Dictionary Meaning:
“A division of property among joint owners.” Practical meaning: “A divorce for business partners.”
Recommendation:
Pick a partner very, very carefully and when you write your necessary contract, write what happens when you don’t like each other anymore. As a court receiver years ago, I was up close and personal to several of these. Partition. Very lucrative for attorneys, accountants, and receivers.
Amazing how some people who were so excited about joining together would become so angry, so vindictive so cut throat, and so verbal. Watch out when someone says, “I have a great idea, let’s do it together!”
Never been in a business partnership and taught my children to avoid them also. Now, many partnerships work out great. However, I like to be the person with my name on the door.
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