A partnership is a "business marriage."  Successful partnerships have a number of elements in common. The partners trust each other. They are able to communicate effectively with one another and what is expected of them. They have a business plan. They understand the cost of starting up and running the business. They have a market that they can readily identify and target. They understand that each partner may take different roles and effort will not always be equal. They have clarity of purpose and have well-managed expectations. 

Unfortunately, 80 percent of New York Partnerships fail. Partnerships often run into problems when there is a lack of trust between the partners. Partners may not be doing their jobs. There may be a problem with the home life of one of the partners which can cause stress. When entering a partnership, everyone has high hopes and not everyone can handle the up and downs of entrepreneurship. In my opinion, the biggest problem that Partnerships face is a lack of planning when forming a Partnership. That's why it's vital to meet with an attorney when forming a Partnership. 

1. WHAT ELEMENTS SHOULD BE IN A PARTNERSHIP AGREEMENT?
2. write a reaction to the process that is being suggested for the creation of a general partnership.  Address whether the  questionnaire for each partner is a good idea, whether it is a constructive or negative way to start a partnership, and how you would handle matters if the person you were going to start a general partnership did not agree to the process advocated

Answer rating: 100% (QA)

A A comprehensive partnership agreement should include Roles and Responsibilities Clearly define eac... View the full answer