For me, a business partnership is similar to a marriage. Marriage could be seen as a legal contract between spouses that establishes rights and obligations between them, between them and their children, as well as society in general. Individuals marry for many reasons, including legal, social, emotional, financial, spiritual and religious purposes.
Now, starting a business partnership could be seen as a legal contract between the business partners (most of the time business shareholders) that also establishes rights and obligations between them, between them and their business as well as society in general. This is the reason why accountants and solicitors recommend the preparation of a shareholder agreement (I will come to this subject later in my article). Business partners come together for many reasons, including creating, managing or delivering a new or existing service or product to the market.