Starting business partnerships can be an exciting time. You can be your own boss, set your own schedule and work with people that you choose to work with. In the beginning, it may seem like developing documentation for you and your partners may be unnecessary, but that “high” that you are on can quickly change when there is a change of heart in the leadership team or there is a large dispute about the direction of the business. When you enter into a business partnership, you are setting rules in place to work together that protect all parties when an inevitable dispute arises.
It’s best to know what your options are when setting up a partnership for your business. Below are brief outlines of the primary types of business partnerships.