I have argued that I hate partners. Which for the most part is true; whether it’s in a formal partnership, or an S-Corp or a NFP. You are on the hook for whatever dumb or stupid things your partners do. They are also on the hook for the dumb and stupid things you do as well. Remember no one is perfect.
But, I have had a partner in the past; before he passed we were in talks for yet a third venture that we could jump into for a fun failure ride. We kept getting on the same ride with different variations. I am current dabbling in it on my own; it’s not as much fun.
Currently I have four or five business ideas that I would love to jump into, if I could find the right person or persons to work with. For these endeavors I need people who have specialized skills and those whom I know that have them, are not interested in starting a business. They are looking more towards a rocking chair to occupy their time.
Again, the reason why I am not a fan of partners is the inevitable breakup. I had to work with a couple of partners who had been in business for over 15 years that broke-up. They stopped communicating with one another and the attorneys had to be brought in to solve the simplest of problems.
I am only aware of one partnership that had been going on successfully for years. There was a third party involved, but they left before I started working with them. So there may have been turmoil at one point. They are now planning to sell the business and walk quietly into the sunset.
If I do find the right person(s) for any of these business ideas of mine, we will have a full operating agreement, and a dissolution plan in place at the beginning, just to make sure that everyone can be happy at the alpha and omega.