Forgot one rule that I now live by. It is something EVERYONE should consider very carefully when deciding how to set up a business. Another thread regenerated the memory in my head of gloomy times in the past and I can't believe I haven't mentioned it already in this thread.
PARTNERSHIPS are not to be entered into lightly (and no, I don't mean marriage although, surprisingly, the same rule applies). There will be differences of opinion, who gets the most profit share, why were you in at ten this morning when I have been in at half seven every morning, you take too many holidays, who hires, who fires, who signs the cheques - one or both?
Its a bloomin minefield and, god forbid, what if your partner decides to empty the bank account one day just before the wages are due for the staff?
Think about it carefully noobs! is it worth the risk - what DOES a partnership bring to the table?