Going into business with family or friends - 5 essential tips

[@lawrenceowusu7744]

Yes, clarify ownership and roles and put everything in writing

[@1stformations]

No worries Lawrence. Have you checked out any of our other videos?

[@petpalsia]

Really useful, thank you. Good!

[@1stformations]

Glad you enjoyed it. Have you checked out any of our other videos?

[@burhaneddinbekciogullar1918]

very useful video, people like business ideas. Congratulations

[@1stformations]

Thank you for your kind words. Do you have a limited company?

[@allantweddle7196]

I have started my business alone but plan to involve a family member in the future if things go well. The tips in this video are really helpful so I may well get them to watch this video too in the future before we agree anything.

[@1stformations]

That's great. What does your business do for a living?

[@user-ot7yh7ds6m]

I totally agree with tips number 5, to formalise everything in writing, like you are saying, even the tiniest of details. Indeed, this will definitely minimise the risk of disagreements in the future, which WILL unfortunately arises at some points. Putting these boundaries helps the business and the family/friend business relation to last and lead the business to SUCCESS ;-)

[@1stformations]

Thanks! Are you speaking from experience?

[@doctoryoussuf]

Great video by Nicholas. Keep it up!!

[@1stformations]

Thank you. Have you checked out any of our other videos?

[@user-zq8hv4dj9u]

Great advice!

[@1stformations]

Glad we could help. Have you ever gone into business with family or friends?

[@venaliasolutions]

A lot of this information is relevant for more than just family and friends. Good info, thanks.

[@1stformations]

Thanks. Do you have a limited company?

[@venaliasolutions]

@@1stformations Yes, I do. Venalia Solutions Ltd. I used your services recently to create it.

[@anasselidrissi419]

Great advice Thanks

[@1stformations]

Our pleasure. Do you have a limited company?

[@johncarpenter8651]

Great video, thanks

[@1stformations]

Thanks John. Have you checked out any of our other videos?

[@laptop517]

thanks for your advice . my family project problem is the quality of service evaluation, which family emotions affect the negatively . I suffered this😮

[@1stformations]

Yes, it can be difficult to have candid discussions with family members about quality of service. What type of service was your company providing?

[@laptop517]

​@@1stformationswe have a spirulina farm, production, distribution and sale

[@TanerToker867]

Great advice 🥰

[@user-ej9sy2fx2w]

good advice,Thank you ;)))))

[@1stformations]

No worries. Do you have a limited company?

[@user-fq8bt3gj2q]

I personally think that working with family and friends is not always the best idea because it's harder to set boundaries

[@1stformations]

Yes, it can be very tricky and many people adopt this policy. Do you have your own business?

[@Bonds_Symphony]

🎉

[@1stformations]

Thanks. Did you enjoy the video?

[@user-xl6lp8cz6i]

Really useful, thank you

[@1stformations]

No problem. Do you have a limited company?

[@user-xl6lp8cz6i]

@@1stformations yes, I’m one of your clients

[@1stformations]

@@user-xl6lp8cz6i Great! What does your company do for a living?

[@user-xl6lp8cz6i]

@@1stformations business consultancy for life coaches and online course creators

[@1stformations]

@@user-xl6lp8cz6i Great! How do you find your clients?

[@userEasyBeauty]

The agent kept asking me for many proofs and but they just said they are not acceptable. I have asked them to refund but they declined, but as you seen on their homepage, my package should support no-reason refund. It is ridiculous

[@1stformations]

I am sorry to hear about your experience. Unfortunately, we are required due to HMRC supervision to verify the identity and address of customers using our services. Can we have your company name so our Service Improvement Manager can look into this and contact you directly?

[@abdouelbidawi]

❤

[@user-hi7hk9ty1f]

Hi I opened a company and canva was free for 45 days I bought it but I don’t know how can I open it can you help me ?

[@focuspoultry8687]

We are a family of 9 people, brothers and sisters. We are planning to put money together to start a business. Do you think I have to include everyone names on the LLC or just it under 2 or 3 people names. Can you share your thoughts with me, ok n that?

[@1stformations]

Hi there! Thank you for your question. Anyone who owns shares in a limited company is called a ‘shareholder.’ The number of shares held by each member determines how much of the company they own and control. They also normally receive a percentage of trading profits that correlates with their percentage of ownership. For example, if two shareholders hold shares of equal value then they have 50% ownership per share. If ten shareholders hold shares of equal value, then they have 10% ownership per share. If all 9 of you want to hold the same stake in the company, then you should add each person and give them an equal value of shares. Please remember that the percentage of shares you hold also affects your voting rights. For example, Ordinary resolutions require a simple majority vote (above 50%) to be passed. Special resolutions require at least a 75% majority vote to be passed.

[@user-om3xg9cn9d]

Yes, clarify ownership and roles and put everything in writing

[@taxdone3565]

Great advice!

[@1stformations]

We're glad you like it. Do you have a limited company?