Things to Pay Attention to in a Business Cooperation Relationship

When your small business starts to grow, running a business alone becomes difficult. This condition makes you need a business partnership or business partnership. A business partnership is a legal relationship formed by an agreement between two or more people to run a business as co-owners.

Everyone has their own vision and mission. Maybe you and your partner also have different visions and missions when it comes to managing a business. For example, you want your business to last a long time in the market and have stable profits, but your partner wants more profits without thinking about long-term business. That is your vision and mission, but when you and your partner have discussed business together, you must set company goals, not your own personal goals.

For example, when you and your partner each contribute 50:50 to the initial capital and each partner’s responsibilities have been determined based on the capital contribution. But as the business goes on, your partner doesn’t carry out his responsibilities well. In this case, you can demand accountability from your partner, because you have a legal basis as a reference, namely the Founders Agreement.

After you and your business partners have established the company’s vision and mission, you can start making goals that each business partner must achieve within a certain period of time. Discuss each individual’s goals from the start, as well as the rules that each partner needs to adhere to. Where, these rules should be made in writing in https://mentorsano.com/community/profile/zegabrinaceva/ the Founders Agreement which applies as the basis for business partnerships.

The absence of a written agreement governing the cooperative relationship between you and your partner can lead to a dispute. Disputes can occur when a partner decides to leave a working relationship with https://forum1.cafh.us/cafhcafe/forum/profile/pikverzonemaki/ and forms a cooperative relationship with someone else to do the same business as you.

In running a business partnership, the important thing that you must pay attention to is when you choose who you want to do a partnership with. Because this partner or business partner has an important role in supporting the success of your business. However, finding a suitable business partner is not easy, there will be many challenges that https://www.yourspace.my/community/profile/bifamendrikoliser/ will have to face, ranging from differences in vision and mission to differences of opinion.

With the Founders Agreement and Shareholders’ Agreement, the risk of disputes becomes smaller, because you and your partners have outlined all the rules that were mutually agreed upon from the beginning of the business being formed. The Founders Agreement also serves as the legal basis between you and your partner so that in the event of https://freefirsttest.com/home/community/profile/granevatibokemza/ a dispute, there is one document that becomes the basis and evidence that can be used.

Running a partnership should also not be arbitrary, there are several things you should pay attention to and avoid. Below are some things you can and cannot do when doing a business partnership.

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