Running a business

[Goku]

I am going to run a business with a friend of mine. The profits are going to be half half after taxes.

Let say, we both put our own money, time and ideas into the business. We will go on our seperate ways and try to sell items individually. I am worried that he might not be honest and try to decieve me with the amount of items he sell. Is there a way to handle this situation.

And when the business starts to take off and rake in the $$$, what is there to stop him from taking all the money and moving off to another country. What can I do? Getting a legal letter or something from a lawyer?

 

[g g g unit]

yeah get a lawyer to write up a contract for you two.

 

[Docs]

Well, these products come from somewhere, right? That means, if you brought in 3000 on an order, and you sold 1000, but there's only 500 left in the warehouse...

That might work.

 

[KillaCam]

If you don't trust him, don't go into business with him.

 

[RedPill]

The fact that trust is already a concern, even if it is a minor one, means you should not be going into business with this person. Trust me on this. It'll be like a bad marriage. Your gut instinct is usually right. Don't let your friendship fog your business decision-making. There are plenty of guys who I'd go have a beer with, but would never in a thousand years go into business with them.

 

[Bible_Belt]

I agree with the two posts above me. Your intuition is telling you to stay away.