Activity

  • sin3 replied to the topic Partnership characteristics in the forum Business 101 6 years, 6 months ago

    I definitely agree with you on selecting the right person to start a Partnership. I have seen a partnerships fail numerous times. There were various reasons as to why they failed, but the most common reason for their failure were lack of communication and responsibility. These are two very crucial things needed to run a business, and without them, the business will ultimately crash and burn. I believe that you must find the right person to run a partnership and not rush into it, and grab anyone you can take. One should thoughtfully choose a partner before establishing a partnership to avoid issues as described before.

    However, if you find yourself to be more of an independent worker and like to have more control, Sole Proprietorship may be for you. However, the risks you are taking when running such a business must be taken into consideration as it can just as easily crash and burn like a partnership can.