A business partnership can be defined as an association of two or more individuals who have agreed to combine their labour, property, and skill, or some or all of them, for the purpose of engaging in lawful business and sharing profits and losses between them.
What is business partner? Business partner or partners indicates that more than one person is engaged in a commercial enterprise. Generally a business partner is misunderstood to mean that the partner has invested capital in the business.
However, business partnership is not always this case. A commercial enterprise may offer a partnership to an inventor or manufacturer. By giving exclusive manufacturing or selling rights to the enterprise that offers him or her partnership, the partner shares in the profit.
In cases in some small and medium sized enterprises, partners can be family members. Family members are made partners for two big reasons: the first reason is that the business needs to continue and remain in the family even after the death of its initial owner or one of its owners. Secondly the tax paid by the business is reduced when there is more than a single owner.
Starting a business can be difficult. That is why some entrepreneurs find one or more business partners to make things easier and less risky. But how can you find the right business partner for your new business?
Check this article to know the answer: http://www.businessnewsdaily.com/6114-business-partnership-tips.html