{"id":42361,"date":"2025-06-05T06:11:57","date_gmt":"2025-06-05T06:11:57","guid":{"rendered":"https:\/\/swoopfunding.com\/us\/?post_type=start-a-business&#038;p=42361"},"modified":"2025-09-19T14:35:45","modified_gmt":"2025-09-19T14:35:45","slug":"starting-a-business-partnership-checklist","status":"publish","type":"start-a-business","link":"https:\/\/swoopfunding.com\/us\/start-a-business\/starting-a-business-partnership-checklist\/","title":{"rendered":"Starting a business partnership checklist"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"42361\" class=\"elementor elementor-42361\" data-elementor-post-type=\"start-a-business\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9360c4f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9360c4f\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c64dd29\" data-id=\"c64dd29\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c7ee232 elementor-widget elementor-widget-text-editor\" data-id=\"c7ee232\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Choosing to launch a business with a partner can be one of the most rewarding decisions an entrepreneur makes \u2014 or one of the trickiest. While partnerships offer shared resources, skills, and responsibilities, they also require trust, clear communication, and a solid foundation from the start.<\/span><\/p><p><span style=\"font-weight: 400;\">At Swoop, we\u2019ve seen firsthand how successful partnerships can help businesses grow faster, scale more sustainably, and build resilience. But we\u2019ve also seen how things can fall apart when critical details are overlooked. That\u2019s why we\u2019ve created this practical, step-by-step starting a business partnership checklist \u2014 to help you start strong and stay aligned for the long haul.<\/span><\/p><p><span style=\"font-weight: 400;\">Whether you&#8217;re teaming up with a longtime colleague, friend, or a new connection with complementary skills, this guide can help you navigate the legal, financial, and operational aspects of setting up a partnership the right way.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-862bb70 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"862bb70\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-md\" href=\"https:\/\/us.swoopfunding.ca\/stage\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Get a quote<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4a61e6d elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"4a61e6d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-817c5ed\" data-id=\"817c5ed\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-13bd71b elementor-widget elementor-widget-spacer\" data-id=\"13bd71b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9380480 question elementor-widget elementor-widget-heading\" data-id=\"9380480\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is a partnership?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fa1e50f answer elementor-widget elementor-widget-text-editor\" data-id=\"fa1e50f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">A business partnership is a formal arrangement where two or more individuals manage and operate a business together. It\u2019s different from hiring employees or working with contractors \u2014 it\u2019s a shared ownership model.<\/span><\/p><p><span style=\"font-weight: 400;\">In the U.S., there are several <\/span><a href=\"https:\/\/swoopfunding.com\/us\/business-glossary\/partnership\/\"><span style=\"font-weight: 400;\">common types of partnerships<\/span><\/a><span style=\"font-weight: 400;\">:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><b>General Partnership (GP):<\/b><span style=\"font-weight: 400;\"> All partners share management duties and liability.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Limited Partnership (LP):<\/b><span style=\"font-weight: 400;\"> Includes at least one general partner and one limited partner (who typically only invests money and has limited liability).<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Limited Liability Partnership (LLP):<\/b><span style=\"font-weight: 400;\"> Common among professionals (e.g., law firms), offering liability protection for each partner.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Limited Liability Company (LLC):<\/b><span style=\"font-weight: 400;\"> Not a partnership per se, but often used by two or more co-owners operating a business together, combining liability protection with flexible tax options.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">Choosing the right structure depends on how involved each partner will be, what risks you&#8217;re willing to take on, and your long-term goals.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bc8dbde question elementor-widget elementor-widget-heading\" data-id=\"bc8dbde\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How to start a successful partnership\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-57e9ad8 answer elementor-widget elementor-widget-text-editor\" data-id=\"57e9ad8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">A great partnership doesn&#8217;t happen by accident. It\u2019s built, step by step. Here\u2019s how to lay the groundwork for a partnership that\u2019s structured, supportive, and set up for long-term success.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-34be20b question elementor-widget elementor-widget-heading\" data-id=\"34be20b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">1. Start with the right partner\n\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c8ba720 answer elementor-widget elementor-widget-text-editor\" data-id=\"c8ba720\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Let\u2019s start with what might be the most important choice you make: who you\u2019re doing this with. Compatibility isn\u2019t just about friendship or shared interests \u2014 it\u2019s about trust, work ethic, and complementary skills. If you&#8217;re a strategist, find a builder. If you\u2019re a numbers person, link up with someone who can sell. A partnership works best when your strengths support \u2014 not mirror \u2014 each other.<\/span><\/p><p><span style=\"font-weight: 400;\">You\u2019ll also want to have real conversations early about values, time commitment, risk tolerance, and long-term goals. If one of you sees this as a side hustle and the other is quitting their job to go all-in, that\u2019s a mismatch that needs ironing out before you sign anything.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-953b579 question elementor-widget elementor-widget-heading\" data-id=\"953b579\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">2. Decide on the type of partnership\n\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a0e9995 answer elementor-widget elementor-widget-text-editor\" data-id=\"a0e9995\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Do you want equal ownership? Is one partner investing capital while the other contributes time and labor? Clarify your expectations around:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/swoopfunding.com\/us\/equity-financing\/\"><span style=\"font-weight: 400;\">Equity shares<\/span><\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Decision-making power<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Liability exposure<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tax implications<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">You might speak with a legal or financial advisor to figure out which structure fits your plans and responsibilities best.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9bbe8af question elementor-widget elementor-widget-heading\" data-id=\"9bbe8af\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">3. Register your partnership name\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-833f2ad answer elementor-widget elementor-widget-text-editor\" data-id=\"833f2ad\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Once you\u2019ve chosen a structure, you\u2019ll need to pick a name and <\/span><a href=\"https:\/\/swoopfunding.com\/us\/start-a-business\/how-to-start-a-small-business\/\"><span style=\"font-weight: 400;\">register your business<\/span><\/a><span style=\"font-weight: 400;\">. This usually involves filing paperwork with your state, securing a federal EIN (Employer Identification Number), and possibly applying for a DBA (&#8220;doing business as&#8221;) name if you&#8217;re operating under a brand different from your registered entity.<\/span><\/p><p><span style=\"font-weight: 400;\">If the name you want is taken in your state, or the domain is unavailable, consider alternatives early \u2014 it\u2019s easier to pivot before you start marketing.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9e73bb7 question elementor-widget elementor-widget-heading\" data-id=\"9e73bb7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">4. Create a shared mission and vision\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0172600 answer elementor-widget elementor-widget-text-editor\" data-id=\"0172600\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">You\u2019d be surprised how many partnerships crumble because partners weren\u2019t aligned on where they were headed. Before you get too far into the weeds, talk through why your business exists, what impact you hope to have, and how you\u2019ll define success \u2014 both personally and professionally.<\/span><\/p><p><span style=\"font-weight: 400;\">Whether you&#8217;re bootstrapping a boutique brand or launching a high-growth tech platform, those early shared beliefs will guide big decisions later, especially when priorities shift or challenges arise.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7aba34a question elementor-widget elementor-widget-heading\" data-id=\"7aba34a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">5. Set the tone for your business relationship <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1fadfeb answer elementor-widget elementor-widget-text-editor\" data-id=\"1fadfeb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">This is where reality meets the dream. Decide together how you&#8217;ll divide the work. Who\u2019s handling day-to-day operations? Who\u2019s managing the books? Will both of you sign contracts and make hiring decisions? Define your roles early, write them down, and revisit them regularly as the business evolves.<\/span><\/p><p><span style=\"font-weight: 400;\">It\u2019s also worth talking about how you\u2019ll handle more personal dynamics: vacation time, time off, working hours, and how you want to manage accountability. That way, no one\u2019s guessing \u2014 or stewing in silence \u2014 if expectations aren\u2019t met.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7c28db3 question elementor-widget elementor-widget-heading\" data-id=\"7c28db3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">6. Check the communication<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-af22c0c answer elementor-widget elementor-widget-text-editor\" data-id=\"af22c0c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Some people prefer texting. Others want weekly Zoom calls. Whatever your style, the key is consistency and transparency. Make time for structured check-ins \u2014 whether it\u2019s a Monday morning status call or a monthly strategy session. Keep each other in the loop, and if issues bubble up, talk about them early.<\/span><\/p><p><span style=\"font-weight: 400;\">Partnerships break down when problems get ignored. Set the tone that open, respectful dialogue is part of the job, not an afterthought.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1a60988 question elementor-widget elementor-widget-heading\" data-id=\"1a60988\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">7. Regularly plan together<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-08d0aca answer elementor-widget elementor-widget-text-editor\" data-id=\"08d0aca\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Once your business is up and running, the day-to-day hustle can crowd out long-term thinking. That\u2019s why it\u2019s important to make space for planning together. Revisit your goals quarterly. Track your progress, review your finances, and adjust your game plan if things change (and they probably will).<\/span><\/p><p><span style=\"font-weight: 400;\">Planning doesn\u2019t have to be formal, but it should be intentional. If one partner is steering the ship while the other isn\u2019t checking the map, it\u2019s easy to drift off course.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f916002 question elementor-widget elementor-widget-heading\" data-id=\"f916002\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">8. Create clearly defined job roles <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-de8a138 answer elementor-widget elementor-widget-text-editor\" data-id=\"de8a138\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">You don\u2019t want to step on each other\u2019s toes, but you also don\u2019t want tasks falling through the cracks. Early on, define your responsibilities in plain terms. Maybe one of you handles vendor relationships while the other oversees marketing and customer service.<\/span><\/p><p><span style=\"font-weight: 400;\">But leave room for those roles to evolve. As you grow, you\u2019ll likely hire new team members or shift your focus. Revisit your duties at key moments \u2014 after new hires, big contracts, or quarterly reviews \u2014 and make adjustments to keep things clear.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-938d3c3 question elementor-widget elementor-widget-heading\" data-id=\"938d3c3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">9. Have a solid legal agreement in place<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17e5d12 answer elementor-widget elementor-widget-text-editor\" data-id=\"17e5d12\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Even if you\u2019re going into business with your spouse, your sibling, or your best friend, a formal agreement is non-negotiable. This document should lay out:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How decisions get made<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Who owns what share of the business<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How profits and losses are distributed<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What happens if one partner wants out<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How you\u2019ll handle disputes<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Succession planning, buyouts, or unexpected exits (including death or disability)<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">You\u2019ll want to have this reviewed by a qualified attorney. It\u2019s not just about protecting yourself \u2014 it\u2019s about preserving the relationship, too.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-365bd92 question elementor-widget elementor-widget-heading\" data-id=\"365bd92\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">10. Get business licenses and permits\n\n\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b6bc31c answer elementor-widget elementor-widget-text-editor\" data-id=\"b6bc31c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Depending on what your business does \u2014 and where \u2014 it may need local, state, or federal licenses. This might include a basic business license, a sales tax permit, or industry-specific certifications.<\/span><\/p><p><span style=\"font-weight: 400;\">Be proactive here. Operating without the proper paperwork could lead to fines or delays that slow you down before you even get going.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-97021e2 question elementor-widget elementor-widget-heading\" data-id=\"97021e2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">11. Open a business bank account\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-738ce8e answer elementor-widget elementor-widget-text-editor\" data-id=\"738ce8e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Keeping your finances clean from day one can save you countless headaches. Open a separate <\/span><a href=\"https:\/\/swoopfunding.com\/us\/business-bank-accounts\/\"><span style=\"font-weight: 400;\">bank account for your business<\/span><\/a><span style=\"font-weight: 400;\"> and run all income and expenses through it. Set up accounting software (like QuickBooks or Wave) to track everything, and decide how you&#8217;ll handle reimbursements, credit cards, or owner draws.<\/span><\/p><p><span style=\"font-weight: 400;\">Not only does this protect your finances, but it can also help you <\/span><a href=\"https:\/\/swoopfunding.com\/us\/support-for-small-businesses\/how-to-build-your-business-credit\/\"><span style=\"font-weight: 400;\">build business credit<\/span><\/a><span style=\"font-weight: 400;\">, which may come in handy later if you need funding.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a94c08 question elementor-widget elementor-widget-heading\" data-id=\"2a94c08\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">12. Discuss marketing and advertising\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-61ce326 answer elementor-widget elementor-widget-text-editor\" data-id=\"61ce326\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Even if one partner is the marketing pro, you should both have a say in how you present the brand. Talk about your audience, your voice, and what channels you want to focus on. Will you do paid ads? Organic content? Referral campaigns?<\/span><\/p><p><span style=\"font-weight: 400;\">Create a basic plan that outlines what success looks like, who\u2019s doing what, and how you\u2019ll track results. You can always tweak it later, but getting aligned up front will save you confusion down the road.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-742a6e0 question elementor-widget elementor-widget-heading\" data-id=\"742a6e0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">13. Write out an exit strategy<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-59aafd8 answer elementor-widget elementor-widget-text-editor\" data-id=\"59aafd8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">It might feel awkward to discuss, but you should talk about what happens if things change. Maybe one of you wants to sell, step back, or take a break. What are the terms? What\u2019s fair compensation? How much notice is required?<\/span><\/p><p><span style=\"font-weight: 400;\">This kind of planning doesn\u2019t mean you expect failure. It means you\u2019re being responsible and respectful of each other\u2019s time, energy, and investment.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ba9daaf question elementor-widget elementor-widget-heading\" data-id=\"ba9daaf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How Swoop can help\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-64dc82f answer elementor-widget elementor-widget-text-editor\" data-id=\"64dc82f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Starting a business partnership is a bold and exciting move, but it\u2019s also a serious financial commitment. Whether you\u2019re still figuring out your structure or you\u2019re ready to make your first investment, Swoop can help you navigate the path with confidence.<\/span><\/p><p><span style=\"font-weight: 400;\">We make it easy to explore tailored funding options, compare lenders, and register your business \u2014 all in one platform. And if you\u2019re not sure what kind of financing makes sense for your unique partnership, we\u2019re here to talk it through.<\/span><\/p><p><span style=\"font-weight: 400;\">Ready to turn your shared vision into a real business?<\/span> <span style=\"font-weight: 400;\">Then <\/span><a href=\"https:\/\/swoopfunding.com\/us\/business-loans\/apply-now\/\"><span style=\"font-weight: 400;\">check available business loans<\/span><\/a><span style=\"font-weight: 400;\"> with Swoop to get started and see what\u2019s possible when you partner up with us and have the right financial tools behind you.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b762d2d elementor-align-center elementor-widget elementor-widget-button\" data-id=\"b762d2d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/us.swoopfunding.ca\/stage\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Apply now<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"author":99,"featured_media":0,"parent":0,"template":"","start-a-business-sectors":[346],"class_list":["post-42361","start-a-business","type-start-a-business","status-publish","hentry","start-a-business-sectors-starting-a-business"],"acf":[],"featured_image_urls_v2":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","image_blog":"","image_blog_full":"","image_podcast":"","image_banking":"","image_blog_internal":"","image_blog_medium":"","image_single_banking":""},"post_excerpt_stackable_v2":"<p>Choosing to launch a business with a partner can be one of the most rewarding decisions an entrepreneur makes \u2014 or one of the trickiest. While partnerships offer shared resources, skills, and responsibilities, they also require trust, clear communication, and a solid foundation from the start.At Swoop, we\u2019ve seen firsthand how successful partnerships can help businesses grow faster, scale more sustainably, and build resilience. But we\u2019ve also seen how things can fall apart when critical details are overlooked. That\u2019s why we\u2019ve created this practical, step-by-step starting a business partnership checklist \u2014 to help you start strong and stay aligned for&hellip;<\/p>\n","category_list_v2":"","author_info_v2":{"name":"Ashlyn Brooks","url":"https:\/\/swoopfunding.com\/us\/author\/ashlyn-brooks\/"},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/start-a-business\/42361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/start-a-business"}],"about":[{"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/types\/start-a-business"}],"author":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/users\/99"}],"version-history":[{"count":4,"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/start-a-business\/42361\/revisions"}],"predecessor-version":[{"id":42365,"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/start-a-business\/42361\/revisions\/42365"}],"wp:attachment":[{"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/media?parent=42361"}],"wp:term":[{"taxonomy":"start-a-business-sectors","embeddable":true,"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/start-a-business-sectors?post=42361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}