If it good to set up a business with a friend

[Ifective]

Sole ownership has its own advantage and disadvantage.
If the business is a small business and one think he can handle the expansion on his own, he or she can decide to run a business by himself or herself.
The major thing is as long as the business expands, more hands can be employed and then partnership with a friend might be necessary to join heads together
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Sole ownership has its own advantage and disadvantage.
If the business is a small business and one think he can handle the expansion on his own, he or she can decide to run a business by himself or herself.
The major thing is as long as the business expands, more hands can be employed and then partnership with a friend might be necessary to join heads together

 

[Emma Aneni]

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. Depends on the trust you have for that friend and the trust your friend has for you as well.

 

[Zamaney]

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

 

[tyrim88]

For there to be a good cordial working atmosphere for work to always trive,a good paper agreement should be signed by both parties, to avoid misunderstanding in the future. The partner have have been proven to be a person of character.

 

[Highflyer]

Yes it is good to set up a business with a friend, people have their friends as business partners, but it should be someone you can trust, this is the quality you need to look for in a business partner, friend or not.

 

[GIFTMICHAEL]

What you are trying to do is partnership. It is very good to run a business with your friend that has the same aspiration, motive and understanding with.
The only thing that both of you need to do before concluding every deed is to sign legal documents that will decide the way and manner the proceeds need to be shared.

 

[TopSilver]

Setting up a business with anyone, especially a friend can be rewarding. Just be sure to do the following.

1. Trademark the company name by calling the trademark commission
2. Trademark the logo with the logo commission
3. File for taxes. If you forget that can be a huge issue. Make sure you remember to file for taxes. When you own your own business you must file them every year.

That's basically all there is to making sure your brand is safe. As long as you do the 3 above things you can easily start a business. Whenever you have enough stable investment income and you want to put your company on the stock market you can do that. I actually think there's a minimum to how much you are making before you can but even that is possible if it's making enough.

Not precisely sure how much that takes though so being on the stock market could be a ways off. Regardless other people, if they are willing can lend you money as well and if you are making enough profit, paying them back wouldn't be all that hard.

 

[Lyrrex]

It all depends on the type of friend some friend are trustworthy while some are not, so if you think your friend can be trusted you can go ahead with not

I cant trust anyone, whether friend or brother, there must be a legal binding before partnership.

 

[iamgroot]

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

That is up to you if you really trust and know each other well. But after all, for me, it's hard to just trust someone even if you already know them well. Your concern is that you are in the middle of running your business and you are already making money, the wind can change and he will prioritize greed over friendship and as a business partner.

 

[Fabby]

If you're thinking of starting a business with a friend, keep these tips in your back pocket: Do communicate often. Do establish clear roles from the beginning. Do get your business plan in writing. Don't start a business with a friend just because you like each other.

 

[Shahid Abbas]

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

If you want to start a business, then you can have a friend who is your best friend, you can do it with him, but you should sign first documents because bad times are not known, even the best friend can cheat, so beware from these things.

 

[Diamond07]

Setting up a business with a friend might be risky. It can be a trusted friend but people tend to change over time. It is advisable to involve a lawyer and document agreements between you two.

 

[Jimmie150]

I don't think it's a wise thing to do considering the fact that a friend today can become an enemy tomorrow. Even setting up a business with a family member is not a good thing to do in any way at all.

 

[Ebensco]

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

Nope! I wouldnt advise you to partner with your friend without any legal binding.

 

[Mariyam]

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

Patrner ship is really good option, you both can shear profit equally and unfortunately loss happened you are not going to bother it alone .. and if he is your friend you both mutually can give rise to business with suggestions and cooperation.

 

[tuna89]

it is either you do not set up a business with a partner or better still you set up a business with the partner and backed by the law, documents duly signed by a lawyer for utmost back up, as for me, i would prefer sole proprietorship and employ professionals either one or more who can innovate as well, partners do not have the same motive as you most times.

 

[Alogakho Esson]

Well starting business or joining business with a friend need to be done with many legal and witness agreement if not at the end you lose both business and the friends

 

[Adventurer]

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 llawep

Patrner ship is really good option, you both can shear profit equally and unfortunately loss happened you are not going to bother it alone .. and if he is your friend you both mutually can give rise to business with suggestions and cooperation.

Partnership is good but a lot of people have been burnt in the past as a result of of friends partnering to do business and that's why there is a lot of skepticism when the idea is broached, if you must go into it prepare a water tight agreement and try not to mix business with pleasure.

 

[Mandypaul]

there is nothing you can do just make your business organisation to be so sophisticated to find out no matter how it is no one will like to come and take something without paying and single penny, if the money is big you can just inform your lawyer about it or you inform the police
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there is nothing you can do just make your business organisation to be so sophisticated to find out no matter how it is no one will like to come and take something without paying and single penny, if the money is big you can just inform your lawyer about it or you inform the police

 

[Hamza1]

Working with friends can be a very enjoyable experience, but it doesn’t come without challenges. You may want to start business with your friend because you two get along very well but it doesn't always go as you planned. There can be ups and downs in business which can lead you at the corner of your friendship. But on the other hand starting a business with your best friend can also be very handy. You can count on someone who you known very well and someone you trust. If you're not sure about the results then you better take your time thinking about it before starting a business.

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