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Going into a partnership, Online


Tony Hardy

Well-Known Member
#1
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!

Cheers,
Tony
 

Dave L

Well-Known Member
#3
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.
 

bigdave

Moderator
Staff member
#6
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.
 
#9
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!
 

Dave L

Well-Known Member
#10
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.
 
#12
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...