If it good to set up a business with a friend

[Godspower]

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

This is very true. No matter the level of friendship or closeness, a lawyer or an agreement should be always be available to set the terms of the proposed business straight in case of differences in the future.

 

[Hrtbeat]

The majority of friendships are formed organically, which means that there are no predetermined roles or structural hierarchies. The same cannot be said for business partnerships, which are forged by choice and constructed to include individual roles and responsibilities. This almost always requires one partner to take an authoritative, leading role, which can create imbalance in an existing friendship and ultimately cause unrest.

 

[Ebro01]

Is it good to have a friend in business. My opinion I see nothing bad in it and depends on the kind of friend he or she his. Partnership business is one of the best because it has its own advantage.

 

[Alexandoy]

In my experience it is not good to have a business partnership. But on second thought it depends on the kind of partner. I was disgusted before because my partner was my high school best friend and yet he did me wrong. Anyway, if you can trust the person then I guess it is better to have a partner that can help you in the business operation.

 

[Ghost1]

In my experience it is not good to have a business partnership. But on second thought it depends on the kind of partner. I was disgusted before because my partner was my high school best friend and yet he did me wrong. Anyway, if you can trust the person then I guess it is better to have a partner that can help you in the business operation.

There is always bound to be some level of disagreement in partnership business, it can result to something as bad as betrayal. Just to be save, a lawyer should always be involved

 

[tyrim88]

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.

Definitelly one of the things to look out for when you want to go into partnership with a friend is his character and his anticedent,it will really go a long way to show wether the business will go far.

 

[GIFTMICHAEL]

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 depends on your arrangement with your friends . If the business both of you are establishing is a partnership business obviously business agreements must be made. it must be signed by a lawyer.

 

[Ronald]

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 that you should make sure there is a written contract in place before entering into this partnership. I understand that he or she is your friend and you may trust that person, but you need to put emotions aside and agree with the person to sign a written agreement regarding the distribution of profits among other factors

 

[Shigobad20201]

Business should be based on trust between two partners , and I believe you are better off starting your business with your friends than a stranger out there that might scam you .

 

[Immilash1]

Starting up a business with a friend is not a bad thing, it will only becomes a problem if you don't have a good friend, bad friends will not take things like this serious.

 

[GIFTMICHAEL]

With trusted friends , I wouldn't have any problem. Trust is very important when trying to establish this complex relationship. I wouldn't want to make any attempt most especially with people I do not trust.

 

[tyrim88]

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.

There are some factors that one should consider before he should decide to go into any form of partnership with a friend,he should have known the person very well and ensure that they share similar values,both financially and morally.

 

[Skysaint]

I don't really have a problem with that especially if the said friend is good at what he does and is very knowledgeable about the business. Infact, u would see that as an advantage, working with a friend.

 

[Joseph555]

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.

 

[nana kwasi1]

Why not?, if it's a reliable friend you've known for a while. Yes, I can start a business with him if he's as committed and driven as you are.

 

[frederick_9]

Starting a business with a friend is similar to marriage — you're there for each other through the good and bad. Whenever you're having trouble, you know who you can go to for help. And you'll be able to do most tasks together.

 

[Laurentta]

No, one should never make that kind of mistake in business. If at all one wants to start up a business with a friend, on should involve a lawyer and documents should be signed.
No, one should never make that kind of mistake in business. If at all one wants to start up a business with a friend, on should involve a lawyer and documents should be signed.

 

[Good-Person]

I think that you should make sure there is a written contract in place before entering into this partnership. I understand that he or she is your friend and you may trust that person, but you need to put emotions aside and agree with the person to sign a written agreement regarding the distribution of profits among other factors

Many people usually do not create a written agreement in a business when they start trusting people. Trust takes a lot of time to get developed by the passage of time.

 

[Skysaint]

There's nothing wrong with starting up a business with a friend or would you prefer to start up with an enemy? The only condition to it is that the person is competent and not just because he's a friend.

 

[Ronald]

Many people usually do not create a written agreement in a business when they start trusting people. Trust takes a lot of time to get developed by the passage of time.

Yes, and I think this is what comes back to haunt people who do business with other individuals full of emotions and naivety. This is why it is best to draft a legal agreement to avoid any disputes.