Before you even present it you better know how to set up a partnership and all the risks of it. Research as much as you can on the negatives and positives of a partnership. In the end, unless it can somehow work between you two, my teachers have told me to avoid partnership s like the plague. They are that bad. You would need to have a good lawyer to set up a partnership agreement and you need an EXTREMELY GOOD LAWYER AND LOTS OF INSURANCE in case something goes wrong. Just because he s smart doesn t mean anything really. He has to be business smart and know how to handle money and all that more difficult stuff than just one s personal finance. And as my teachers have said, sometimes you don t know your friends as well as you think you do Especially when you get into money. I d recommend you do it alone, it is the best way. If you can t do it alone, then you are not ready to be an entreprenuer. You need to do things yourself. I m not saying you can t have help, but sometimes its best. If it is any food business make sure you turn it into a corporation. That way you are more protected. If you want to go through with it you may want to consider becoming a limited liability partnershiop.Do check www.sba.gov for more information though.
Before you do anything, go out to this small business website and write a business plan. The site helps you THINK through your idea and helps you decide if indeed you have a viable business idea. It will help you write a business plan as well. Once you have done your homework, which everyone needs to do before throwing money at it, then present the idea to your friend. You ll also be ready to go to the bank for your bank loan! Good luck. Preparation is everything!http://www.sba.gov/smallbusinessplanner/��
The best thing you can do is just be honest and let him know that you want to talk to him and get his input and possibly have him join you.
