First of all, you have to develop your business plan. It includes everything regarding your business and how you intend to run it. Its main features include the mission and vision statement. Furthermore, it will include different reports of market analysis and the ongoing trends. Besides, it will include the distribution of functions between you and your partner.
After developing your business plan, you have to make the necessary legal arrangements. You must register your business so that everything settles well. The most common mistakes which are made by the people who start partnership business is that they don’t pay attention to the legal issues due to which they face problem in the long run.
Furthermore, it will be better for you to register your business as limited liability partnership. However, for that there must be at least one general partner in the partnership.
Before finalising the partnership deed, you must have a meeting with your partner in which you should decide about all the issues related to the business. You must distribute the responsibilities equally so that there is no discrimination in the roles. Your partnership deed must contain the purpose of your business, the terms on which your business will be operated and the exit strategy.
After signing the partnership deed, register it with the registrar to get your Employer Identification Number. You will have to get the required license to set off your business in a particular market. Fill all the documents carefully and submit them along with the application form. You may have to give the details of your personal and partnership bank accounts to the registrar.