The first question you should ask yourself is, “Do you really need a partner?” If you can create a viable business without a partner you are probably well advised to take that route. It may be that a partner is essential to complement your talents, to sell to customers, to help handle the work load or to bring needed financing. In that case, you and that partner should consider together whether it will work for you both by going through the following checklist.
It is often said that you learn more from your failures than from your successes. This checklist reflects that learning experience combined with what others have set out in similar checklists.
You should consider every one of the twelve items in this list in an honest and open way with your partner before either of you commit to the partnership. The more critical elements in that real life situation are discussed in the case study that follows the checklist.