Re: Starting a business

[Peter <pnewman1 -at- home -dot- com>]

Lurker writer wrote:
> 
> Hoo-boy...not exactly the question to be asking at this stage, especially if
> you're already talking to clients and you don't know where to begin (I'd
> keep that a secret from your clients, Step 1).
> 
> First of all, don't depend totally on the legal or tax advice you get from
> this or any list. We don't know you're particular circumstances nor are we
> qualified to be able to do that. Consult with an attorney and accountant in
> your area who can help you best.
> 
> But we can give you some great ideas.
> 

Best advice you could have given. 
SBA has some really good books on the subject. 
Having said that: After almost 40 years of experience qualifies me to
state some general principals:

1. keep good records for all expenses.
2. have a solid written agreement with your partner. 
3. don't rely on an insurance person to prepare the agreement. It will
pay dividends for you to have a good commercial lawyer in your area
prepare the documents. Don't try to save on that one. 
4. come to an understanding with your partner on basic policies, such as
billing, how each of you will be compensated, spending policies, who
gets reimbursed for what. You must also think about how you will deal
with what happens if, for any reason things don't work out. (Exit
strategy, who gets to keep what clients, etc.) 
5. Don't wait for the formal documentation, just start. Without the
business cash flow, all else is meaningless. However, don't neglect the
documentation. It will be one less thing to worry about.
6. Be forgiving and tolerant of your partner. Remember all is not roses
and a partnership is like a marriage, but you may not have that good sex
to help carry you through the rough moments. 

-- 
Peter
Mailto:peternew -at- optonline -dot- net

Adapting old programs to fit new machines
usually means adapting new machines to
behave like old ones.

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