Starting a small business

Hello all, A friend and I plan on starting a small buisness that is computer-related. However, I live in Iowa and he lives in Texas. We have financial aid, however what do you think we should do that we can both take partnerships in when living in two different states?


-- ghost

 

well whatever you do .... i would suggets you never go for partnership until and unless you trust your friend like anything .... 90 % times people doing business in partnership find themselves in trouble ......... not coz there partner ditches them or something else ! .....it just happens ....some misunderstandings ..and may be something else ............. !

 

We have been friends for the past 3 years, and have never fought one time...

 

thats good buddy !

But still keep in mind ! Misunderstandings can do a lot of harm to both of you !
Try keep everything very clear in you business !

Anyways Best of luck for your futurte business ! My best wishes are with you !

 

just think of something webbased. think of a new service to make a webmaster's life easier.

I don't know about the partnership thing when it comes to money. Anyways, like the guys at Nike say "Just Do It"

 

I would recommend looking into setting things up as a corporation in one of the states (whichever makes it financially more viable). Then you're both actually "employees" of the corporation, and it's a separate entity from each of you and survives even if one of you leaves. It's more complicated and more costly, but it probably makes the most sense. There are other legal business forms you could look into as well. You can get a lot of detailed information at www.sba.gov. Just pick the one that makes sense for your business model, and set everything up legally and professionally so it saves you enormous headaches later on.

Jenn

 

Just make sure you put everything on writing! Cause the one thing you don't want is to be your first fight, a fight about the company, which can get you in a lot of trouble!

 

Whatever the things may be in front of you, better keep in mind doing business without paper work is going to be a big trouble for you in future. No matter how good friend he is or how good is your relationship, doing things legally and on writing will bind your relationship more tightly.

 

U guys can do online business. As u are in different states u could not communicate f to f so something of online business is best for u.