So when times comes to declare your independence from the tyranny of unsatisfying work, will you join forces with another?

If your thinking of forming a partnership, here's a checklist of partnership sources to consider from Findlaw, as reported in Anthony Cerminaro's Biz Bang Buzz blog.  Keep in mind that your requirements might vary depending on your state and business industry. 

Also note that while a general partnership is somewhat simpler and less expensive to establish than other forms of business, your personal assets are at risk in this form of eneity.  Read the materials and consult with an attonry and accountant to confirm that this form is best for your needs.

Click on the link for a series of articles culled by BNET on the finer points of making strategic partnerships work.

Good reasons to have (1) a properly formed entity to protect your personal assets, and (2) a partnership agreement covering the payment of more than one's fair share of the debt.  It's also a good reason to check out the creditworthiness of your partner before you go into business with them.  Why should you be saddled with the debt because you're the one who has handled her finances properly?

Unfortunately, to really make sure all those loose ends are tied up, you would need to bring a proceeding to dissolve the business.  This usually involves a petition to the local court where you state the facts of the situation -- the business is no longer a going concern, or the partner is no longer around to sign papers, or communication had deteriorated to the point where the business can no longer function properly, etc.  If you're dissolving the business simply because it's inactive, some people take the "lazy" way out:  if they have formed an entity such as a corporation or limited liability company, there are some states that automatically dissolve the entity if it fails to pay its annual franchise taxes to the state.  Not the best way to handle it, but it's a way. 

In any event, make absolutely sure that all creditors have been paid and that you have no ongoing obligations with banks or equipment lenders.  If you have a personal guarantee on the loan or lease, they may want full payment of the balance right away.

Many business owners I know and advise refer to their "business partner" as the person with whom they own a business.  The business may take the legal form of a corporation or a limited liability company, but they'll still use the word "partner."  After all, it's a lot more succinct than "co-shareholder," which conjures up stark, impersonal images of monolithic corporate entities.  And it's a lot less socially awkward than saying "this is my co-member" . . . which has salacious overtones.

It's not often that business partners are true "partners" -- in the legal sense of the word as being partners of a "general partnership."  Perhaps that's because a general partnership has some definite downsides as a legal entity, namely, that the personal assets of all partners are at risk in the event of a judgment or loss.  I see fewer and fewer people affirmatively choosing a "general partnership" as a form of business nowadays. 

Another downside -- that the author, Georgiana Latino, alludes to -- is that when a partner of a general partnership dies or leaves the business (for any reason!), the business ceases to exist.  The legalities behind it are that "the business = the partners." And not just any partners -- only the partners who are noted on the certificate of partnership that's filed with the county clerk.  If a partner leaves -- or joins -- the business is no longer what it was before and, therefore, can't exist. 

That's why it is absolutely vital to have a partnership agreement in place.  A partnership agreement can help ensure an easy transition from one set of partners to another, including "administrative details" like the ability to keep bank accounts open.

Yes, when it comes to choosing a business partner, you want someone with complimentary skills sets.  Money.  An understanding of your industry.  Connections.  Networks.

But -- and this is what the post highlighted -- you want someone who has the basic foundation for success:  Honesty.  Integrity.  The willingness to roll up one's sleeves and pour on the gas when the going gets tough.  Accountability.  Humility.  Ambition (but not the back-stabbing kind).  Pleasant appearance and demeanor.  JV Blogger lists 7 vital attributes.

A person who embodies these attributes has made a conscious choice about who they are and how they intend to live, regardless of educational background, age, training, family situation, or other external circumstances.  Become that person yourself, and you're far more likely to find a business partner who shares those qualities.

You spend months creating a product, designing a website, and having copy written and tested. You spend countless hours schmoozing joint venture partners. Then your launch day comes, you "push the button" and...

The silence from lack of orders is deafening.

Welcome to the persnickety world of joint ventures -- in this context, more accurately referred to as "joint marketing."  As Willie Crawford, the post's author, points out, there are a number of reasons that your promotion partners may have pulled the plug on your product (sorry, couldn't resist the alliteration).  Perhaps:

• Your JV partners promised to promote too many products
• Your sign-up process is too convoluted
• You don't provide the right tools
• Your timing is less-than-ideal

Check out Willie's article, "Why Joint Venture Partners Don't Promote Your Product," to find out more about how you can get the most out of your promotional relationships.

From the Gordon Pitts's report in the Globe and Mail, Peter Munk (76) and David Gilmour (80), a media and water tycoon and a gold baron, respectively.