This section of the forum is for discussing the business and finance issues of the t-shirt industry. Which business structure to use (sole proprietor, LLC, S Corp, etc), how to handle billing, where to register your business and get the proper licensing, etc.
Hello, I saw on ad that a guy posted on craigslist earlier about wanting tshirt designs or a partnership, long story short we chatted a while and he wants to sit down and talk about a partnership.
quick run down...
He's owned a print shop for 15 years.
Probably has business connections.
Doesn't seem to have a logo or real company name, has a not-so-good website.
I have a company name, logo and t-shirt designs & website
I also have webdesign and marketing skills
Maybe I'm running ahead of myself, but what would be the % cut? How much of the business would I own, how much would he own... etc. Or how the hell would I figure it out!? Would there be a contract?
Thanks. (he lives about 10 minutes away from me too)
There MUST be a contract. Do NOTHING by word of mouth. The percentage of partnership and profits is decided between the two of you, and then included in the contract. I HIGHLY recommend sitting down with a small business lawyer to work out the details and help with the contract - this will protect you and your partner down the road if there are disagreements. I can't stress contracts enough. Leave nothing to chance, cover all of your bases IN WRITING.
Let's see..
I want to go into business with a guy from craigs list who has some expeience, no designs, an iffy website and maybe might have contacts, may not have logo or any business to bring in...and oh yes he has been in business 15 years and is still floundering and looking for a partnership..
How much should you split??? seems to me ...keep it all and since you live in the same area..just do more marketing and let him go!....
In other words I don't think I would consider this unless this guy has a lot of $$ upfront
However, he DOES own a printshop. which would mean free printing.
"free printing"... i think you should rethink that.
its not really free because instead of paying for the prints as you go, you are now giving him some of the profits.
I agree with charles...
Quote:
How much should you split??? seems to me ...keep it all and since you live in the same area..just do more marketing and let him go!....
Push more marketing yourself. But, it cant hurt to talk to the guys to see what he wants to do. And if you like where he is going and you think you could do it yourself, then do it yourself.
As my father used to say... "A partnership is a sinking ship!" Be your own boss and control everything. The start up costs of a screen print business is minimal considering other lines of work. Save some money, get a small business loan, or go mow some lawns. Do whatever it takes for you to get in that drivers seat. You don't need a co-pilot!!
if you do see a lawyer for this, ask her/him about incorporating a "shotgun" clause.
it is the most fair way of an amicable or unamicable split in partnership down the road...
Someone wants to be in a Partnership 
Re: Someone wants to be in a Partnership 
