I was reading about partnership business and I came across this article somewhere, we’ve all heard the horror stories about business partnerships gone wrong – disagreements, legal battles, and even, in extreme cases, assassinations.
There are two sides to everything, while business partnerships mightn't have favoured those being mentioned because of greed or other selfish reasons there are others which partnerships has been the reason behind the success of their company. Before you get into any partnership, you have to know who you're going into business with. If the person doesn't have the same version as you then you don't need to go into partnership with them. Just because they're your friends doesn't qualify them to get into a partnership with you. You can't do everything yourself that's why business partnerships are important, here are some benefits of a business partner;
- two heads (or more) are better than one
- it’s easy to change your legal structure later if circumstances change.
- your business is easy to establish and start-up costs are low
- more capital is available for the business
- you’ll have greater borrowing capacity
- There is opportunity for income splitting, an advantage of particular importance due to resultant tax savings
Source:
https://www.business.tas.gov.au/managing/tax/choosing_a_business_structure/partnership_advantages_and_disadvantages