Questions to ask a potential business partner
Partnerships rarely fail over the idea. They fail over time, money, roles and what happens when things change. Have these conversations before you share ownership.
Updated 26 October 2026 · 4 minute read
The short answer
Before you share ownership, agree how much time and money each of you will put in, who decides what, how shares will be split and earned, and what happens if one of you wants to leave. Then put it in writing, usually a shareholders' agreement in the UK, with a solicitor's help.
Why and what
- Why do you want to build this, and what does success look like in three years?
- Would you rather grow it, sell it or run it for income?
- What would make you walk away?
Time and money
- How many hours a week can you give it now, and when could you go full time?
- How long can you go without a salary?
- Will either of us put money in, and is that a loan or a share purchase?
- What would we each do if it needed more money than we have?
Roles and decisions
- Who owns which parts of the business day to day?
- Which decisions need both of us, and which can one of us make alone?
- How do we break a deadlock?
- Who would be the public face, and does that matter to either of us?
If one of you leaves
- What happens to their shares, and at what price?
- Is there a difference between leaving on good terms and bad?
- Can they work for a competitor or take customers with them?
- What happens if one of us becomes ill or can no longer work?
Write it down
Once you agree, record it. In the UK that usually means a shareholders' agreement alongside the company's articles of association, drawn up with a solicitor. It is far cheaper to agree these things while you get on than to argue about them later.
This guide is general information, not legal advice. Speak to a solicitor before you sign anything.
Common questions
What should I agree with a business partner before starting?
Time and money each of you will put in, roles and who decides what, how shares are split and earned, and what happens if one of you leaves. Then put it in writing with a solicitor.
Do I need a shareholders' agreement?
If you share ownership of a UK company with someone, a shareholders' agreement is the usual way to record how decisions, shares and departures work. Take advice from a solicitor.
What is vesting?
An arrangement where shares are earned over time rather than all at once, so a partner who leaves early does not keep a share they did not help build.
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