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Going into a partnership, Online

Discussion in 'General Business Forum:' started by Tony Hardy, Sep 25, 2012.

  1. Tony Hardy

    Tony Hardy Well-Known Member

    Hi everyone,

    I'm looking to launch a new company with a Wordpress developer I've met through Twitter and had numerous conversations etc with. We're both in the same boat as far as "trust" goes.

    We don't not trust each other, it's more a case of "how much can you trust someone you've met on the internet?".

    Has anyone had any experience in setting up a business where both partners would be working remotely? How is it done? What happens in regards to the banking and all that sort of things?

    Like I say, it's going to be a 50/50 partnership, so it wouldn't work if I just founded the company and employed him as a freelancer either. We're both going to be equal in it.

    It's annoying, because there's not much information about it, but it must be done as a lot of studios such as Themezilla and imaginem are on opposite sides of the world to each other.

    Any information/thoughts, would be more than appreciated!

  2. Corrosive

    Corrosive Moderator Staff Member

    Just be bloody careful :icon_biggrin:
  3. Dave L

    Dave L Well-Known Member

    I think I'd need to be pretty sure that I could trust someone before I set up a new company with them on a 50/50 basis. If there was any doubt, I'd want to feel my way via a fairly loose arrangement in the first instance.
  4. spottypenguin

    spottypenguin Active Member


    It can be fine, unless you really know someone well / have built up a good rapport then I'd stick to Paypal to begin with, at least you're not handing over bank account details that way and have an element of protection
  5. Corrosive

    Corrosive Moderator Staff Member

    Lol, big difference between passing work to trusted freelance partners and sharing a bank account :icon_wink: but, yes, I should say that working with people remotely has worked out well for us.
  6. bigdave

    bigdave Moderator Staff Member

    Would arranging a meeting to discuss this not be a good idea? Perhaps have a few beers, some jagerbombs and a kebab on the way back to the hotel. By the time your hang over clears over your maccy d's bacon mcmuffin, you'll know if you can trust them.
    viperdesign likes this.
  7. Tony Hardy

    Tony Hardy Well-Known Member

    Thanks for all the advice people. Anyone sure on the legal side of things?
  8. spottypenguin

    spottypenguin Active Member

    Not really but I would get any deals written down on paper and both sign stating up front what the split is / who is doing what etc.
  9. chris_17

    chris_17 Member

    From my experience (I'm pretty much in the same boat), contracts are key, you need some protection, I believe (although don't quote me on this) some banks offer business accounts where for example for someone to withdraw x amount of money they need two signatures? I'm not sure though....or an internet approval thing - I could be completely dreaming that up though!

    But as others have said, just be careful! Try and meet them in person if at all possible, I'm sure he/she will be legit though!
  10. Dave L

    Dave L Well-Known Member

    Set up a limited company with equal shareholding/co-directorship and run your finances through an accountant: there are two tiers of legal obligation there and placing the financial stuff in the hands of a third party specialist with an appropriate, defined approval route ought to keep things in order.
  11. Minuteman Press

    Minuteman Press Moderator

    Be aware of split decisions with a 50/50 - in a disagreement zero will be agreed.
  12. HuntingTown

    HuntingTown New Member

    I think it can work out fine- If you've worked together before and you have a good relationship then it's totally plausible. The main issue you're going to have is with the cash I think- You can't expect clients to split the invoice between two accounts, so you'll need either a paypal account or a bank account that you can both access or, you just take a leap of faith and nominate one of you to sort out finances and make sure the other is paid their share...

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