Well said, but next time do not just consider the positives, but also calling to mind the negatives aids in proper decision making.
Taxes: The partners of a company must each pay taxes on their earnings, and each must submit a tax return each year. If the business is successful, and the partners end up earning above a certain amount for the year, then they are responsible for a higher level of taxation.
Sharing of Profits: Unless otherwise noted in the agreement, each of the owners in a partnership take home an equal amount of the profits, assuming the company is making money. While this is all well and good if each of the owners are contributing equally to the success of the business, if there are issues with some owners working harder or contributing more to the business than others, conflicts may arise due to the fact that everyone is making the same while some are working less.
Disagreements: Probably the biggest source of conflict in a partnership, disagreements may arise due to any number of potential issues. These conflicts may range in matters of importance, but even the smallest issue can lead to a rupturing of the partners’ relationships, resulting in damage to the overall integrity of the company, not to mention any personal friendships. If you’re not at your best when dealing with conflict, this course on conflict resolution will teach you how handle yourself properly, and make everyone happy.
Compromises: Because all partners must agree for a decision to be made, this may lead to an idea being changed so much due to compromise that it no longer resembles the idea it was at its inception.
Liability: Each partner involved in a partnership is both individually and jointly responsible for the financial burdens of the company, also known as unlimited liability. While this may be an issue for some people, they may wan to consider the prospect of starting a limited liability partnership.
Limited Lifespan: Though not always the situation, a partnership will normally last until one of the partners withdraws their interest, or passes away.
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