What Are the Different Types of Business Partnerships

Business partnership

Business is an economic activity which aims at planning, organizing, staffing, directing and controlling.
Business can be done in two ways:

a) Partnership

b) Company

Here, we will emphasize on the partnership.
What is business partnership?

A legal form of business operation between two or more individuals who share management and profits.

Partnership in business is of two types:-

1. Active partnership: it is a form of partnership in which all the partners have a role to play, the partners share management and profits as well as losses equally, and are the investors in the business.

2. Active and silent partners: in this form of partnership few partners are active that means; active partners take care of business, day to day transactions and other important factors like laborers, where as silent partners are investors in the business but as per the partnership norms, they are not bound to look after everyday transaction or work force. They’re silent but as per the agreement , equally or partially the profit is given to them.

Following are the tricks to form the business partnership:

1. Look for someone with complimentary personality:
Complimentary personalities helps in balancing. For instance, he will balance the risk I am willing to take with logic and sometimes when his ideas are too-tech-y for our users, I will manage to balance it.

2. Look for a trust worthy partner:
To find a good partner is actually finding someone you can trust and this is the most difficult part. Trust is a must factor we should be focusing on while looking for a business partner.

3. Make sure to define the parameters of your relationship:
To be specific from the beginning is important. Both the parties should clear put the demands and needs in the beginning in order to avoid conflict in future.

4. Search for someone who is as hungry as you’re to get succeed:
Again, if the partner you’ve chosen is lazy and an addict then your firm is in danger. In order to avoid the downfall of the firm way before it has started, you must look out for someone who is ambitious and aching to succeed.

5. Consider a partner in different field:
Always go for a partner who has different tastes in knowledge than yours.

Suggest our Client to read these lines.

“I’m sorry, Dom –

We can’t move ahead with your team. Another agency said they could do everything we asked for, so we’re going to go with them. Have a great weekend.”

I was devastated. I spent the last three months establishing a great relationship with a prospective client for a new digital project. The contract was as good as signed, the team was fully allocated and ready to start.

Until it came to a proposed feature that we said we couldn’t deliver no matter how hard we tried. It just wasn’t feasible. The client was convinced it could be done and reached out to another agency that said it was indeed possible. The feature was a deal breaker.

They ghosted us: never signed the contract and chose the agency that promised a feature we all knew was technically impossible.

If we took it on, it would have been the biggest project we ever signed. I had to let it go.

Six months later, I got a phone call from the client, and he said the magic words, “It didn’t work. We fired the agency. They couldn’t do it, just like you said. In the process, they messed up a few other things as well. Can you help us?”

I was floored. Then I said, “Of course. We’re happy to work with you.”

They’ve been our client since.

The moral of the story is that honesty always prevails.

Do Good. Be Good.

Corporate rules for happy life:

1. Trust nobody.

2. What happens in office, remain in office. Never take office gossips to home and vice versa.

3. Enter office on time, leave on time. Your desktop is not helping improvement in your health.

4. Never make GF/BF and/or brother/sister in office. It will always backfire.

5. Expect nothing. If somebody helps, feel thankful. If not, you will learn to know things on your own.

6. Never rush for position. If you get promoted, congrats. If not, it doesn’t matter. You will always be remembered for your knowledge and politeness, not for your designation.

7. Never run behind office stuff. You have better things to do in life.

8. Avoid taking everything on your ego. Your salary matters. You are being paid. Use your assets to get happiness.

9. It doesn’t matter how people treat you. Be humble. You are not everyone’s cup of tea.

10. In the end nothing matters except family, friends, home, and Inner peace.

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