A business partner is great if they can do things that you can't do. For example if you are good coder but not so hot on the phone then partner up with a good salesperson or similar combination.
You will probably fall out with your friends if you go into business with them. You won't become enemies or anything unless you end up ripping one another off but you will be unable to turn business off so when you go for a drink with your pal you talk business...eventually you need to distance yourself from that. I've been in business with friends who are still friends but not close anymore , in the stress of running a business there are too many harsh words spoken to be forgotten in a hurry.
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