Business Partnership Central

When the American Colonies declared their independence from the British crown on July 4, 1776, they also came together as the "thirteen united States of America."

So when times comes to declare your independence from the tyranny of unsatisfying work, will you join forces with another?

If your thinking of forming a partnership, here's a checklist of partnership sources to consider from Findlaw, as reported in Anthony Cerminaro's Biz Bang Buzz blog.  Keep in mind that your requirements might vary depending on your state and business industry. 

Also note that while a general partnership is somewhat simpler and less expensive to establish than other forms of business, your personal assets are at risk in this form of eneity.  Read the materials and consult with an attonry and accountant to confirm that this form is best for your needs.

As reported recently in a hospitality industry source, MGM Mirage and Diaoyutai State Guesthouse have launched their first project in Tianjin, China. An 88-story hotel and condo tower will feature the 350-room MGM Grand Tianjin, 50 Skylofts at MGM Grand, and 60 luxury condo units. The project will also include an office tower.

Beijing architecture firm MAD will design the project, which will also house a spa and a restaurant.

According to CNNMoney.com last week, the NFL Network and Walt Disney Co.'s ESPN are in talks about forming a partnership.  A deal could end a long standoff between the league and cable carriers, some of whom said the NFL was asking them to pay too much for its programming; the NFL-owned channel has reportedly struggled to find distribution and increase subscribers

Strategic alliances are much more than just a gesture of mutual goodwill – they have become a necessary tool, whether it’s to strengthen social responsibility credentials, pursue complex R&D projects, or simply grow in ways that one company can’t manage alone.

Click on the link for a series of articles culled by BNET on the finer points of making strategic partnerships work.

For more on deadbeat business partners, here's another thought:  if you have been running your business as a general partnership, you are both "jointly and severally liable" for the debts of the partnership.  This means that a creditor could come after you for the full amount of the debt, or your partner.  They don't have to come after you 50/50.  If you get saddled paying back the full amount of the debt, too bad, so sad.  Your only recourse is to find your partner and "encourage" him/her (whether by lawsuit or otherwise) to pay you back for his/her share of the debt.  If your partner is broke and the creditor then comes for you (after unsuccessfully trying to get paid from your partner), you're on the line.

Good reasons to have (1) a properly formed entity to protect your personal assets, and (2) a partnership agreement covering the payment of more than one's fair share of the debt.  It's also a good reason to check out the creditworthiness of your partner before you go into business with them.  Why should you be saddled with the debt because you're the one who has handled her finances properly?