Going into a partnership, Online

[Tony Hardy]

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

 

[Corrosive]

Just be bloody careful :icon_biggrin:

 

[Dave L]

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.

 

[spottypenguin]

Just be bloody careful :icon_biggrin:

*coff*

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

 

[Corrosive]

*coff*

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.

 

[bigdave]

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.

 

[Tony Hardy]

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

 

[spottypenguin]

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.

 

[chris_17]

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]

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.

 

[Minuteman Press]

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

 

[HuntingTown]

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...