Starting a partnership (The difficulties...help needed)

7 replies
Hi,

I have a friend who has a blog and is a pro golfer (has a PGA license and his own golf school).

I am no golfer but I do know a bit about market research, list building, email marketing, Facebook marketing and the like.

But I have always been a one man show in that I have never had a 'partner'.

Now, we have an idea to go into the IM golf niche together, with him as the actual Golf 'man', and me as a 'behind the scenes' man.

Does anyone have any advice/tips on how to legally set up this kind of joint venture?

Or at least the least 'pain free' way of going about it.

Especially when it comes to the expenses/income side.

We are friends offline, have been since school, but live on other sides of the world now.

Hope the above made sense...

Cheers in advance.

Adam
#difficulties…help #needed #partnership #starting
  • Profile picture of the author Rbtmarshall
    why not just do it as a joint venture between two separate businesses? once you have a partner or employee, things get different with taxes, liability, insurance, etc... especially if they're out of state or country. You may already be doing it that way, it just wasn't clear to me, so i commented about it.
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    • Profile picture of the author agmccall
      Talk to a lawyer, it is the only way.

      al
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    • Profile picture of the author DWolfe
      Form an LLC or joint venture, write out clear expectations or what you plan to do. Who is going to do what type of work. Make a plan on how you are going to exit the business if one partner wants out.

      Since he is a friend things can get sticky if things do not work out. Ask yourself is it worth loosing a friend over business ? If all looks good talk to a attorney and form a proper business. Good Luck
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  • Profile picture of the author AdamPayne
    Thanks for the input so far everyone. Was not hoping to go down the lawyer route. But I accept that may be the only way.
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    • Profile picture of the author bizgrower
      Originally Posted by AdamPayne View Post

      Thanks for the input so far everyone. Was not hoping to go down the lawyer route. But I accept that may be the only way.
      Make sure they have 10 years Partnership and JV experience and Sports related experience. The advice and expertise will be worth it - especially because emotions tend to get involved where friends are concerned.
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  • Profile picture of the author bluewaveseo
    I agree with the above, form a LLC. I would also put in writing who is
    responsible for what percentage of expenses, work load and how profits
    will be split. It does not matter if he is your friend, it actually makes it
    more difficult. If everything is clear and in writing then there are no
    misunderstandings. Plenty of online affordable solutions to form the LLC.

    Good luck!
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  • Profile picture of the author Tsnyder
    NO NO NO NO NO NO!!!!!!!!!!!!!

    Incredibly poor advice given in ths thread so far... SEE A LAWYER.

    AN LLC is likely not the best type of entity for what you decribe.

    Any ethical lawyer will offer a free initial consultation. Your prospective
    partner should already have a lawyer for his other business.... SEE THEM!!!

    Have I mentioned yet that the worst possible thing you could do
    would be to follow any of the legal advice you've been given in this
    thread?

    Wanna be a real business owner? Do what real business owners
    would do.... seek competent professional advice. It will be the best
    money you'll ever invest in your business if/when something goes
    sideways.

    DO NOT DO THIS YOURSELF.
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    If you knew what I know you'd be doing what I do...
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