Balance it so the two of you can be the strongest single business. When you start a business, things are going to change all the time.
Is It a Partnership? But there are both upsides and downsides to having a business partner.
In some cases, you will be dual-taxed; in other cases, it runs through the corporation so you only get taxed once. Want more tips? What if you both want different things?
Define Your Business: You need to agree on work ethic and goals.
A partnership can mimic a wedding and a divorce. And if it was a bad relationship, they will be even happier to tell you about it.
There are many things to account for in a partnership. Are two heads better than one?
You need a lawyer to make sure everything is set up correctly. What if you disagree? Chances are, if they have had a good relationship with them, they will be glad to tell you that.
Check out their LinkedIn page. The Internet is wonderful for researching people without them knowing.
Check out Meeting the One: The business could collapse. Create a Partnership Deed. What if one business partner wants to move or retire?
An LLC? Maybe you have clients in common. Vet Your Partner. Get a Credit Report.