What are the legalities of doing my first deal with a friend?

[Hunter Wolfe]

Hello!

My friend and I are looking to do our first deals together. For those of you who've done deals with your friends, what do we need to do, legally, to get going? Do we need to set up an LLC? Or can we both work together without having to create an LLC?

Any advice on the legalities of setting up a business partnership would be helpful!

[Jon Crosby]

@Hunter Wolfe  Disclaimer: Be sure to consult legal and financial adviser first. 

But in my opinion, you don't need an LLC to do a deal together with a partner (unless you are looking for asset protection). Just draw up your terms making sure to outline all the scenarios (good and especially bad) that you can and sign a contract together. You can whip one up pretty cheap on RocketLawyer or LegalZoom.

Best of luck!