How to know if _______ is the right person to form a partnership with

There are many different motives for forming a partnership with another individual.Some business people do not believe that they have the knowledge to start their own business.Others are lacking the capital needed.Some form partnerships because of an existing friendship or simply because of fear of starting a business alone.Whatever your reason for wanting to form a partnership, you want to proceed with caution.Partners are often times responsible for each other's actions and if you choose your partner poorly you may be faced with consequences entirely out of your control.

Below are some simple suggestions that you can use to get a better idea of how to know if _______ is the right person to form a partnership with.Of course it is important to remember that people change, so even if you do choose who you think will be a good partner now that may not be the case in the future.

Trust
You have to be able to trust each other in order to have a successful partnership.If you cannot trust each other your business will not run successfully. You have to know that your partner is going to do what he says that he is going to do and he should be able to expect the same from you. If you both cannot independently make decisions that would be beneficial for both members of the partnership then there will be no progress in the business.You have to be able to trust your partner's judgment, opinions, decisions, and actions.

Respect
Another important part of a business partnership is respect. If you do not respect your partner you should not be entrusting him with making decisions that are a direct reflection of you're your partner should have respect for your time, personal beliefs, abilities etc. Lack of respect can easily lead to arguments and disagreements.When a partnership cannot agree they cannot move forward and the business cannot be successful.You have to be able to work together and around each other's other responsibilities.

Common goals
If you and your partner do not have common goals for going into business together you will have major problems in your company. For example, if one of you has the goal to earn a lot of money and one of you has the goal to provide great quality products for customers that could cause problems. While one of you may not mind producing lower quality products in order to make a lot of money, the other would want to produce great quality regardless of big incomes.Having common goals also includes having a common vision for the company.Partners need to honestly agree on what their contribution to the company will be and what commitment they are going to make to the cause.

History
Another thing to consider when choosing a partner is how long each of you has been in business. You can determine a lot about a person's work ethic by observing their history in business.Does your partner have loyal customers and connections in the industry?Does he have a reputation for being honest, innovative and enjoyable to work with?Some say that you can tell more about a person by what other people say about him rather than what he says about himself.

Possible dissolution
It is also important to realize that most businesses that start as a partnership eventually dissolve.In some cases the dissolution is mutual and fairly executed.Other times dissolution can be very complicated and personally trying.Keep this possibility at the back of your mind as you choose a partner so that if the partnership ends it will be as painless as possible.