Pros and Cons of Partnerships

There are obvious risks with partnering up in business, as AllBusiness discusses.  Because each person in the partnership is bound to the other(s) legally, it is important that you seek trustworthy associates.  But just because you trust your colleague, doesn’t mean that you shouldn’t put everything in writing.  These partnership agreements should establish specific share percentages in both gains and losses, daily responsibilities, and steps taken after one partner dies or retires.