Post # 1
So the boy and I have fallen into starting a business. We were asked by a friend of ours to take her wedding pictures, and we have taken the opportunity and RAN with it. I ordered business cards today, eek!
It feels like dreams are coming true 🙂 We took our first portrait pictures three weeks ago and shot our first wedding last weekend. (both turned out lovely and it was a great experience).
We did these both for free, but today through word of mouth have booked TWO weddings. One for March and one for October.
It seems like we’re doing this bass-ackwards.. I don’t even have a ring and we’re going to start a business together. It makes me a little anxious. I don’t know when we will take the steps to make it a “legal” business, probably sometime in early spring. We need to do all the paperwork, etc.
I am just at odds with what to do. I think I am just going to make it my own because he honestly is just a second shooter, I do eeeeverything else.
I just sometimes feel we should be married before taking this step. It’s a huge commitment to do this together. At least we really don’t have much invested in it as of now.
But… right now I am definitely at the “stage 3” of waiting and extremely apathetic about the whole thing. I don’t even have the itch to get married. Two weeks ago I couldn’t shush about it… I just go through waves of “waiting” and not only is going into this business scary because we’re not married, it will also make waiting life that much harder I’m sure… I mean, I will be staring at wedding pictures for hours upon hours, not to mention attending them all the time! BLAH!
Post # 3
This isn’t like you’re investing hundreds of thousands of dollars. It’s more of a casual business it sounds like. I would relax about it and not freak out yet. Even if you split or something you can walk away or just work seperatley from each other.
Post # 4
@mwitter80: So true. This thought has really helped me rationalize everything. It’s not like we bought a restaurant 🙂
Post # 5
Exactly. DH’s sister and I are talking about doing something similar. Her and I already own are own equipment and what not the only upfront cost for now would be advertising. Business cards, website, blog, etc which are all minimal in cost. Make sure your ready for marriage if you buy a studio together 🙂
Post # 6
If your business grows & you are not married, I’d suggest meeting with an attorney to set things up so you are legally protected.
Post # 7
Since you seem to be the one doing everything, does that include all the financials? If so, I’d consider a pre-nup just to make sure you’re protected.
Post # 9
@gocubbies: Do you have sample photos set up to show? And do you happen to live in the Chicago area? I want to take engagement pics in the summer or fall and we need to find a photographer.
Post # 10
I think regardless of your marital status you should still have some sort of agreement drawn up regarding who owns / contributes / does whatever for the business.
I’ve just seen a close friend go through a horrible split including a business she co-owned with her ex-partner, it’s taken over a year to split all their assets and the business, she’s lost on out a lot of money because they didn’t have an agreement.
I know it’s a worse case scenario but even if you guys stay together it’s worth having everything in writing so each of you is clear on your responsibilites and commitments to the business.
Post # 11
Well shoot, girl, my advice was going to be to tell him you’re not comfortable setting up a joint account for the business when you’re not even engaged, much less married… because that’s what I did! But you said you already have shared personal accounts?? Ruh-roh.
I ended up in a very similar situation a month or two before we got engaged. I had an idea for a business, and he ended up helping out with it. We immediately started doing pretty darn well, and I was putting the money into my personal account. When we discussed what we should do about fincances given that the buisness was taking off, I straight-up told him, “I am more than fine paying for my fair share of our expenses given this extra income the buisness is bringing in, but I don’t want to set up a joint account when I’m not married to you.”
Boy did that turn on a switch.
He had already been planning on proposing ASAP (even before the business started), but he told me after the fact that he wanted to get the ball rolling even moreso due to this because he wanted me to feel more comfortable and secure about our future so that it would also feel more appropriate to share these financial aspects of our lives together. I mean it wasn’t as though this was the deciding factor in us getting engaged, it was just one more reason on top of everything else that it needed to happen when it did.
So, since I guess you can’t pull the same card I did, I would still at least bring up the subject. Talk to him about how you feel given that you’re not only meshing your personal lives together to the extent you already have, but with the addition of the business, it seems odd that there isn’t more of a solid commitment in place for these things to be going on. Just try opening up the discussion, hopefully you’ll be happily surprised by what he has to say or maybe even surprised by a ring sooner than you thought like I was! 😀
Post # 12
You need to set up a partnership agreement and talk to a lawyer or CPA about setting it up. Once you start making money, you are going to have to have some type of business set up for tax implications. You will have to file a 1065 for the business and the income or loss will flow through to your individual tax returns.
I think you two need to have an account specifically for the business to keep it seperate from your other assets.
Post # 13
You got some great advice already so I am just going to welcome you! Welcome =)
Post # 14
Definitely agreeing with what Lillindy said and what Miss AsB said. You need two things. First an agreement and get that drawn up for the business by attorneys to protect your monetary investment and your time and effort and portion of your new business.
Secondly when you get engaged, I’d have a prenup drawn up to also define what would happen to the business if you divorced.
I wish I had done both of these, as I was VP of a large business and my xhusband was the Ceo. I ran a large division of it (left my original profession to do so) and made things very very profitable. Of course I never saw what happened to me/us coming (he was unfaithful and rather rotten).
Imho, if there is a shared and vested business interest and two marriage partners are business partners or are in a very serious personal relationship aside from the business, I think those two things are 100 percent needed.