You can associate or create a joint venture, where you retain control of your own part of the business.
Discuss with an advisor or tax attorney the best fits for what you are doing and the industry. But beware of any type of partnership arrangement or limited partnership agreement. You don’t want to give up pieces of your company before you’ve even started – and there are many other ways to share and leverage resources, skills, contacts and knowledge.
Related: What to Consider Before Teaming Up With a Partner
Most people team up based on a personal friendship or co-worker relationship. But a good partnership should be grounded in business and treated as a business relationship.
Also beware of bringing in another person and giving them a title, or control over your product, services or resources when you’re really not sure about his or her skills, competence, aptitude and, more importantly, attitude.
Do some additional questioning of yourself and others before making anything official. Once you have a clear vision of what your company is and what you want it to be, you'll be better equipped to make a useful partnership agreement.
Related: Sample Partnership Agreement
Brad Sugars is the founder and chairman of ActionCOACH. As an entrepreneur, author and business coach, he has owned and operated more than two dozen companies including his main company, ActionCOACH, which has more than 1,000 offices in 34 countries.