If it good to set up a business with a friend

[eLdavis]

When you are thinking of starting a business with a friend then trust is the most important thing you will need at this period of time because it is absolutely necessary for you to trust the person you are dealing with in a business but what you have to understand is that 50% of them might not likely to be the same when engaging in business together ,sometimes it can also lead to problems.

I have to agree with you, trust is the key in achieving a lasting working relationship with someone, be it a friend on not. In a case whereby you are about to start a business, and the only person who can assist you with some of the resources, to work with is someone that you do not trust at all and there is no way around it, would you still go for the business?

 

[Godspower]

Yes it is good, but such agreement has to be subjected to proper legal and official paperwork in case of disagreement or differences in the future.

 

[YERUS]

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

Very unsafe. You can not trust anyone.
If you want to start up a business with your friend, ensure to make it formal, get a lawyer, you and your friend should reach a legal agreement.
That way, any problem arising in the future can be easily addressed.

 

[Kvngsammy]

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

Brother never ever try it! Even if it's a family member ( I know most people would be like haba!), but it's the truth. When it comes to business, sentiments should be put aside no matter what.
You guys are automatically partners and anything can happen in future.

 

[tyrim88]

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

That is the more reason you need toknow and understand the kind of person you are going into partnership with.A lot is actually involved and the issue of documentation and aggreement on profit sharing and how the business should be run are to be put i place.

 

[Toyoabasi]

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

Setting up a gas business with your friend is not a bad idea. Both of you will be going into a partnership and at such will require certain agreements to seal your partnership deal. It is best to formalize with a lawyer.

 

[kayode10]

There is nothing bad in setting up a business together with your friend so far are you people trust one another. If you believe that your friend has some kind of behaviour which we cannot tolerate, it'll be very good not to go into business with him.

 

[Dagm1]

Setting up a business with a buddy is not a bad idea, but it comes with a lot of risks. For example, if your friend spends lavishly, there is nothing you can do about it. Setting up a business with even your family is perilous.

 

[Toyoabasi]

It's not a bad idea to set up a business with a friend. I will tell you that you should be able to trust your friend but the word 'trust' itself is a criminal act. To trust someone these days is more like a criminal offence so the best thing personally I would do is to start a business on my own to avoid clash, chaos or conflict!

I don't think its a bad idea either.
Since it is a partnership, you have to formalize it by signing legal papers. The has business is a lucrative one too, though capital intensive. Partnership is ideal in this case.

 

[kinqzbitz]

Well It is not a bad idea provided that you don't have all the capital needed to start the business and so you can merge but then it has to be someone you really trust and can rely on

 

[joy101]

There is nothing wrong with to set up a business with your friend if really you trust that your friend, I see some reason why some people like start a business with people because not having much capital to do that.

 

[Godspower]

There is nothing wrong with to set up a business with your friend if really you trust that your friend, I see some reason why some people like start a business with people because not having much capital to do that.

It is not bad to start up a business with a friend. However, there must be a high level of trust between both of you and even so, a formal agreement has to be put in place in case of disagreements in future.

 

[Smiles20]

Live to me it is even best that you start a business with your friend. This is because you guys know and understand each other very well and as such sharing the task and also the means of communication in the business will not be difficult.

 

[Gilead]

People think differently, people view things differently. Even twins have different character, so I wouldn't recommend such plan. I have also hoped to start a business with a friend of mine but at the end of the day ,he was never as committed as I was to the business.

 

[Ub40]

Actually, I don't see anything wrong in partnering with your friend to set up a business, but I don't buy the idea of not drafting any agreement or signing anything at all. This could be very risky. That is just my opinion though.

 

[Justin]

I have not set up a business with a friend but I have helped few friends to set up businesses, I not only helped in funding but also helped in business management. I not only received principle return but also profits. I think working with a friend is a good idea.

 

[greenie]

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.

 

[Mayox25]

There is nothing wrong in partnering with your friend in doing business you know him if he meets the requirements of honesty, transparency, accountability, having vision and others that will make your partnership to work. But I will like to say that you have to prepare and sign formal agreement towards this to know the percentage shares,the profit sharing ratio,the percentage liability that each will bear all these is to avoid argument when things are not properly spelt out.

 

[ElenduFc]

When you're starting a business with a friend, you have to make sure you're at the same stage of life and can put in equal amounts of work. If only one partner puts in the majority of the work, it could lead to resentment and ultimately jeopardize the relationship.

 

[Ghost1]

It is never advisable to set a business with someone without a lawyer to explain the legal implications to you. There might be a fallout sometimes to ensure that you don't get cheated, bring in a good lawyer