The Business Axe by TeachU

Important Business Partnership Advice

I tell all new partnership clients that there are 2 things that have a strong possibility of killing their business:

  1. Partnership problems
  2. Taxes

Few business partnerships succeed. Tension arises when the business isn’t doing well and when the business thrives. Tension arises when a partner gets married or divorced.

I is usually very expensive to resolve a partnership dispute. People are often willing to let the business suffer rather than resolve a dispute. When you find yourself in that position, get help. There are plenty of solutions that don’t require huge expense.


Businesses that fall behind with taxes want out of that hole. That’s natural. But this desire to make a bad problem go away can lead to falling victim to sketchy tax practices. Beware the CPA who can cut the tax bill in half. Beware of the extreme creativity with taxes. Play it safe. If it doesn’t feel right, it probably isn’t. It’s not worth the risk.

If you find yourself in trouble with either of these situations, get solid advice. Don’t wait until it’s too late.

Chris Reich, TeachU

Chris Reich

Related Posts

Do Not Stop Working if You Want to Leave the Partnership

Do Not Stop Working if You Want to Leave the Partnership

When the business partnership breaks down, the darker sides of the personalities come through. A dominant partner turns into a bully. A person who does not do well with conflict will withdraw. As the bully gets more aggressive, the pacifist withdraws further. Eventually, the bully gets so angry they are ready to lock the other partner out. The pacifist quits coming in. The next blowout is over money. The course is as logically predictable as what will happen to your car if you hit the highway with no oil in the engine. It will get louder and louder until the engine seizes.

How to Draft Resolutions to Strengthen Your Partnership

How to Draft Resolutions to Strengthen Your Partnership

I recommend that partners talk through a specific issue and then draft an agreement (called a resolution) that sets a policy. You can keep this in a binder to serve as amendments (or foundation) to your Partnership Agreement. In this post I’ll explain how to talk about things that bug you with your partner and how to draft a binding resolution to fix the problems.

When Politics and Business Partners Don’t Mix

When Politics and Business Partners Don’t Mix

Unless you are in some sort of political business, you should keep politics out of your establishment completely. Of course, you have freedom of speech, but we are in very contentious times and displays of political or religious positions might be off-putting to to your customers.



Submit a Comment

Your email address will not be published. Required fields are marked *