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Who handles the money in a 50/50 partnership?

by BBCMember
3 replies
I have a client who I have teamed up with. So, they have actually turned into my business partner on this deal. They have the content and I'm going to do the Internet marketing. They already have a business set up and running. I would just be taking over the control of their online presence. We are also working on the creation of a product for a product launch. I'm helping them do the market research, as well as helping develop the product.

My question is, how would you set up this deal? Since they already have an online business set up and are accepting payments from their clients, would you create a new account for the new blog that I'm building, as well as for the launch? Who would handle the money? Who would have access to the money? What would you be sure to put in the contract?

TIA
#50 or 50 #handles #money #partnership
  • Profile picture of the author tpw
    The one who has impeccable integrity...
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    Bill Platt, Oklahoma USA, PlattPublishing.com
    Publish Coloring Books for Profit (WSOTD 7-30-2015)
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  • Profile picture of the author Mac Wheeler
    In truth it sounds as if your trading partner is the first among equals.

    Having been involved in several partnerships, I can tell you straight, that 50/50 is not always as it seems.

    Usually there will be one partner who is happy to have gotten the chance to get into the partnership, and the other partner could have chosen anybody with the right skill set. So although officially it looks like a 50/50 split, one partner is always slightly junior to the other. This is one of the major drawbacks of partnerships, and why so many end in tears.

    Be careful.
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  • Profile picture of the author Gator1
    Get a lawyer and draw up an agreement, sounds like you at least need to get the broad strokes down so everyone is clear.
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