Business Partnerships have a lot more legal issues to consider, than those businesses that have sole proprietorship. You will need to file a joint venture agreement to establish how much each partner will contribute to startup costs. You will also need to include procedures necessary, should a partner opt out, file bankruptcy, or pass away. Even if you have been best friends for a lifetime, business partnerships need to be legally established, so if the business is sued or the relationship changes, the legal responsibilities for profits and losses are clearly spelled out. Everything related with the daily operations of the business should be clearly established-even the different responsibilities of each partner.