Partnership Business Examples: Everything You Need to Know: There are many ways to start a business, each with advantages and disadvantages. There are four main types of business entities: a general partnership, a sole proprietorship, a corporation, and a limited liability company.
A example of partnership business, by definition, consists of two or more people who combine their resources to form a business and agree to share risks, profits, and losses. Common examples of partnership firms include law firms, medical groups, real estate investment firms, and accounting groups.
By comparison, a sole proprietorship assigns all of these responsibilities to a single person, while a corporation operates as its legal entity, separate from the people who own it. A limited liability company, or LLC, is a hybrid of a partnership and a corporation, allowing owners to take on profits and losses without any personal liability or tax on the business itself. Which should apply if you sell and transfer ownership of the company.
For many people, doing example of partnership business is an opportunity to build experience, knowledge, and effort with others. To exploit some of these benefits, it helps to understand precisely pardon what a partnership business is.
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Partnership Business Examples
Co-branding is a strategic marketing and publicity partnership between two brands in which the success of one brand also brings success to its associated brand. Co-branding can be an effective way to grow business, build awareness and enter new markets, and for a partnership to work, it needs to be beneficial to everyone involved in the game. Both audiences have to find value, such as Betty Crocker and Hershey’s chocolate fans.
There are plenty of excellent examples of co-branding partnerships. To show you what makes them successful, we’ve compiled 13 examples of great co-branding partnerships to inspire you.
Red Bull and GoPro
An example of a partnership business is the relationship between Red Bull and GoPro. GoPro outsells wearable cameras, while Red Bull outsells energy drinks. They are two lifestyle brands that have similar goals. They have in common:
This makes it the perfect companion for campaigns, especially in action sports. GoPro gives adventurers and athletes the tools essential to capture their stunts, sporting events, and races from the athlete’s perspective. In turn, RedBull organizes and sponsors the events.
These companies have done many projects and actions together, the most critical life “Stratos.” Trendy this campaign, Felix Baumgartner had a GoPro poor to him and hopped from a space capsule 24 miles above the Earth’s surface. He set three world records but also showcased the human potential that defines Red Bull and GoPro.
Sherwin-Williams & Pottery Barn
One of the most significant benefits of a co-branded campaign is having the ability to introduce a provision or product to a new audience. That’s what Sherwin-Williams and Pottery Shed did when they teamed up in 2013. Together they created a unique range of paints and then made a new section on the Pottery Barn website to allow customers to choose the paint colors they wanted quickly. Go with your furniture choices. It was mutually beneficial for both brands, and they wrote articles to display how customers could decorate and paint themselves.
West Elm & Casper
Casper is an online mattress and bedding store known for selling mattresses in a box. They have popular YouTube videos showing the mattress unboxing process and a 100-day return policy. However, some buyers may not want to buy the mattress if they can’t try it out intended for themselves first. Casper partnered with West Elm so people could try the mattress in person before buying. West Elm was also able to show off their stylish bedroom furniture.
It was a mutually beneficial co-branding partnership as both brands reached a broader group of buyers. It also gave buyers more options to see what it would be like to sleep on a bed frame and try out the mattress first.
Dr. Pepper & Bonne Belle
Bonne Belle launched the world’s first flavored lip balm, Lip Smacker, in 1973. Unique flavors included lemon, strawberry, and green apple. In 1975, they partnered with Dr. Pepper to create one of the most general lip balm flavors of all time, Dr. Pepper Lip Balm. They even came together for their new slogans to promote the lip balm.
Louis Vuitton & BMW
Louis Vuitton and BMW may seem like an odd association at first. However, they have several traits in common. Both endorse travel, as Louis Vuitton is known for its elegant luggage lines. Both consider luxury important and are two popular brands known for their high-quality products. BMW has created a car called the BMW i8, and Louis Vuitton has created a set of four bags and suitcases that fit perfectly on the rear shelf of the BMW. This partnership showcased the shared values of technological innovation, creativity and style.
Spotify & Uber
Spotify partnered with Uber because they both had the same goal of attracting more users despite having different products. Uber passengers can choose a Spotify playlist to choose what they will listen to during their ride. It helps Spotify and Uber fans to have a better experience during their car ride.
If you need help with business partnership examples, you can post your lawful need on the UpCounsel Marketplace. UpCounsel only accepts the top 5% of notaries on their site. UpCounsel’s attorneys come from law schools such as Harvard Law and Yale Law and have an average of 14 years of legal experience, including working with or on behalf of companies such as Google, Menlo Ventures, and Airbnb.
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