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How do you guys form a IM partnership?

Discussion in 'BlackHat Lounge' started by segitard, Jun 29, 2014.

  1. segitard

    segitard Registered Member

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    How do you guys form a partnership for an online business with a friend of yours? I am planning to start an online business with this friend of mine whom I've known for more than 10 years now. It's not that I don't trust him but it's always good to stay on the safe side if anything turns sour.

    So, here's my question:
    1. How do I buy a domain name and make sure it belongs to both of us? (.com domain name)
    2. What are the other things I should keep in mind?
     
  2. mickyfu

    mickyfu Jr. VIP Jr. VIP Premium Member

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    If you can do it all yourself, stay solo and outsource your work. Personally I would never team up with anyone I know.

    I help people I know, who want to do similar things that I do, however I never let them fully in, mostly on how I rank their websites.
     
  3. WizGizmo

    WizGizmo Super Moderator Staff Member Premium Member

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    OTHER THINGS:

    - Get a lawyer to create a Partnership Agreement with clear terms.
    Friendship is friendship, BUT business is business.

    - Keep good books.
     
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  4. segitard

    segitard Registered Member

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    Thank you for the advice, buddy. I used to think like you too but i have a full time business running and I'd like to try out a partnership with this friend of mine at the same time. It's only a small one and hopefully it goes well. Any advice how I can register a domain name to make sure it belongs to both of us?

     
  5. segitard

    segitard Registered Member

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    Is there any cheaper and less time consuming method around this?
     
  6. WizGizmo

    WizGizmo Super Moderator Staff Member Premium Member

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    You don't have to do it at all, but if you are planning to go long-term,
    I would suggest that you "have all of your ducks in a row". :)
     
  7. Cratos

    Cratos Jr. VIP Jr. VIP Premium Member

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    You say you already own a business. If your serious about a partnership you should invest the money necessary to make this thing work correctly from the start.

    being cheap doesn't help.
     
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  8. Techxan

    Techxan Elite Member

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    First, don't do this, you will lose your friend and your business, a lot of times you will give your business to your friend before its over. Money changes people.

    Second, make DAMN SURE everyone's responsibilities are defined and there is accountability for the work getting done.

    You friend will screw your eyes out in many cases, because after all, you are his friend, obviously he does not expect to be treated like an employee or worker. If he decides to let something slide, it's no big deal to him, because you are friends.

    If you partner up with someone, they can put you in debt. As a partner he may decide to take on some business that you do not want, and if he signs on the dotted line, guess what? You are obligated to honor his contract.

    And what do you do when someone wants to do something you don't want to? They can just go ahead as an officer of the company and you get sucked along.

    If they make a mistake or do something stupid, you pay for half the damage.

    How much better it would be if you helped your friend start his own business,maybe doing something that benefits you and him. He can supply something you buy regularly, or subcontract jobs from you.

    In this case, you have control o your business, and he has his.

    Do wherever you want, but this is a disaster waiting to happen.

    Having said that:

    There are a few real friendships out there that really can come together and make it work.

    I speak from experience on both accounts.

    Lastly, don't do this.
     
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    Last edited: Jun 29, 2014
  9. Cratos

    Cratos Jr. VIP Jr. VIP Premium Member

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    Great advice from Techxan, I would be very hesitant to do business with a friend also. When the money starts rolling in, things start to get difficult. People do change. That is why I decided it was best to go solo with building a digital marketing firm. Less stress and I get to keep all the profits.

    I've JV'd with people from other parts of the world. People I've never met in my life, and those were the best JV experiences I've had. Except for one of course. Almost forgot about that one. Funny thing is that person is in the U.S. also. Justice will be served.
     
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  10. Jubv

    Jubv BANNED BANNED

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    "A friendship founded on business is better than a business founded on friendship"
    ​
    -John D. Rockefeller
     
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  11. BuildMoreLinks

    BuildMoreLinks Jr. VIP Jr. VIP Premium Member

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    depends on how big the project is, I would form a Pvt Ltd company and register the domain under the company's name and with all the legal papers signed If i really want to take a jump.
     
  12. keywordspot

    keywordspot Jr. VIP Jr. VIP Premium Member

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    Yeap. You're right bro. I've bad experience about friendship - partnership.

     
  13. oscilay

    oscilay Regular Member

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    Better be just friends than business partners.
     
  14. Panther28

    Panther28 Elite Member

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    is it one of your friends or your lover?