On my way to starting up, I realized that partners can make a very large impact on your success. However, there is risk that this impact can be similar to an asteroid hurtling through the atmosphere and pounding you in the behind. So while the support and extra ideas make partnering up on ventures appealing, here are some things to consider first.

1. Consider this person’s character. How does he work? What are his values? Really understand the person and determine if he’ll be a good match. Just because you’re friends doesn’t mean you might be at each others throats in a month. This is hard I think for many to do, but the effort is worth it.
2. Trust - Is this person trustworthy? Does he have an honest character with good solid integrity? Getting screwed by a business partner ranks up there as a “crap that totally sucked” moments.
3. What happens if you or your partner gets into debt? If either of you are financially unstable at some point, what will happen to the business. While you can’t predict if this will happen, it’s good to think about and have a plan in place.

Check out an article by AllBusiness.com for an even bigger list. Past these considerations, if you do decide to move forward with a partnership, get everything in writing. If everything works out, great, but in case shit flies, it’s good to have a written plan and reference in place. This agreement should be live, meaning it should be updated as situations change for the partnership. The agreement should be fair for all parties and should reflect the effort, contributions, and risk each partner takes on.

There will always be risk, but thinking things through and having agreements in place at the start will minimize nastiness that might arise later down the road.