Business Partnerships - equal footing?

Discussion in 'Design and Graphics' started by tazmania444, Jul 14, 2007.

  1. tazmania444 macrumors newbie

    Joined:
    Jul 12, 2007
    #1
    Has anyone started a business partnership with 2 people?, is it normal to agree 50/50 in terms of income/profits for everyone involved. As you know in graphic design everyone has different skills, one always knows more than the other in some aspects.

    Me and ex collegue are to start up a business (design), as our previous employer closed shop, so he wants us to start up a Partnership together, we will both be investing the same amount time and money.

    We both will be doing the same jobs, but i have vast difference in experience and skillsets in design, i also have knowledge of comupters and networks. Im a graphic design/illustrator - layouts, illustrations, retouching etc, and he is more DTP layouts/retouching. And both had vast different salaries at previous job together, and he was middleweight designer and i was senior.

    And i know he will always be asking me for approval of his work, or how to do something, surely if your equal then you should both know what your doing, dont you think. He needs me more with him, i could easily try to look for another full time job, but this has come up for me to try.

    If you and somebody were to start a business would you both go 50/50, and would forget your own skillset.
    Or is there a work around, say any job, ie illustration as he cannot do, but i can - we have some kind of bonus built in.

    We soon need to draw up an agreement, so was wondering how others work it, should experience and skillsets come into it?, or is this morally wrong and everything should be 50/50 in a 2 man business, and if we are both making more money each than at previous company then we should be happy.


    thanks

    .
     
  2. iSaint macrumors 603

    iSaint

    Joined:
    May 26, 2004
    Location:
    South Mississippi y'all, near the water!
    #2
    There's a lot to be considered in running a business and splitting up the responsibilities. What about the day-to-day operations that require a business mind? What about dealing with customers? Maybe you can draw up an agreement that defines equal responsibilities.

    I'm not sure if an equal partnership is a good idea. You should probably consult with a lawyer to get a professional opinion.
     
  3. tobefirst macrumors 68040

    tobefirst

    Joined:
    Jan 24, 2005
    Location:
    St. Louis, MO
    #3
    It should also depend on how much money each person is putting into the business. Are things equal there?
     

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