Partnership Check List

Before you start a partnership in business with another person or persons - ask your partners (and yourself) the following questions:

  • Who will work perform which tasks and when?
  • How will you pay yourselves?
  • What are the views of your partner(s) on lending?
  • Whose accountant will be used?
  • Will spouses and children be working in the business and if so, will they be paid and how?
  • Will you take in more partners in the future?
  • What accounting and computer systems will you use?
  • What capital goods, plant and equipment will you purchase?
  • Where will the business operate from?
  • Which bank will you use for the business?
  • How much capital will you need and what are the debt servicing fees?
  • What is the procedure for settling grievances?
  • In the event of an unresolvable dispute - how will you dissolve the partnership?
  • How will decisions be made and how will you resolve split decisions?
  • How good is each partner at delegating?
  • What are your views on evading taxes, business ethics and honesty, generally?
  • What are your philosophies on risk taking?
  • What if one partner wants to leave?
  • What methods of debt collection will you use?
  • What are your opinions on bringing in financial and business advisers and arbitrators?
  • What is your policy on using business contacts for private purposes?
  • What function will each partner perform?
  • What sort of lease on premises will you have and for how long?

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