what happens when partnerships go wrong

[Royce Talbo]

I see a lot on the forums and on fb people are so gung ho to partner with others that they have never met before just to close a deal. some say its all about the numbers and its not a competition its a collaboration. but what happens when you partner with the wrong people?  

I remember in college my professors would say partnering is a huge liability and its not worth it unless you really know the person and even then you have to write out the contract for every scenario that could arise and how to deal with it. am i being too cautious not partnering with people unless i really know them? is having a llc sufficient enough to protect me from their mistakes as in if they get a huge law suit the only thing i would lose is what is in the llc?

[Matthew Irish-Jones]

@Royce Talbo it’s like going through a divorce only in business.

It can be a truly horrible money losing experience or it can be amicable and as pleasant as can be depending on the people involved.

If you don’t need a partner then don’t partner. The best “partners” in my opinion are vendors.

They have to continually earn your business, and you can fire them easily if they don’t perform.