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What would be some good advice before going into business (co-ownership) with someone?

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What would be some good advice before going into business (co-ownership) with someone?

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Money changes people, even good people. Imagine that person being evil and greedy, then multiply that times 10. And remember your track record with friends.

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In my opinion the best thing is to be sure that you know this person not only from the professional side, but from the personal side as well. The latter is often the cause of partnerships splitting. I would also decide on the basic arrangements before signing the agreement such as profit sharing, responsibilities, etc. Good luck!

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