How you divide responsibility in a business partnership is a bit more complicated than it sounds, especially if you enter into a formal partnership agreement. Considerations include:Will this partner have voting and decision-making rights, or will they merely be silent investors?What roles will you play day-to-day. Clearly delineating responsibilities allows each partner to focus their talents and efforts where they will be most effective, and minimizes any potential disagreements.
How much capital will each partner contribute? What share of the profits will they enjoy?Of course, personal chemistry and friendship can and should play a role in partner selection, but they shouldn't be the sole – or even principal factors – in your selection, according to the. That's because your venture's operations rely on much more than amicable relationships for success, and choosing a partner that adds value and essential skills to your business can boost your chances.