01 Feb
Starting a Business with Your Spouse?: Follow these Rules
If you are interested in starting a small business with your spouse, you will want to take some practical steps to ensure that all goes smoothly. There are a number of advantages of having your spouse as a business partner. You already probably have great chemistry, which is why you are married to begin with. You also probably trust your spouse more than any other person. But, it is important to follow a few ground rules to make sure that your business venture doesn’t threaten your marriage.
Here are some tips:
- Set some ground rules - don’t let the business consume your marriage. This may include a weekly date night.
- Maintain at least one income and try and keep expenses down in the beginning.
- Don’t forget to save for retirement.
- Draft a buy-sell agreement - This is a tough one because no one plans to fail, but its an important document to have. Remember, most new businesses fail within a few years.
Couples in business: Protect your finances and your marriage - Jan. 31, 2008
