Illinois small business formation, is it better with a partner?

Any small business owner in Illinois would probably agree that starting a new company is both exciting and terrifying all at the same time. Having a partner to go through the business formation process with could make it at least a little less imposing. Certainly, a business partner is not necessary, but some advantages make having a partner an attractive prospect.

One of the complaints many small business owners have is that they never get a day off. With a partner, the workload can be shared, and both parties can have some time off without the business suffering. It may not seem as if having a day off should be a priority when considering forming a new company, but at some point, it will become important.

It also helps to have another person with which to discuss ideas and make decisions. Each partner will bring certain strengths to the venture -- essentially doubling the odds of success. No one understands better than a partner does the challenges of starting a new business.

Building a business can be a full-time job in and of itself, and providing the product or service promised can sometimes take a back seat to bringing in customers or clients. Without someone else minding the shop while the other markets the company, a new owner can quickly get into trouble. Sharing the responsibilities is one of the biggest advantages of starting a company with someone else.

All of these advantages may mean nothing, however, without a formal business agreement. Illinois business formation is like a marriage in many ways, and without a binding partnership agreement, things could go downhill quickly. An agreement that outlines each party's rights and responsibilities under a variety of circumstances can put the partners' minds at ease allowing each to focus on making the business a success.

Source: Fox Business, 4 Advantages to Starting Up With a Co-Founder, Brittany Hodak, Feb. 19, 2014

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