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Taking you through ideal
partnerships in the eyes of the law
By Aderinsola Fagbure
“It is advisable to look out for
a co-founder who would act
as a complement. Virtues
such as commitment and
integrity must not be overlooked.”
Introduction
Just a while ago, I met a tech entrepreneur
who was having challenges with
the relationship between himself and
his co-founder. The constant squabbles
which involved shouting matches
between them, inability to make joint
-
-
ulating the goals of the business became
the order of the day.
Undoubtedly, both co-founders were unhappy
because they had each contributed
significantly to the establishment
of the business and its growth thus far.
The party I spoke to complained about
having made a mistake entering into a
partnership, arguing that since the idea
was his, he could have simply started in
his house.
Not a bad idea, I dare say. However,
the advantages of entering into a partnership
operated under clearly defined
terms far outweigh the disadvantages
of carrying out business as a solo entrepreneur,
in the long run. The modalities
of partnerships and its advantages and
disadvantages will be discussed by the
writer in this article.
Choosing a Co-Founder
The term partnership as used in this article
is used in the strictest legal sense.
It is used to describe two people doing
business together.
There have been various arguments for
and against partnerships. However, I belong
to the school of thought which ascribes
strength to numbers and believes
in the opportunity to share profits and
losses with a co-founder or two.
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