Hello all
I recently decided to open my own business with my best friend and split 50/50. I was wondering if we do a partnership or a llc or what ever is best??! I put some money into this got a logo and ordering shirts soon. I really want to be licensed and insured before I head out there and hustle…I have years of experience but working for someone else. In also wondering what exact license and insurance I need in south florida if anyone could help I would greatly appreciate it thank you.
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Congrats on the new venture!
Let me ask before you get too far into it. Why a partner? Why not just do it alone?
LLC has much more protection of business assets from personal debts and other civil actions that might be Incurred against you, your partner and even spouses/significant others.
I strongly recommend discussing the startup options with business counsellors at the local Chanber of Commerce and at your bank.
Good luck and welcome to the forum!
Welcome
I’d be real careful of a50/50 partnership. Something like 65% of businesses that fail do so because of partnership issues. If you’re out busting it 10 hours a day you’ll get pissed that your partner is only doing 8 hours. Stuff like that.
Whichever one of you has the business mindset then that person should be boss and maybe get 51% share. It gives you both boundaries.
The traction podcast had a whole episode dedicated to this just recently.
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Right now its a lot easier money wise and I’m currently working he isn’t and I trust him and maybe one day I can get out of the truck and give him more of the shares. Things like me working more won’t bother me especially he would be the one working by himself more often since I have a wife and kids and he doesn’t. Not saying he won’t in future but I’ve looked at possible senarios. He would also not care because I know how he is and he’s a man of his word and so am i. Going into a business with someone and one of you would have actually getting more income/control of the company i would think start more problems but I could be wrong
Thank you for your help
Partnerships can work if you set it up right at the very start.
Before you worry about licensing & insurance, make sure your partnership agreement is in writing, very detailed, and most importantly has fair get-out clauses for either party… plan for the worst, hope for the best, and get out there 7 work you butt off! 
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Senior Core of Retired Executives (SCORE) is a Small Business Administration sponsored program that is another great resource for small businesses. Some chapters offer classes, which are free to veterans as well.
Check it out:
SCORE Mission, Vision, and Values
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Okay so I decided to do a sole proprietor and I got a county business license and the woman there told me I also have to get a city one…but she was new and didn’t really know what I had to do there. I was just wondering if you knew about which exact license I need for the city license
Depends. Most of the time a home based business doesn’t need one. I’d check the city website. Some places require Solicitors license as well.
If I can offer any advice stay away from partnerships. In my own experience they can be very tricky and somebody always feels that they working more than the other. Lol now this isn’t the case with my new partner/wife…that’s an entire different deal @K1ttenpantz. Couldn’t ask for a better partner. But if it’s anybody other than your wife or hubby I’d stay away from it.
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You can Start your own, and your friend start his own. Then you guys could cooperate. Then you can do smaller jobs alone, and if you got a bigger job, take your friend in.
I’m alone, but I have contact with another local wc. And in a few days we should cooperate on a big job, that has to be done kind of fast.
