When launching a business, an entrepreneur faces countless decisions: “How will I raise funds? Where can I find talent? Do I need to outsource?” But before addressing any of these concerns, he or she must make one important choice: whether to enter business as a sole proprietor or form a partnership.
If you’re looking to put in place a small business plan, this decision will affect all other choices you’ll make. So you need to make it as soon as possible. Unfortunately, the choice is not cookie-cutter clear. There is no best option; only one best suited to you. By understanding the advantages and disadvantages of partnerships, you can determine if this is the path for you.
Why form a partnership? (more…)