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Partnership or company limited by shares are the two forms of association open to a group of individuals who want to work together with one objective of carrying out trade to make profit or earn a living. Individual members of company are commonly known as shareholders while partnership members are called partners. Most people however don't differentiate between the two.
Starting a business with someone you are already close to, like your spouse or best friend, can be very beneficial to the business. This article will help you evaluate whether it is the right choice for you and your partner and set up some ground rules for the partnership.
I once ask my wife why children threw food on the floor and seem to do it with great glee. The wise answer of my wife was; ‘because they can'. When we took our little ones to a restaurant, I always felt I needed to leave an extra large tip because of the mess they would sometimes make. We often want our children to grow up quickly and be able to make decisions with good judgment and we especially think that they can when they are teenagers.
You have worked for someone else your entire life and you are ready for a change. Forming a business does not seem like an easy process and keeping up with one seems even harder. Starting your own Limited Liability Company (LLC) may be the answer for you.