Basic Training: P is for You Can Pick Your Partners, You Can Pick Your Nose . . .

Nina L. Kaufman, Esq.

Nina L. Kaufman, Esq.

Nina L. Kaufman, Esq., owner of Ask The Business Lawyer, is an award-winning business attorney, speaker, and Entrepreneur Magazine online contributor. She saves consulting and professional services companies time, money, and aggravation by serving as their outsourced legal counsel.

Posted on April 1, 2015 in Business Partners, Form a Company

Post image for Basic Training: P is for You Can Pick Your Partners, You Can Pick Your Nose . . .

. . . but you can’t pick your partner’s nose. (Or can you?)

I received an inquiry from someone who, I’m sorry to say, is going at this bass-ackwards. She’s chosen a business partner, but not the kind of business she wants to set up. She wants to control all the decisions, but seems more concerned with the type of partnership agreement she needs. She wants to know “What type of business with a partner is best for me?”

A.: Wrong question. You could have a business partner who’s great for a consulting firm and lousy for a baby clothing manufacturer. You need to start with what kind of business you want to have, then look at whom you need to help you get that business off the ground. If you want to control the roost, you may not be suited for partnership . . . and may be better served by delegating to employees (or outsourced staff).

In addition, choosing a business partner is a decision of paramount importance, as I discuss in my BusinessPartnershipCentral.com blog. How you come to that decision (and whom you choose) should be the result of careful planning and consideration–not the fulcrum around which all else spins.

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