Like strategic partnerships, legal strategic alliances also offer companies a number of benefits, including additional resources, manpower, and brand strength through a legal agreement. Key Findings: Business Partnership Agreements are legally binding documents that partners must respect at the beginning of their partnership throughout the life of the company. Another type of alliance is a strategic technology partnership. This type of strategic partnership involves working with IT companies to keep your business afloat. It can be a partnership between your web design company and a specific computer repair service that you always call in exchange for a discounted price for the services. This could also include partnering with a cloud-based storage platform to meet all your file storage needs. This is by no means an exhaustive list. Make sure you and your partners consult a professional advisor who can create a partnership agreement for you. A lawyer can also advise you and make sure you`ve thought through and covered all the necessary elements you need to manage, protect and grow your business. Another fantastic example of a strategic integration partnership is the agreement between Nike and Apple. Beginning in the early 2000s, Nike and Apple began combining their respective products and technologies to create what would become Nike+.
When purchasing specific fitness shoes and apparel, customers can pair their products with their Apple iPhone or Apple iPhone or watch to track fitness progress and achieve other health goals. Be sure to clearly indicate the involvement of each partner in the creation of the company and the day-to-day finances. To what extent will each partner contribute to the creation of the business and what responsibility will each partner have for future needs? Define in your agreement what each partner will contribute – not only in terms of the amount of money, but also in terms of time, effort, customers, equipment, etc. In each partnership, the partners undertake to make their contribution to the company. While some partners agree to invest capital in the business to help cover costs, others prefer to help with equipment and service offerings. These different contributions can determine the percentage of ownership of each partner. A partnership without equity occurs when two companies mutually agree on a contractual relationship that allocates certain resources, assets or other means to each other. Many of the previous examples of strategic partnerships are also considered alliances without equity. .