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Starting any business can be a huge undertaking. However, starting a business with a partner can be even trickier because you have two people that are likely both very passionate about the company and may have differing opinions about certain aspects of it.

How to form a partnership: 10 steps to success Choose your partners. ... Determine your type of partnership. ... Come up with a name for your partnership. ... Register the partnership. ... Determine tax obligations. ... Apply for an EIN and tax ID numbers. ... Establish a partnership agreement. ... Obtain licenses and permits, if applicable.

Before creating a partnership, it is important to draft a well-thought-out operating agreement that will cover the following: Name of the partners and the process of adding new partners or removing them. Outline of the company. Each partner's percentage of investment and profit.

A partnership agreement should include details such as the purpose of the partnership, ownership interest, decision-making process, responsibilities and liabilities of each partner, dispute resolution procedures, and continuity and succession planning.

Your business partnership proposals should typically include details like background for the partnership, overview of the project, SWOT analysis, goals, responsibilities of all parties, and so forth. This business partnership proposal template is formatted as a preliminary proposal with a specific partnership in mind.

Start with a basic agreement on roles, responsibilities and control. Then, plan to hash out other issues as they arise over time, she said. If you're adding a partner because he or she offers something you lack, make that clear. Spell out your long-term goals as well to make sure you're on the same page.