Need advice: Doing business with potential partner

[peterb]

NetMeeting and a telephone. Going in-person is so “last economy”!!

[JustLurking]

Don’t do it. sdr is right (can’t believe I just typed that!) – that is what credit cards are for.

I am currently involved in starting a new business with my existing business partners. The person who is putting it all together and will run the new company is someone I have known for almost 20 years. This will be our 3rd company with the same partners. The 1st is the company that I currently run and the 2nd we sold last year. I completely trust this person. I guarantee that there will be signed agreements in place and attorneys involved before I am asked for one dime. It is absolutely necessary to protect all parties.

I would not enter into a partnership with your friend without seeing his company’s financials. Don’t sign anything or give him any money until you know exactly what you are getting into.

[JustLurking]

Don’t do it. sdr is right (can’t believe I just typed that!) – that is what credit cards are for.

I am currently involved in starting a new business with my existing business partners. The person who is putting it all together and will run the new company is someone I have known for almost 20 years. This will be our 3rd company with the same partners. The 1st is the company that I currently run and the 2nd we sold last year. I completely trust this person. I guarantee that there will be signed agreements in place and attorneys involved before I am asked for one dime. It is absolutely necessary to protect all parties.

I would not enter into a partnership with your friend without seeing his company’s financials. Don’t sign anything or give him any money until you know exactly what you are getting into.

[JustLurking]

Don’t do it. sdr is right (can’t believe I just typed that!) – that is what credit cards are for.

I am currently involved in starting a new business with my existing business partners. The person who is putting it all together and will run the new company is someone I have known for almost 20 years. This will be our 3rd company with the same partners. The 1st is the company that I currently run and the 2nd we sold last year. I completely trust this person. I guarantee that there will be signed agreements in place and attorneys involved before I am asked for one dime. It is absolutely necessary to protect all parties.

I would not enter into a partnership with your friend without seeing his company’s financials. Don’t sign anything or give him any money until you know exactly what you are getting into.

[JustLurking]

Don’t do it. sdr is right (can’t believe I just typed that!) – that is what credit cards are for.

I am currently involved in starting a new business with my existing business partners. The person who is putting it all together and will run the new company is someone I have known for almost 20 years. This will be our 3rd company with the same partners. The 1st is the company that I currently run and the 2nd we sold last year. I completely trust this person. I guarantee that there will be signed agreements in place and attorneys involved before I am asked for one dime. It is absolutely necessary to protect all parties.

I would not enter into a partnership with your friend without seeing his company’s financials. Don’t sign anything or give him any money until you know exactly what you are getting into.

[JustLurking]

Don’t do it. sdr is right (can’t believe I just typed that!) – that is what credit cards are for.

I am currently involved in starting a new business with my existing business partners. The person who is putting it all together and will run the new company is someone I have known for almost 20 years. This will be our 3rd company with the same partners. The 1st is the company that I currently run and the 2nd we sold last year. I completely trust this person. I guarantee that there will be signed agreements in place and attorneys involved before I am asked for one dime. It is absolutely necessary to protect all parties.

I would not enter into a partnership with your friend without seeing his company’s financials. Don’t sign anything or give him any money until you know exactly what you are getting into.

[PCinSD]

[quote=mixxalot]Problem is that he wants a loan to do travel meetings with his key clients. I asked him to have us first finalize the partnership agreement in writing and with an attorney before we do business and I invest in his company. However, he said we could take care of that later and just wants the loan in advance. [/quote]

What was his reason for refusing to run this through an attorney and getting something in writing first?

I’ve drafted these agreements and litigated them in court. Almost everybody loses once there is a dispute and the lawsuit gets filed. Even with a written agreement. I agree, this is a no-brainer. Walk away.

[PCinSD]

[quote=mixxalot]Problem is that he wants a loan to do travel meetings with his key clients. I asked him to have us first finalize the partnership agreement in writing and with an attorney before we do business and I invest in his company. However, he said we could take care of that later and just wants the loan in advance. [/quote]

What was his reason for refusing to run this through an attorney and getting something in writing first?

I’ve drafted these agreements and litigated them in court. Almost everybody loses once there is a dispute and the lawsuit gets filed. Even with a written agreement. I agree, this is a no-brainer. Walk away.

[PCinSD]

[quote=mixxalot]Problem is that he wants a loan to do travel meetings with his key clients. I asked him to have us first finalize the partnership agreement in writing and with an attorney before we do business and I invest in his company. However, he said we could take care of that later and just wants the loan in advance. [/quote]

What was his reason for refusing to run this through an attorney and getting something in writing first?

I’ve drafted these agreements and litigated them in court. Almost everybody loses once there is a dispute and the lawsuit gets filed. Even with a written agreement. I agree, this is a no-brainer. Walk away.

[PCinSD]

[quote=mixxalot]Problem is that he wants a loan to do travel meetings with his key clients. I asked him to have us first finalize the partnership agreement in writing and with an attorney before we do business and I invest in his company. However, he said we could take care of that later and just wants the loan in advance. [/quote]

What was his reason for refusing to run this through an attorney and getting something in writing first?

I’ve drafted these agreements and litigated them in court. Almost everybody loses once there is a dispute and the lawsuit gets filed. Even with a written agreement. I agree, this is a no-brainer. Walk away.

[PCinSD]

[quote=mixxalot]Problem is that he wants a loan to do travel meetings with his key clients. I asked him to have us first finalize the partnership agreement in writing and with an attorney before we do business and I invest in his company. However, he said we could take care of that later and just wants the loan in advance. [/quote]

What was his reason for refusing to run this through an attorney and getting something in writing first?

I’ve drafted these agreements and litigated them in court. Almost everybody loses once there is a dispute and the lawsuit gets filed. Even with a written agreement. I agree, this is a no-brainer. Walk away.

[Author]

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