If it good to set up a business with a friend

[kayode10]

It is good to start up a business with your friends but you guys have to you get a written contract where there to avoid disagreement later in the future. sometimes you can decided to join forces with your friends and pull resources together to start the big business. Easy healthy people to fast-track the process of raising a capital. but more importantly you guys have to get a meeting contract and you must involve your lawyers.

 

[Seyesystem]

Getting into business with a friend depends on the kind of friend the person is but to me no matter how good that friend is I won't do business with a friend because business is business and friendship is different from business. Doing business with friends is very risky when money begging to flow now someone friend may change because you can know an individual well until when he get money. So in order not to go into problems with friend I will rather avoid doing business with them.

 

[Kehinde]

Starting a business with your best friend is a special experience, because you get to share your vision and accomplishments with the person closest to you,” Jagadesan says. “As you run your business, there's no doubt that you'll have moments when you feel unmotivated or lost.

 

[Nathaniel]

Hmm this is a very very very bad idea to set up a business with a friend without any legal documents or written agreements
The person in quote is a FRIEND and u can't tell wart will become of him or her later on the long run...pls it is a bad idea

 

[Ryeetar]

Yes there's something called partnership in business, it the coming together of two or more person in other to start up a business with the aim of making profit. A partner could be a friend, but knowing how genuine the person is the most necessary things. To be on a safe side, sign up a written contract before going into any business.

 

[Hasan Raza]

To start a business with a friend is not a bad thing if he is trustworthy. Hence 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 friends and family if there is no written agreement between you.

 

[Bart Simpson]

If the money the friend is worth more than the lives, that's dangerous. 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. Even many of those who smoke do not enjoy smoking. However, the % of who enjoy it is low compared to other activities.

 

[Judee201]

Starting a business with a friend can be a good way to begin, but there are several other variables that can destroy a business relationship. You need to have substantial reasons to decide how far you can trust your friend, to know if they have great skills to support your company, and a variety of other key factors.

By taking extra care before making a decision to start a business with a friend or close associate, you can be sure of a less bumpy ride on your business journey together.

 

[Peppul]

Starting a business with a friend is very risky and it's not adviceable, although there are people running joint business out there but they are just few, we ha e heard lots of stories about partners killing the other all because of money or trying to inherit the business especially when the business has started yielding huge profits. No matter how much you trust your friend in a joint business money is always the problem and inorder to avoid all these and be on the safe side it's best to just run your business by yourself. So am against the idea of starting a joint business with a friend.

 

[Sammyesx]

It is not a bad ideal, some times going into partnership is very good, it is also very necessary to put things on paper for future, so both of you will what is at stake in case one person wants to pull out it will only be on legal terms.

 

[Youngdee]

This is a very good question to ask oneself before teaming or partnering with a friend in business. You have to be certain the person you are starting up the business with is reliable and trustworthy. Most people tend to show their good side before you have business deal with them, give them little power and money they become something else and this could ruin the whole thing you labored to build.

 

[Asma]

Its good to start business with friend.. but the important thing is that all comitment should be written form and the business set up will start with that friend who is responsible honest and trustable.

 

[Ehtisham memon]

I think it's good or not good if our friends is the good become a partner and trust with each other and fully known about the business running so it's good for us but if he doesn't known about the how to work in Bussiness how become partner what feature to the partner so it's not good for us it's depend on the friend

 

[sam386150]

Setting a business with a friend is a good idea nothing wrong with it, just that you should only trust and also know the kind of friend you want to said business with, your friend must be a business planner and he must also have a good business idea.

 

[Davis]

It's a good idea

 

[Kiwi]

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. 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.

 

[Bookwormlux1]

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

No matter how much you trust your friend, make sure there are legal documents showing a formal agreement between the both of you on how the business is to be running. This is to avoid issues that may come up in the future.

 

[Doradorwa]

Never.....it is not an aviasable thing to do.... Never go into business with someone without a proper legal foundation... Reason being that you don't know what the future holds for that business.... What will even be the proof that your money is in the business when trust issue gets in the way... There are some people that will take advantage of you in business.... Going legal from the beginning will prevent that.....

 

[Ziki]

. If you don't have it, friendship and business can really work against each other.

So, how do I ensure that it doesn't happen? I want to keep my friendship safe and I also want to make sure that the business works! So, how should I go about this? So, I think it is a very practical question.

So when you are going to start a business, there is a very high probability that you are going to start it with your friends.

Because obviously, whenever you have a billion dollar idea, you are going to ask around in your immediate circle - be it either your colleagues or your friends and you would always expect your friends to come and pitch in your business.

 

[Adetayo100]

His is good but you need to Make Sure You're Compatible as Business Partner, Set Expectations and Goal, Get Everything in Writing, Don't Let Money Become an Issue, Separate Work From Play, Define Roles Based on Each of Your Strengths and always Celebrate Small Victories.