When running a partnership, there has to be an agreement between you and the other partner not to run a competing business. However, there have been cases where one partner runs a competing business secretly. This is a lack of honesty in the partner. What does this mean to you? If you have to form a partnership, an honest and trustworthy partner is key to having a very successful venture. Choose a partner whom you have known for some time to avoid trust and honesty issues later when the business has already been established.