Lot's of artists work with other artists, even if they create original work in solitude. Thinking “strength in numbers” may prove to be very beneficial when structuring your business as well. It is helpful to have partners. They may provide better expertise in areas you lack knowledge, and it can lighten the workload. Selecting the right business partner is critical to avoiding more work and stress. Whether it be a friend, relative or a random, establishing a new business relationship must be strategic, trustworthy, and beneficial.
Before looking into partnership agreements first establish the roles and duties of the individuals involved. This video on "How To Choose The Right Business Partnership" might help you decide your partners strategically.
When considering partnerships, make sure everyone is on the same page. Your business partners and you may run into issues and disagreements, both creative and otherwise. Outline a set of rules you all can follow, known as a Partnership Agreement, to avoid a potentially damaging set of circumstances. This kind of agreement is especially critical when relationships exist outside of the business.
Fit Small Business: Buy Sell Agreement
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