Should You Choose a Partnership to Start a Care Management Business?
Should you choose a partnership if you are starting an Aging Life or Geriatric Care Management business? Before you think of marketing your start-up, you need a legal entity. Business start-ups are not only tough but take a long, very specific to-do list. There are legal ways to start a business. Should you choose a partnership in the first place depends on market sizing and a competition survey. If it is a go you have to have a legal entity to operate in. One entity. Partnerships are like a marriage without sex. Should you go forward? What legal bucket fits your needs? What legal form fits your needs and is the least dangerous?
Partnerships- Good Bad or Ugly?
Should you choose a partnership? Forming a partnership can be good, bad, or ugly, like Janus the Greek God of doors, depending on the parties and circumstances involved. So open the right door
Right Door to Partnership
Should you choose a partnership ?Partnerships are the simplest and least expensive of co-owned business arrangements. Additionally, businesses with multiple owners are more likely to survive longer than sole proprietorships, says Economist Brian Headd of the U.S. Small Business Administration
- Partners share the cost of a start-up.
- They share responsibilities and work.
- They share business risks and expenses.
- The complementary skills and additional contacts of each partner can lead to the achievement of greater financial results together.
- Partners can offer mutual support and motivation.
Wrong door to Partnership
- Partners in a general partnership are jointly and individually liable for the business activities of the other. If your partner skips town, you’ll be liable for all the debts, not just half of them.
- They share any profits.
- You do not have total control over the business. Decisions are shared, and differences of opinion can lead to disagreements, one partner buying out the other one, or even a dissolution of the union.
- The wrong partner can negatively affect your reputation.
- A friendship may not survive a partnership. Keep in mind John D. Rockefeller’s famous words: “A friendship founded on business is a good deal better than a business founded on friendship.”
- When things go wrong as in any new business if you blame each other you have no deep feelings for the person, like a marriage engenders and expresses in sex to help you make up
Should you choose a partnership?Before entering into a partnership, it would be best to first determine whether or not you are suitable for this type of arrangement and if so, to thoroughly investigate possible business partners.
This is an SBA example of a partnership agreement
-
Find out more by subscribing to my YouTube channel from My Geriatric Care 1 Channel.
