should i partner in a small business?

Hope Lundmark: Find a small business CPA and a business lawyer, you're going to need both. The CPA will tell you why this 'opportunity' was offered to you with no business experience or background. Are you 'buying' a lame cow? The CPA can tell you if this 'cow' is lame or dying.The lawyer will draw up a partnership agreement to protect you in case your partner decides to 'get cute' in the arrangement. You want to cover your personal liability if the 'opportunity' becomes less one of business and more one of 'jail time'. Take your time and find both these people to walk you through what you need to know before you sign anything....Show more

Arlen Hamper: You should consult a professional that can assist you with something of that nature. Look at the existing businesses financial plan, tax returns for the past two years, profit and loss and the partners credit (do you want to partner with someone that has bad credit or outstanding debts?) also, see if they have a Dun! n & Bradstreet rating.

Alvaro Oare: I would definitely contact the professionals recommended by the other responders. I would want to see the credit scores of the current partners. I would treat it as though it was someone (some company) that I was giving a loan to. And trust me, don't ever believe someone's statement about their wealth....always ask for proof.I would also want to know and actually speak with the partner that you're buying out to find out why they are leaving the venture.It's been my experience in the banking arena that small business partnerships don't tend to work out. Make sure you have a very tight partnership agreement, don't do anything on a hand-shake, remember its strictly business, don't involve friends or family, and keep the bookkeeping on the up-and-up at all times.Good luck!...Show more

Timmy Bustard: it is often confusing as you're probably all tied in to a registered employer. And seems such as you're owed funds by the employer an! d additionally, by some skill, to blame, for some employer fun! ds owed(??). first element is to as we talk ask for a gathering with all worried. recommend they convey about each and every of the books, previous few years debts etc. in case you do no longer understan the figures, manage for the assembly to be on the accountants place of work with him modern. the belief for the assembly is for each guy or woman to return sparkling and notice if there's a manner forward. If this does not paintings then you definately can threaten to stroll faraway from the employer. optimistically the threat would convince them to reassess plan1. yet understand this, it won't get to any extent further advantageous in case you enable issues holiday....Show more