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Did you form an accidental partnership?

On Behalf of | Jan 19, 2022 | Business Formation |

An idea for a new business can hit you at any time. You might be chatting about the future with your friends or tinkering in your garage when you have the idea that changes your life.

As you begin building your new company, the people you surround yourself with are essential. Choosing the wrong people could mean your idea does not get the best opportunity it could. In these early stages, it can be tempting to partner with someone without making a formal agreement.

Here’s how you can form an accidental partnership and tips for moving forward.

Accidental alliances

Friends and family who support your new venture are essential to your mental health and the success of your business. When a loved one starts carrying out some of the business’s day-to-day operations, it can begin to seem like they have a more prominent role.

Accidental partnerships become the most dangerous when someone who is not your partner begins acting on your behalf. While there is no issue when they make decisions you support, working on your behalf lays the groundwork for an accidental partner to agree to terms, conditions or debt without your knowledge or permission.

Be partners on purpose

Your partner can be an incredible asset. If they are as committed to making the business successful as you are, they can support you as you develop your company.

When you have a committed business partner, you should create a formalized partnership agreement. The agreement should outline your obligations to each other and how to dissolve the partnership.

Creating a new business with a partner can give you the support you need when times are tough. When you have a partnership agreement, it can help you avoid the conflict that comes with an accidental partnership.