How do I form a quick and easy business partnership with a friend?
June 22, 2010 1:22 PM Subscribe
How do I create a business partnership with a friend that both best protects our interests but also is quick and easy, for a project we're not sure is going to last (hence, we don't want to put a lot of effort into the planning - yet.)
So a friend and I want to try our hands at working to create and sell some website templates through a paid template site as a way of making extra cash. At the moment we are just getting our feet wet to see if it's worth investing out time. I've known her for a long time and I trust her, but I'm also aware that friends and money don't always mix well. So I'm looking for advice on how to ensure that neither one of us has the chance to screw the other. But I also don't want to spend a lot of time creating a business entity for something that we are just dabbling in and that may not work out. Is there a solution, both legal and how we would handle working together and managing our account? As for the details, she plans on designing and I plan on developing with a 50/50 split. Payment, if we get that far, is to a paypal account or by check if over a certain amount.
If we has this out in writing and have shared access to the template sites account, is that enough? If we sort it out in writing, can we worry about the legalese later? Would a joint checking account for payment via paypal make sense, and if so, do we need to create a formal business entity?