Formation of business partnership should include mutual understanding amongst the founders. Secondly, Ideation is important to us, brainstorm and get a plan ready. Third, you should get the terms on paper, each and every thing should be properly defined, including mutual interests and constraints

The underlying foundations of a business partnership are trust and mutual benefit. When 2 parties get into a partnership, they are generally clear about who should do what (responsibilities) & for what (compensation). Written agreements with timelines help remove ambiguity for better operational clarity. Legal Depts of both would've ensured that routine clauses reg. arbitration, non disclosure, liability, termination, survival, etc are put in. There is no real way to ENSURE fairness other than making sure that an agreement captures the intent of both, & lays down an unambiguous structure for the partnership to function. If Parties have captured the intent & structure - & expected rewards keep accruing, the partnership will flourish!

In any business partnership, you must realize that there is no such thing as one party winning more than the other at least in the context of a good long-term relationship. It should always be a win – win . To do so, both parties must be willing to give to the other and not come in with a takers mindset. If you go into any business partnership trying to take as much as possible, while giving as little as possible, then I can almost guarantee that it will fail.

When building a partnership, fair terms are non-negotiable if you want a strong foundation. Start by spelling out roles and responsibilities to eliminate grey areas—this clarity up front will prevent conflicts down the road. A proactive dispute resolution strategy is equally essential, designed not as a last resort but as a tool to keep the partnership steady. Regularly revisiting terms also ensures they stay relevant as needs evolve. True fairness isn’t static; it’s a force that matures alongside the partnership. Get this balance right, and your partnership will be ready to face any challenge head-on.