Going in a partnership business setting is good for a lot of reasons but it could come with a lot of risks. It does not natter how many players are there, conflict will arise and it is not always easy to deal with.

All types of relationship, even those with a business-nature, will have a collection of ups and downs. To survive it you have to first be made aware of the existence of such strains and then you need to know how to deal with them. The following guidelines should help you enjoy a smoother business flow:

1. Do business with someone you trust. A good business relationship between partners could not exist without trust. You are dealing with money and power, all of these would be very tempting, and there is often not enough to be had so partners fight over it—even to the point of damaging each other.

• Know the law. Sometimes it is not always about how well you trust each other, it is how well you know the law. To operate harmoniously, you need to be aware of all the laws that governs the business; know the roles each others play; and you ought to know the boundaries and limitations of every position in the company.

1. Practice transparency. As a big show of trust between business partners, there should be complete transparency where the business is concerned. This means that each one of the partners are free to ask questions and make inquiry. All accounts should be open and free for all partners to check and verify because all these articles are the property of the business and therefore the property of all the partners. A partnership that practices transparency will operate in such a way so that there are no secrets, no locked doors and no shadows.
2. Spend and appropriate funds accordingly. As a person in control, you will have full power over the money you own, with the supervision of an accountant or bookkeeper. You need to spend your money accordingly and you need to maintain your books with honesty and integrity. Salaries, expenses, investments and any other outpouring of funds should be appropriate with what the company earns. In other words, you cannot spend money that you do not have and you cannot be too personal about your money; regardless of your position in the company, the money is not entirely yours, it is of the company’s and it should be properly appropriated.