How to set up a partnership?

I'll be setting up a partnership with someone to run a website collaboratively. Unfortunately I don't have the resources required to do that by myself.

I'd like to see your thoughts on how to set up such partnership so that it doesn't backfire. For example, when we disagree on some important topic, what should we do? We both own the website, so it would be unjust for one person to take it over and the other one to go away. So how to resolve such situations in a partnership?

 

You should have a contract certainly; also known as a partnership agreement. Depending on where you both live, you may need to actually register with your state or country as a legal partnership to really have any protection though. I'm not sure what the laws are in Poland. But for anyone in the US, I'd recommend looking into some of the books from www.Nolo.com about setting up different legal business entities.

Jenn

 

You'll be sorrry.

Figure out a way to buy the services you need from him and let him buy what he needs from you. But keep sole ownership of whatever is yours. Then when you disagree you can buy what you need from someone else.

No written agreement in the world will really help when the relationship goes bad.

 

The problem is that most partnership would fall through someway or other. You will need a partnership agreement and at the same time, at the offset, you will have to agree on the actual work each person would be doing and also the payout. Make sure that is in black and white and everyone complies to it without complain.

The trouble with partnership is that some people may feel that they are doing more than the other and expects more compensation.

Do you know your partner ? Can you trust your partner ? Can your partner trust you ?

 

Make sure the partnership has an exit strategy clearly laid out too, such as what happens if one wants out, or if the relationship goes bad. You might have to include some sort of buyout clause or something. I'm not sure specifically what to tell you.

Jenn

 

If you leave anything out of the agreement, there may be laws that say the way it is going to be and it may not be in your favor, so either make it in details or read all the laws concerning how things will go if it is not specifically in your agreement.

You may think everything is cool with your partner and she/he are nice and honest, but if you ever make any real money you will find people can change real fast!