Relationship Vs Partnership

February 10, 2023

relationship vs partnership

Relationship vs Partnership

A relationship is a meaningful experience that can either dissipate into thin air or turn into something much more important. Those romantic, fanciful emotional attachments are often fickle and can easily turn into nothing more than a temporary feeling that will dissipate into the void once again.

On the other hand, a partnership is much more stable and dependable. It focuses on building a sense of community, a shared identity and a common goal to achieve together, and it takes work.

In a partnership, the property is divided up into ownership interests - cash, tangible or intangible assets, intellectual property and other goods - that are owned by all partners. Generally, these partner interests are included in the partnership's capital account as part of the net worth of the business.

This can make it difficult for an individual to own a share in the success of a business, so partnerships typically have a written document that describes what each partner is to do and how they can be held accountable for their actions.

However, there are also a number of instances where the partners may act as though they are in a partnership without the need to have a written document. This is called "implied partnership."

In a good partnership, the partners have to be willing to put their personal desires and biases behind their commitment to the partnership and its goals. They must be able to move beyond their own perceptions and see things from the perspective of the other, and they must be willing to take risks in order to meet their mutual goals.


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