rogerd - 4:17 pm on Feb 16, 2004 (gmt 0)

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.