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How to avoid been scammed by Business partners

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    How to avoid been scammed by Business partners

    I have seen a lot of people being scammed by business partners or associate not because the signs were not there but because the business owner had turned a blind eye to seemly obvious red flags.

    To avoid being scammed a business proposal that is too good to be true might really be,any proposal that the profit percentage is more than 80% profit is a red flag and more investigation or research should be done to ascertain it authenticity.

    Try to do most of the things the business demands that way one will be in the know and see the dubious ways in no time.

    Try to handle all transactions that involves money and never leave huge sums in partner's hands.

    What other ways can scam be avoided in business by business partners?

    #2
    One thing i recommend is documenting agreements, having a partner is also essential to help you manage your business. But this is not all about business, trust and loyalty within partners is essential to make things right and in standard.

    It is always wise to have an agreement between partners to assure that everything will turn out good according to the agreement when something bad happen. Documenting it and having it notarized will make a difference because of liability.

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      #3
      That's right, much better to have an agreement about the business. All the asset should be properly listed, and I think much better to avoid your friends to become partner, much better to find other person if you cant build it on your own.

      Comment


        #4
        • To avoid be scammed, consider the points below:
        • Before you enter into a business partnership, just as prior to marriage, date first. Do some smaller projects with your prospective partner to get a good idea of the kind of person you'll be depending on.
        • Exercise oversight of your entire business, either directly or by hiring a third party such as an outside accountant. This means never simply handing off responsibility and saying something like, "You handle everything in regards to money--that's not my thing."
        Last edited by behappie; 06-09-2018, 09:22 PM.

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