I'm about to enter into a partnership with yes a complete stranger.. but this complete stranger I've met.. I've developed a knowledge base and he sounds like he's got the skills I generally asked for in a partnership..

The question I have is.. what is a legally binding agreement we can form between me and him, that in the case of a total disaster I will have some protection.. (I'm not expecting disaster.. but I never rule out any possibility)

Where just gonna do a standard partnership LLC but I was also thinking of doing a contract/statement with a notary seal?

I've been told that a signed agreement between me and a party with a notary stamp is one of the best ways to legally fight if the problem came up.. I know you guys are gonna suggest a lawyer.. but truth be told I'm cheap and I just don't see the need so if you could suggest the 2nd best to a lawyer that would be?

but truth be told I'm cheap and I just don't see the need


Then why bother with a contract that isn't going to protect you properly anyway? Just shake on it and keep your fingers crossed. :crazy:

PS: Please let me know the name of your business, so I can avoid dealing with someone who's too cheap to make sure things are done properly. ;)

--Tina

Ouch, very true though AH-Tina! Yes, you really should see a lawyer. They do have a full range of contractual agreements that you should be aware of. Whatever money you spend on a lawyer consider it possibly saving you a lot more money in the long run.

Yah, know Tina you have a habit of trolling my threads.. and as you can see I've had very few of e'm vs. you..

Yah, know Tina you have a habit of trolling my threads.. and as you can see I've had very few of e'm vs. you..

I don't know you and had no idea I had ever replied to any of your other threads. Could be you ask similar questions and I reply honestly?

--Tina

I don't know if getting into a partnership with a person you dont know very well is a good Idea. Its hard enough to be in a partnership with a close friend, let alone a stanger per say...

Well after dealing with a lot anonymous internet strangers, a real person to me is a real treat.. but I have to say yah just cause I've had 8-12 hours of conversations.. because he had his own business plan and his own business etc.

Works close to where I want to setup.. seems like a right match.. but yah it could be a costly mistake.. but think I'm going to go on my gut feeling and see how it goes..

Probally the worst part is :( that I'm in a hurry.. I'm losing money daily and I used to be in fine shape for taking my time about it.. and if I had a choice to do it taking my time I would..

You should really plan out a proper corporate structure and think this through...

What happens if you decided to split who gets what part of the company? What if he decides to sell and you don't want to? What if he locks you out of the account?

You need a contract. If not there will be threads on here in a year saying blahhosting.com has gone down etc..etc..

If you aren't going to spend money now to protect you then you are going to be totally screwed up down the line

The operating agreement of your LLC should cover the requirements of each partner, the remedies if they failure to carry their load, etc. Any capable lawyer can help you file for your LLC and prepare a customized operating agreement that will be legally binding for $1000 or so. If it's not worth it to spend $1000 now to do it right, then the business venture is probably not worth your time at all. After all, generally the point of entering into a partnership is to create a profitable business which will generate significant amounts of revenue and profits ... $1000 is a drop in the bucket now compared to what it would cost you if things go bad and you have no legally binding documents to protect your interests.