A lady writes to Inc Magazine asking them for business advice. She is opening an art gallery and pottery studio, but she isn’t doing it alone...she is partnering up with another artist. Is this a good idea? How do they structure the business, as a partnership or S Corporation?
You may be in the same situation if you’re thinking about starting a partnership with someone else. The following article answers the lady’s questions, and also says there are 2 very important facts you need to consider before entering into a partnership.
First, you never know what the person is like until you have worked with him/her for a couple of years; and second, the more complicated you make the partnership structure at the outset, the harder it is to get out of it if things don’t turn out the way you thought.
Take a look at what Inc Magazine advices the lady about her partnership and how to structure her business.