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    Business With Friends
    What are the pros and cons of starting out a business partnership with friends?


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    I feel that it is the same with this as it is when it comes to family. I would advise others not to get into business with both family and friends for the reason that no matter what, when money is involved (especially when it gets to large sums) it causes stress on both parties. There will be conflicting ideas that can be deciding factors for a company, and when that happens a relationship can go out the window. I have seen it numerous times unfortunately.


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    If you start a business with a friend you won't be friends for long...


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    Robert L - www.pikpuk.se
    Stratus-Pikpuk - Order Fulfillment in Europe
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    Starting a business with friends as partnership-

    Pros-
    1. Shared cost of start-up.
    2. Shared responsibilities and work.
    3. Shared business risks and expenses.
    4. Complementary skills and additional contacts of each partner can lead to the achievement of greater financial results together than would be possible apart.
    5. Mutual support and motivation.

    Cons-
    1. Partners in a general partnership are jointly and individually liable for the business activities of the other. If your partner skips town, you'll be liable for all the debts, not just half of them.
    2. Shared profits.
    3. You do not have total control over the business. Decisions are shared, and differences of opinion can lead to disagreements, a "falling out," or even one partner buying out the other.
    4. A friendship may not survive a partnership. Keep in mind John D. Rockefeller's famous words: "A friendship founded on business is a good deal better than a business founded on friendship."


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    I would say it depends completely as to what your business, niche or industry is.
    It can work and can work very well.
    Its essential however that if you decide to go into business with friends you set the boundaries and the legal framework so that no party can take advantage or go against previously agreed or discussed scenarios or outcomes.
    If you look at Daniels great list of pros and cons above - you'll notice that all of the pros can be obtained with business partners and not necessarily direct friends.


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