I would consider partnership over sole proprietorships. In partnership, owners share loses and costs which can substantially beneficial if individual owners couldn't afford them on their own. The company will benefit from the complementary skills of partners, however, there could also be potential disagreement among partners which, if severe, could result in the dissolution of the company. For partnerships to survive, partners should equal levels of passion for their jointed business, have excellent communication skills and being tolerant of other deficient knowledge in parts of the business aspect of the company. Obviously, all partner won't have the same level of understanding of how a business is run, however, they should rely on each other to supplement their own knowledge.

I would choose partnership over sole proprietorship. The reason being is that your not alone. You will work others to make your business prosper. In a partnership there is not going to be one idea but multiple ideas that will be heard and can help the business. The financial portion of partnership will be less than sole proprietorship because there will be others that will assist in finance. There could be bumps along the way but it is normal in any relationship and having a relationship is good because you will be able to count on other to help.

I'm not sure I would choose either, but I would definitely choose one over the other if I knew the person who would be my potential partner. If i was to do partnership It would have to be someone I considered as family or someone who is actually family. Those are the people you know best and trust. I would know whether or not they're suitable business people, and whether or not we'd be a good fit for each other. Businesses can't run if the partnership is dysfunctional. If I didn't know or trust the person I would have to be sole proprietor because even though there's a lot of risk it would be less risky than putting half of my livelihood in someone's hands who I don't trust to work well and do things properly.

I would consider someone for business partnership if I am able to trust them and their ability to handle the business. I will consider them if he/she shares the same professional values, ideas and goals and how they handle everyday life and business decisions. If i haven’t worked with them previously, I would test the partnership by tackling a small project together that showcases each other’s skills and requires cooperation. I think it will also depend if the ownership of the business will be equally divided or partially. If the partnership is equally divided who will be making the decisions. Also, all the business details must be documented in the agreement.

Yes, I would definitely consider doing a partnership in the future. Partnerships are a great way to do business when you have family members or friends that you want to work with. It comes with many benefits including not having to carry all the financial risks associated with businesses by yourself. The risk is shared among the partners in a partnership. You have to work alongside your partner to minimize these risks and increase the earnings so that both of you can benefit from it. It is important to choose partners that have the same vision and work ethic as you do from the beginning to avoid problems in the future. Disagreements can happen in a partnership just like in any other type of relationship but as long as the partners can sit down and talk through the issues in a civilized manner and come to a mutual agreement then it shouldn't be a big deal. Mutual trust is very important so you should really know the person you will work with before you sign any papers.

Partnerships are sometimes a good idea, but you need a strong foundation to build off of. All throughout college you are apart of different class projects in which you must rely on people to make certain decisions and complete certain tasks. With those experiences in mind, there are very few people in which I would pursue this type of business with. Your partner needs to be open-minded, responsible, ethical, and many other things if you are to trust working with them where everything you own could be at risk of being collateral. For me, I would prefer to climb the ranks of an established mid-size company instead of starting up a business and assuming such a large amount of risk, especially in medical devices where you are talking about people's lives being in the balance sometimes.

I would not consider doing a partnership in the future. There are just way too many risks involved. It would be unwise to choose a partner just because you share similar ideas for projects. There is a lot to consider when choosing someone to form a partnership. Starting off, the capital and the amount of investment each partner puts in and then the takeaway should the business perform well. I would need these two percentages to be equal before even considering the other aspects. This means I put in 60% of the funds so I should receive 60% of the profit. Then in addition to that I would need the partner to have a similar ambition and work ethic. If one partner is doing all the work, it will cause troubles. I would also need the partner to be responsible, ethical, and trustworthy. With all these aspects, I'd be deterred from trying to find some to create a partnership type corporation. I would prefer to form an LLC even though it may be much more difficult.

If I was an entrepreneur, I would definitely do a partnership. Choosing the right person/persons is very very important. I prefer partnership over sole proprietorship mainly because it's better to have more people to discuss, decide, and execute a plan rather than one person. The difference in opinion and methods would be helpful. People of different experience and backgrounds would also be beneficial when the companies goes through situations and that one may know about while the other doesn't. Plus, the more people, the more money that can be invested. Sharing costs and expenses between the parters reduces the burden drastically when compared to sole proprietorship. There are a lot of benefits to partnership, but the main and crucial area of failure and risk is choosing the right partner.

As all of you mentioned that the difference between solo and partnership is basically the same, However you divide the financial responsibility on owners in the partnership. But each still has a responsibility attached to his personal entity. I'm sure we all have examples and know some good and bad partnerships business models so the characteristics and vision of both parties should be synced up and close to each other to success otherwise it will case opposing and different of direction in the future. For me personally, If I consider a to have such a business, I would like to make it myself if I can support all the financial. If not I will be very careful to select a partner that I can trust and know his way of thinking and his goal. I've experienced partnership that can case business to fail because of personal issues. Also, you can think about a project partner in school that same way, You could have the greatest idea and end up failing because of your partner. So you have to be very careful when choosing a partnership for business if it is a solo business or even big companies when they partner together. It can cause big damages in the long run.

I would definitely consider partnership for the business over a sole proprietorship. It is true that there are more benefits for a sole proprietorship then partnership but the partnership is what you should look for when starting a new business with little experience. It will not only support during the financial stage but also it will bring more fortune in the business. More than one partner brings different ideas for the business which can be applied. It is less risk, indeed there will be an argument and difficulty agreeing with each other but that is why it known as the partnership. In a partnership, all member focus on one mission with the different point of view but in the end comes with an agreement of what is better for the company while working as a team.

I would likely take a partnership with someone only if our ideas and vision aligned completely. That alone is something hard to find. If you have a partner who is not as committed as you are, when things get rough, you won't be able to rely on them, or they will not have the same drive that you do to push through. Someone earlier mentioned that they would not do a partnership because the execution of plans would be different, but I think that is one of the aspects of partnership that can be a benefit. Because of the different perspectives that different people bring, no two people will think of the exact same way to execute a plan. This is beneficial because it reduces the blindspots that arise from only having one person execute/formulate the plan (more diversity tends to bring different, unexpected ways of thinking). Overall though, having a partnership is something that is not easy, it goes without saying that there will be times of clashing between partners, but if the right people are with each other, success can happen.

While partnerships sound all well and good on paper and may run low risk, they are still not easy to manage unless your partner is the definition of a perfect partner. While you and your partner may share similar goals and ideologies, the execution you may feel is best could be drastically different than what your partner sees as best and that can cause conflict. On the other hand, if you and your partner have the same view on the best way to execute ideas, then when future difficulties may call suit a different execution and leadership style, it would be tough to adjust. Ideally you would want a partner that has is in a nice middle ground and is able to adjust between leadership styles. Or even better, be that partner.

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.

I would want start a partnership with someone who balances me. That person would have to be someone I can communicate very well with. A well chosen partner can help offset the stress that comes with running a business. A partner will be someone you know can trust because they will always have the business's best interest at heart.

A great benefit of having a partner is having someone to turn to. A partner will be able to see things that you might have missed. They will also give you a different perspective to consider. It is never easy to run a business. With the right partner, however, more opportunities can be discovered as the whole becomes greater than the sum of it's parts.

There are many benefits to a partnership, including more monetary resources to invest in more. However, I find that the one disadvantage that outweighs the positives is the ability for the partners to disagree. This type of corporation is conducive to partners that share the same interest in entrepreneurship ventures. On the flip side, each person is an individual who is looking out for their own needs, interests, families, and livelihood. Therefore I see partnerships as a large potential for partners to fall out, get into rifts with each other, or stabbing one in the back. When someone is 50% invested in their company, they don't want to wait for someone else's opinion to make the decisions. What I foresee happening in most partnerships, is that eventually, the partners break up due to their individual differences.