How do you become a partner in your Small Local Business?

Business Partnership


Being a partner in Business is great thing!

Every business cannot be established only by a single person it requires a partner weather that's of 1% or more than 50% . 

A partner can make your business more successful. 

In fact more than 75% businesses in the world are owned by multiple partners. 

In fact according to Wikipedia, Partnership is a relation between two or more persons who have agreed to share the profits of a business carried on by all or any one of them acting for all. 

How Partnership works? 

Partnership is the second name of trust. Where a person share everything in the business. 
According to Investopedia, A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits.

There are several types of partnership arrangements. In particular, in a partnership business, all partners share liabilities and profits equally, while in others, partners may have limited liability.

For example :- 
There are 2 friends :- 
1) Jhon Muller 2) Neil Patel

Suppose Jhon started a business of Digital Marketing and Jhon wants to expand his business in whole US then Jhon ask various banks to get loan but Jhon is not able to get a loan. 

In this condition Jhon need some funds to expand his business. 

This he went to his clever friend Neil Patel who is a Digital Marketer and he asks Neil Patel for money. 

Here Neil Patel gets an opportunity to get into  a business. 

Neil agrees to join that business and also agrees to give funds to Jhon for his Digital marketing company. 

But, Neil demands for 50% Partnership in John's Company. 

So, now it's clear about partnership. 

Benefits of Partnership in business? 

Partnership is an excellent option for a business in every form. 

Top Advantages of Business partnership:-

Partnership in Business helps to reduce the chances of Risk in your Business. 

Partnership increase the discipline in your work. 

It provides you to have more funds in your hand. 

It provides a wide range of market as you have some experienced partners. 

Partnership increase the Management of team and helps to bulid an business friendly environment. 

Disadvantages of Partnership in business? 

Everything has its own Disadvantages along with its advantages. 

Here are some Disadvantages of Partnership in Business :-

Partnership makes your profit less. As you have to divide your revenue and share it with your partners. 

Partnership may become a reason to loss your business. 

What you can do after becoming partner in Business? 

After you becomes a partner in a business you have now rights to control that business but after having a sufficient share of that business. Likely it's more than 10% . 

Every decision is taken after your permission you have your ownership on that business. 

How to become a Partner in a local business? 

Starting business at small level can make you more experienced and more aware for that business. 

Here are the ways to become a partner in your Local business :-

Go and Ask to that business owner weather he needs the money to expand his business. 

Purchase the stack in his business by motivating him to expand his business. 
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