(Closed) Starting A Business Together… And Not Even Engaged.

posted 7 years ago in Waiting
Post # 3
Member
7587 posts
Bumble Beekeeper
  • Wedding: December 2010

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 # 5
Member
7587 posts
Bumble Beekeeper
  • Wedding: December 2010

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 ๐Ÿ™‚

Post # 6
Member
6693 posts
Bee Keeper
  • Wedding: November 2010

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
Member
5399 posts
Bee Keeper
  • Wedding: November 1999

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
Member
454 posts
Helper bee
  • Wedding: December 2012

@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
Member
1264 posts
Bumble bee
  • Wedding: February 2011

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.

Good luck!

Post # 11
Member
1729 posts
Bumble bee
  • Wedding: July 2012

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! ๐Ÿ˜€

Post # 12
Hostess
18646 posts
Honey Beekeeper
  • Wedding: June 2009

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
Member
3302 posts
Sugar bee

You got some great advice already so I am just going to welcome you! Welcome =)

Post # 14
Member
7054 posts
Busy Beekeeper
  • Wedding: July 2010

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.  

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