Profitmaker: Howdy, Partner

You're judged by the company you keep. And in business, your success or failure could depend on it.

Do you own a video business? Or maybe you've been thinking about starting one. If the latter is your case, you're probably thinking, "Gee, there sure is a lot to do. I'll not only have to produce great video, I'll also have to be bookkeeper, salesman and 'chief bottle washer.' I wonder if I'll need someone to help me."

If you already operate your own business, there's no wondering about it. You know it would be nice to have someone take some of the burden off you.

In earlier columns we've looked at what it takes to hire an employee to help you. This month's column explores another possibility: bringing in a partner. It's simple; all you have to do is give up some degree of control and a proportionate piece of the profits. It's simple, but not particularly easy, especially if you've worked your tail off for several years to build your business. Now someone else is going to waltz in and take a piece of it away from you? How much help were you thinking of getting from this potential partner in exchange for this piece of your hide? It had better be a lot.

Flying Solo
If you haven't formed your company yet, you should be aware of your options. If you want to fly solo, you should go the sole-proprietor route. To get a lot of help from your friends, you might like a partnership. And if you want to keep the house if your company gets sued for everything, then a corporation might be for you. These are the legal manifestations that a business can take. (We can only guess how many illegal forms there may be.)