business first

business first
Is there more positives then negatives to do your first business with a partner?

Hello,

I am just curious.
We both were classmates and the idea came up to join up instead doing single ventures. We are both in the same field.
In my mind I’m thinking we are “more” of a competition in our market if we team up. I know there are down sides like your partner could pretty much ruin it all and etc…I would like to hear both sides.

I just have the notion that first business might go off better with a partnership versus single run venture.

Thanks everyone!

I would be very leery. The only reason to do a business partnership is because you need the other person’s expertise, connections, or money. In a rue partnership each partner can be held responsible for the other partners’ actions, even if they are not related to the business. I would suggest an S-class corporation. That way you can work as partners, without the negatives. All it costs is the registration fee that your state charges. Check out the department of state for your state. they should have a link in your state’s web site.

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