| You and your best friend are looking into starting a | | | | event. It can be a heart wrenching and stressful |
| business together. You have done all your research on | | | | occurrence. It is healthier for you to have at least |
| the type of business you want to start. You have | | | | considered that this is a possibility. |
| talked to some financial backers and are ready to go. | | | | Protect yourself: Be wise in what you do with the |
| Or are you? There are at least three things you should | | | | business. Take care of your finances. Save money |
| know before starting a business with a friend. | | | | when possible and keep detailed track of both |
| Get it all in writing: You may have been friends since | | | | incoming and outgoing cash flow. If there was a falling |
| kindergarten but money does strange things to people. | | | | out of sorts between you and your business partner |
| Its in the best interest to you both to sit down and get | | | | you want to make sure you are financially secure. You |
| all of your business details in writing. Who is the owner | | | | protect yourself this way as well as keeping good |
| and who is the co owner. How much profit from the | | | | book keeping records. Once again people do become |
| business does each person receive? Make sure that | | | | a type of Jekyl and Hyde with money. Its not selfish to |
| all of these business related details are fully | | | | be sure that you are safe. Business affairs can |
| documented, dated and signed by each person. This is | | | | become scandalous and overwhelming. You just want |
| just one of the precautions you should take prior to the | | | | to make sure when its all over you come out on top. |
| beginning of your business partnership. | | | | Keep these three things in mind, documentation, |
| Prepare for the worst: If in the event you and your | | | | preparation and protection. This information is not to |
| friend have a fall out, be prepared. When partnering | | | | make you feel paranoid. Its not meant to make you |
| with anyone in business affairs you risk having to | | | | suspicious of your friend either. These are just pieces |
| battle it out over company events and money. People | | | | of information that are important in keeping you safe. |
| can become very power hungry, selfish and greedy. | | | | Its a simple fact in the world of money. Business is |
| Money after all is the source of all evil. If this is to | | | | serious and should be taken so. Think before you leap |
| happen its best that you have all of your business | | | | and you and your friend will both start on a safe path |
| details documented as stated above. Also make sure | | | | to a beautiful business relationship. |
| you have mentally prepared yourself for such an | | | | |