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Like a proprietorship, a partnership has the advantage of low start-up costs, and you may enjoy sharing the responsibility of owning a business with someone else. But be careful before entering into this form of business structure. Most discussions of partnerships are rife with warnings and horror stories. Incompatibility between partners can lead to the breakdown of the business, as well as the end of any personal relationship you may have had with your partner or partners.

If you are considering a partnership, reflect on these points:

• A partnership works best when the people involved have complementary skills and attributes.

• Equal partnerships are most likely to fail due to deadlocked situations. There is nothing saying that a partnership has to be equal. Consider making one of the partners the “leader” and grant that partner a greater share of the business, even if it is just one percent more. If you cannot decide on who will be leader, take warning. It may be a glimpse of things to come.

• Be aware that in most partnerships, one partner may be responsible for the other partners’ liabilities if something happens to them.

If you choose to run your business as a partnership, seek legal and financial counsel first. Be sure to draw up a partnership agreement that includes explicit directives for the graceful termination of the partnership should it become necessary.