You're all set to go into business with a partner. While you're confident that things will work out, you're likely to have some reservations. It's natural when making such a big decision.
Rather than blindly jump into the partnership, the two of you should get together to answer key questions and address any potential concerns. These questions are a good place to start:
- Will we each own 50 percent of the business?
- What title will both of us hold?
- What are our individual responsibilities?
- Will one or both of us have control of the company finances?
- What's the best way to deal with future disputes?
- What type of business structure is best?
- What system will we use to ensure that both partners are living up to their side of the agreement?