A partnership is an formal arrangement where parties, known as partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations. Organizations may partner to increase the likelihood of each achieving their mission and to amplify their reach. A partnership may result in issuing and holding equity or may be only governed by a contract.
Partnerships are notoriously difficult to manage as they involve different personalities, interests and objective or motives. The illusive win win situation is essential. The relationship may be formalised as a private company or as a listed company or even as a joint venture (JV) or joint venture project. However this is formalised, a good contract with clearly defined objectives and measurables and a tight exit strategy are critical. Good luck with this.
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