If it good to set up a business with a friend

[Nurudeen]

I want to setup a gas filling station with my friend. Is it good to setup a business with ones friend without signing any documents and formalizing it with a lawyer

 

[Dubai]

Brother, there is no harm in setting up a business with a friend. However, it very advisable you do the all necessary legal works for proper understanding to exist. The person you choose to work with should be as sound and goal oriented as you are.

 

[MRizwan530]

I want to setup a gas filling station with my friend. Is it good to setup a business with ones friend without signing any documents and formalizing it with a lawyer

Me and my friend also doing some business and job together and I think it is a better to join any unknown participant you should join your friend which is trustable.

 

[Kamon c4]

You shouldn’t start a partnership without necessary documents signed that’s rule. That will put both of you on a safe edge.

 

[Lagazine]

It's dangerous if the friend value money more the lives. A lots of people lost their lives and properties to doing business with friends, they call it partnership business but, it's partnership in crime business. Although, some escape that, but the percentage of those who will enjoy it is low compared to others.

 

[WhiteHouse]

If it's a trusted friend that you have known for a while, then why not?, If the friend is also has dedicated as you and commited to it, yes I can set up business with him

 

[Ridorz]

There is nothing bad in start business with friend but you should make sure you do it with necessary documents because of future purpose. Before you start any business with friend make sure your friend is trustworthy, reliable one.

 

[Presido]

Setting up a business with a friend is not a bad thing but it has so many implications, let's assume your friend is spending lavishly,there is nothing you can do about it, it is very risky to set up a business with even your family

 

[Saqib Ajmal]

I want to setup a gas filling station with my friend. Is it good to setup a business with ones friend without signing any documents and formalizing it with a lawyer

When we do a business and we have our friend's share in it, it is not a successful business because if it is a little prominent or profitable, the friend says give me back the difference or Then there is a big difference between friendships. If we start our own business with our friends, it is better that we start our own business alone.

 

[Shayo]

I see nothing bad in setting up a business with a friend even though I prefer a personal business. But you have to know that people change and the fact that you've known the person for a long time doesn't mean they can't change or do something bad. So make sure you set boundaries, you both should know your roles to avoid ego fights.

 

[Goodday]

I want to setup a gas filling station with my friend. Is it good to setup a business with ones friend without signing any documents and formalizing it with a lawyer

This some times is always difficult some times and might bring a lot of problems in the business one day. But if you really trust your friend and you think that he might not try doing anything to harm the progress of the business, then you can go ahead and start the business with him.

 

[Ralphjoe]

Setting up a business with a friend especially without a legal agreement or framework is not advisable. No matter how close you think you are, there must be disagreement amongst you. If you must set up a business with a friend, you guys must agree on a partnership deed to cover for how you guys want to do the business, the deeds will be legally binding and whoever go against them will face the wrath of the law.

 

[Oscar]

I think it's a bad idea to do such, you can't predict the future so I'll advise you be on the safe side and get the necessary legal documents. There are many stories of friends or even brothers who did such and the result was unpalatable.

 

[Josemendez]

I want to setup a gas filling station with my friend. Is it good to setup a business with ones friend without signing any documents and formalizing it with a lawyer

It is not even advisable to start a business with a brother without formalizing the agreement on how the business will be run, not to talk of a friend . One need to prevent future issues through having a legal document .

 

[GeneBiz]

I want to setup a gas filling station with my friend. Is it good to setup a business with ones friend without signing any documents and formalizing it with a lawyer

I think it is not a good idea, it is recommended that if you are going to start a business in society you do it with a trusted person who is neither a friend nor a relative ... 99% of the cases end up being a dysfunctional business .. Now, if you decided to undertake together with friends it is necessary and almost obligatory to establish a verbal, written, notarized agreement ... it will avoid future problems, an old saying in my country says: clear accounts preserve friendships

 

[Nma]

Sure.... it's a good idea to do business with your friend as long as he is honest, disciplined, trustworthy and visionary.... Make sure you guys also define the terms and conditions of the business at the onset and sign the necessary documents

 

[Alexandoy]

If this can be of help let me mention my sad experience in business with a friend. He was actually my best friend in high school so I have full trust in him. We set up a retailing business and he is the informal partner because the business was in my name. After some years when the business was progressing beautifully my friend registered his own business and stole our major clients. I hope that can serve a lesson to everyone here.

 

[Sake]

It's a good idea to start a business with a friend but even if your friend is trusted and you know for a long time, it's still nessesary to have the assurance with having legal documents and signed agreements just incase every goes well

 

[Eodine]

Depends on the kind of friend, I is someone you trust and if the friend has the same goals with the same goals you have with the business. It's is also important to know the financial strenght of the friend you will like to go into business with.

 

[Lekan]

It is not too bad because in this Life we don't have to trust anybody but we just manage with God faith .but if we start business with our friends it is not too bad but if we have noticed some bad characters from him we have to use our sense to separate with him it is because is dangerous for us.