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What kind of issues must I address w/ my business partner...?


before establishing a corporation? I know this is a wide question, but I have to begin somewhere right?... even a book recommendation will help... thanx

Research articles of incorporation on line or in library. If you have access to a law library that would be where I would start. Banks will require a written agreement between partners and they can assist you in forms needed to open an account as a corporation.

Decide who has ultimate say when decisions are not agreed upon. How do you take draws(money from the account), weekly, monthly etc. How do you spend corporations money.
Advertising, research and devolopment, payroll , utilities etc.
How do you end your association.

These only scratch the surface but it's a start. I would get an attorney to assist in the process and he or she will make sure you are in compliance and walk you through everything.

This biggest problem that I have seen with PARTNERS IS.
ONE partner will LET the OTHER PARTNER do most of the work, while he collects hald of the money... I think you both need to sit down and make a list of WHO DOES WHAT AND HOW OFTEN. Who DOES THE BOOKS AND WHAT DAY AND TIME IS THE DEADLINE. WHO CLEANS THE BATHROOM. What day of the week and how often and how clean must it be. Vacations. Who, what and when. What happens if one partner needs or wants to leave. What happens if one partner Dies. How wile the surviving partner carry on. What happens to other half of the ownership. Goes to ex partners family?? What if his family dosen't want to WORK or can't do the work for what ever reason. How much will the surviving partner have to pay and how long to pay off.
LOTS OF DETAILS. Better to get them out of the way IN WRITTING BEFORE THE LAWYERS HAVE TO GET INVOLVED LATER.
GOOD LUCK

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