Mistakes That Cost Money

1) No partnership agreement
You need agreement on paper based on much money the person invest in the business and what understand should make for accepting new partnership or if a partner wants to leave the business.
2) The issues that may happen when friends become clients
Have contracts and invoices, and make sure the person knows that business is business. No financial favors for friends who become clients.
3) Have a separate business and private bank accounts
Require two signatures for every check and transfer so all parties know where the money is going.
4) Accept the right business partners
The partners need to be honest, responsible and business savvy.
5) Do not allow outsiders to cloud your vision
People might tell you to leave your partners and go solo. The more money the business is doing the more you get tempted to leave your partners.
6) Family employees in the business
Only employ family members who skill that can help the business.
7) Not understand the legal form
For example Limited partnership, the partner is not liable for the company’s debts but still, own part of the business. General partnership, the partner is responsible for all company debts and the daily operations of the business.
8) Talking about business when you are home or with friends or family members
When you get home, it is better to keep business talk outside of the home. Make personal time a priority and leave business talk separate.

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