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Hey, me and a friend (over the internet) are planning to set up a joint business. Well, the idea is that I do one stage of the production process and he does the other.

What we were wondering is if we can get a contract written up legally between us. So if things were to get 'messy' one of us wouldn't be left out of pocket.

Any ideas?..

Comments (21)

Check this site out ..you may be able to find some documents online.

Legalzoom.com.

Good luck..

Comment #1

Step 1 - Get an Attorney.

Step 2 - Get an Attorney.

Step 3 - Get an Attroney.

Rinse and repeat.

It would be best if each of you had seperate attorneys, this way everything would be covered. Make sure everything is addressed form start to finish, plus any unforseen circumstances which may arise. You should approach it like things will turn out bad and think of what is the worst that can happen and get it in writing. In business, there are no friendships. Unfortunately, many setups like this turn sour, but some do succeed, just plan appropriately...

Comment #2

If you don't mind Philip, I will add some additional steps to your list which I think they also should do.

Step 4 - Get an Attorney.

Step 5 - Get an Attorney.

Step 6 - Get an Attorney.

Seriously I am talking from experience, GET AN ATTORNEY, cause no matter how good friends you are now, and no matter how much you seem to agree with now, the times WILL come where you have disagreements. In this times you will thank that you have contacted an attorney and made a good contract.

Good luck with your business and Best regards,..

Comment #3

Let's rather simplify it.

Rule #1: see an attorney for contract issues.

Rule #2: see rule #1.

Of course, we can always say rule #1 or step #1 simply see an attorney. But.

I'm sure we all get the drift.

It's rather unfortunate we practically need a lawyer to draft a contract or so..

But in this day and age, it's a must-have.....

Comment #4

Friends and money dont mix.

The chances are you will lose both.

The advice about the Attorney is good.

But no contract with protect your friendship..

Comment #5

Bad idea #1.

So often these type of partnerships ends bitterly...

Comment #6

Actualy I disagree with you spoon, not too often...

My best friend is my wife and I have not only a "privat" relationship with her, she is also my partner in one business....

Of course you can say"that doesn't count because of the circumstances" but it is just a matter how you handle your business IMO.

I also have a friend who I am doing business with since over 7 years, we have a lot of disagreements, fights.... but we are still BP's.....

"Treat someone the same way you would like to be treated" worked for me always....

Cheers.

Frank..

Comment #7

Excellent advice!.

OP: Seriously, if this friend is solely over the Internet, you would need a lot more than a contract. You'd need to carefully verify identity of partner plus a host of other things. Don't take anything for granted...

Comment #8

I've seen them go both ways.

What happens, if you don't write the terms down is this.

You will not turn into an asshole. Your friend will not turn into an asshole.

However, both of you will have had unspoken assumptions about "what happens if X occurs.".

X will occur.

You will see it one way, he will see it the other way, and you will both think the other guy has turned into an asshole...

Comment #9

That is one good way to look at it, for sure...

Comment #10

Wow John, like always you are giving some insight, good advice...i guess that's why you are the #1 domainname lawyer in the world!! :-).

Cheers.

Frank..

Comment #11

I've had one disgruntled customer complain to me that on a domain name...

Comment #12

Thanks for all the advice guy! I will +rep everyone who has commented shortly.

I think we are only likely to be dealing with a few hundred pounds per month and we will be looking after our own individual fund and profits. I think it's more the clients I'm worried about, if the business broke down and the clients were left with nothing...

I will be looking into this in more detail, thanks...

Comment #13

I have had friends as partners too. Sometimes it goes very well. The problem here is an "internet friend" which imho is a thin friendship to begin with. People think they can trust this person and hey...maybe they can but being truthful most people aren't that obligated to an internet friend to do the right thing...

Comment #14

The word "internet friend" doesn't mean automagically there will be a huge problem, but of course, better safe than sorry...and thet OP already plans to have contracts :-).

Cheers.

Frank..

Comment #15

It was his idea for the contract so I believe that automatically sets the stage for him being trustworthy and reliable does it not?..

Comment #16

Read all the steps given in this thread.

Internet friends can be fun.. as long as you send them $25.00 per session lol..

Comment #17

Phillip,.

We are talking about probs with building a business relationship, not about your monthly fee to match.com....

Cheers.

Frank..

Comment #18

It is a business relationship, but it was at some cam.com site :LOL:..

Comment #19

Pay me $10 a session and you can have all the man love you can handle. I am cheap...

Comment #20

Mods, please move this post into the adult section...lol.

Cheers.

Frank..

Comment #21


This question was taken from a support group/message board and re-posted here so others can learn from it.

 

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