This might be a silly question, but as I am really starting something new, I want to get everyone's input. I have two offers from individuals that would like to partner with me. I am not 100% sure that I need a partner. What are the pros and cons of a partnership? Given the choice, would you go it on your own and outsource (or learn) anything you dont currently know how to do or would you go with a partner? Any thoughts or advice would be appreciated.
Coconubuck, I've had a fair number of partners & co-owners (of corporations) over the years. If you can do something yourself and do it well, not having partners will make things vastly simpler. If you can outsource something easily, then do that.
Sometimes, a partner brings some major skills or resources to the business and it's worth sacrificing your own absolute control and sharing the profits. Similarly, you may have gaps in your management ability or skill set that you think could be offset very well by another individual. Far better to have half of a huge cake than 100% of nothing.
If you evaluate the situation and decide that it really is worth bringing someone else on board, negotiate the best deal you can and be sure to have a comprehensive contract drawn up. You'll want to be covered if things head south. What if your partner wants out? What if he gets hit by a bus the day after you do the deal? What happens if he fails to perform as expected, or if he simply decides to put out far less effort than you? These are all real possibilities, so be sure your attorney has you covered.
Do not give up control at the legal entity level unless you are 100%. A safer bet is to partner on a per-project basis. If you are already making a living from the web, you may find most people move too slow. You can always extend or expand the partnership if you get lucky and find someone to match your intensity.