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there are a lot of benefits and pitfalls as well. I have listed them here for you.
Benefits
· The cost of investing in the business is cheaper since they are divided among two people instead of one.
· The money needed to process legal fees and everything else that requires money is cheaper.
· There is assistance in dealing with the everyday tasks like, merchandising, employee issues, general dealings with the public, and all general business concerns.
· With two people running the business, each can have more time with their families and friends
· Legal matters are cheaper for both
· A partnership generally makes the profits and revenue much higher.
· Losses are shared by both and are thus actually easier to deal with
Pitfalls
· Complications may arise if both parties are not in agreement about decisions
· Profits must be divided among the two and are therefore lower for each
· One partner may wish to be let out of the business if things are not running smoothly (this can be a problem if you are only using an oral agreement)
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