Solo or Partnership?

[Autumn_Lily]

I have completed my dog training certificate course and am now looking into starting a business in the are. to start I want to focus on training and a small retail business with basic dog supplies. I have had this plan for years and it is finally becoming a reality. however I recently found out a guy I went to high school with has the same idea. He lives in a different state and wants to work with me to do this. I want to be focused on dogs with a few cat supplies and he is more into the small animal stuff (rodents, reptiles, etc)

At first I was very excited to have a partner but the more i think about it idk if i really do.

can you all give me some pros and cons of going at it with a partner?

[my_misyel]

That is great, maybe both of you should sit down and talk about on how you're going to start like completing the requirements, funds to share, and the responsibilities.

[eazyprint]

There are many consequences of having a partner or being a solo in a business. But it's still you who can decide, if you want to have a partner, knowing him as a friend is not enough, but knowing how he can handle a business and how to manage if there were problems occur. On the other hand, if you want to be solo, you should be brave enough to take all the challenges in your business.

[Entrepreneur88]

Sole Proprietorship:
Pros- ease & cost of formation, secrecy, distribution and use of profits, flexibility and control of the business, government regulation, taxation, closing the business.

Cons- unlimited liability, limited sources of funds, limited skills, lack of continuity, lack of qualified employees.

Partnerships:
Pros- ease of organization, availability of capital and credit, combined knolwedge & skills, decision making, reglatory controls.

Cons- unlimited liability, business responsibility, life of partnership, distribution of profits, limited sources of funds, taxation of parnership

[Entrepreneur88]

Types of partnerships:
1) General
2) Limited

[Max Maddigan]

What is that unlimited liability!

[chocomoonstar]

I would prefer solo proprietorship but i only have limited resources (e.g. Money for investment) and time. But Now, I am starting up, it is much better if you choose to have a partner just cause I don't have much time to attend to my online business.

[sopier]

Solo is easier to manage I guess...

[BusinessWithSuccess]

Best partner you can get is yourself. That is all I have to say.



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[Michael Halper]

It is like a marriage. Everything you do will be tied to that person. You will depend on each other, you will have to trust each other, it will be best if you share the same core values, have a strong channel for communication, etc. Do you have those things? If not, there could be challenges.

But even if the other person fits as a good person to partner with, you have to ask yourself what value they bring to the table. Is it just money, because you can access that in other ways. Is it that they just bring additional hands? Because you can hire those. Or do they bring strategic ideas and vision and core capabilities that you do not have? Then and only then should you think about partnering.