what is the best way to set up a Partership for a website

Discussion in 'Legal Issues' started by madmn, Apr 20, 2008.

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  1. #1
    What is the best way to set up a partnership for a website. I want to go into partnership with someone on a new website but I need a contract for the partnership. The contract should say something about 50/50 profit and 50/50 ownership. But I should be in control of the decitions.
     
    madmn, Apr 20, 2008 IP
  2. Win Z

    Win Z Active Member

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    #2
    If you dont know your partner well and you think you might face decision/authority problems in the later years to come..then sign a 51-49 % partnership deal with him.

    That will make sure that in the situation of a problem being arised where Authority comes into play..you will have a bigger hand over the issue and he'll have to stfu.

    To convince him, tell him..this is a common practice and that that 1% wont make any difference in the income being distributed and this split is only to keep the partnership safe in the future years to come (He'll mostly say ok lol)

    Good Luck ;)
     
    Win Z, Apr 21, 2008 IP
  3. EHubert

    EHubert Peon

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    #3
    Best way to set up a partnership for a website?

    Don't have any partners! It creates too many issues over the inevitable conflicts that arise out of differences of opinion. Contract someone to work for you and give them a majority of the profit if need be to start off. The eventual success or failure of your venture will squarely be on your shoulders. This way you get ultimate control of your "vision" and should it become wildly successful you won't be saying to yourself "Gee, I shoulda paid somebody a few hundo to write the code for me way back when, now I gotta split my profit" Or, conversely, "Gee, my business might not have failed if I had more time to work instead of arguing over every decision!"
     
    EHubert, Apr 25, 2008 IP
  4. tobycoke

    tobycoke Well-Known Member

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    #4
    As Ehubert said its best not to get into a partnership for this type of venture. If you still want to do it make sure the domains and hosting are in your name and the other party doesn't have the passwords - but then its not a 'partnership' and the other party will likely not agree. A legal partnership or incorporating would be the best way to go - with the domain and website listed as assets. Any contract you both sign, or partnership/corporation you form, is useless protection unless you can hire a lawyer and have the time and money to pursue it in court
     
    tobycoke, Apr 26, 2008 IP
    EHubert likes this.