plan at least one face-to-face meeting with your partner each week during pre-launch planning to review progress.
4. Be genuinely caring and respectful of your partner.

Jeff Williams decided to take his career in his own hands by establishing his practice as a small business trainer and coach. Since 1988, he has guided more than 3,000 people to successfully go from employee to boss. He is pleased to offer his free, monthly telegroup: "Are You Ready To Leave Your Job?". Register at: http://www.bizstarters.com/ready2leave.cfm Jeff may be reached at 847-593-5305 or by e-mail at: jeff@bizstarters.com