Partnership type questions?

Do any of you that run your own opperation have a partnership of some type???

While telling my father (whos getting ready to retire from the Autoindustry in the next 6-8 months) about my looking into starting a Lawn Service.... He showed some interest and we kinda pondered on a partnetship...

However my 1st thought was, how do we figure out compensation???

I figure I'd be the one to front most of the startup cash... I dunno, just some thoughts.... Anyone have anything simmilar?

 

No but this is one type of partnership for which I am not negatively inclined.
Specifically, I can not and do not recommend partnerships between friends because in my experience, it does not work. But between father and son, it certainly can because it's a family thing and compensation shouldn't be that big a deal since it's all one money, and most the time family members don't skru each other (lets not get started here, lol) which makes it a win-win situation.

Far as who is in charge, and this, and that... Why not try a common / equal rights approach where both of you have basically the power of making ultimate decisions / final choices and such. One recommendation of mine is always do what you do best, now it maybe to your finding that BOTH of you end up having the same likes/dislikes but if you don't then that is a bonus: each of you do what you like (which will eat off a chunk of each other's dislikeable things), then split the dislikes as evenly as you can...

Perhaps far as pay, you both gotta work your tail off, as father and son you do everything as a team, so you both get paid the same. To keep things simple, I would suggest a salary (this also keeps you from having to track hours, a big pita).

Just suggestions...

 

You make good points... Thanks for the input....

 

me and my business partner figure out our total net each week. we then pay ourselves an equal amount and whats leftover goes into the business fund. its been working for 3 years now. hope this helps.