If you DO choose
to partner with family members,
I strongly advise
that you do everything you can
to limit your liability
and to limit the liability
of those family members,
whether they want that
or not.
And if this is their first start up,
they likely won’t want that.
They’ll see the costs
of limiting their liability
as a ‘waste.’
It isn’t a waste.
It is protecting ourselves
and our loved ones
and valuing
our relationships
with our business partners.
And if we don’t have
the money
to do that,
we likely don’t have the money
to successfully start
a business.
In my part of the world,
the best way to limit liability
is to form a corporation.
In your part of the world,
it might be insurance.
Or it might be a different structure.
Investigate this.
Do it.
Limit your liability.