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  1. #1
    SitePoint Wizard jag5311's Avatar
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    Taking on a partner, what do I need to look for

    Hey guys

    Well, here is my scenario. I maybe entering a partnership with a guy who currently owns the domain of a site. I sold it to him about 2 years ago because I no longer had time to maintain it. Well, now I can and I wanted to buy it back. He would not sell it but said he would be intersted in a partnership.

    1. Because its a great name and gets about 5,000 visitors a week.
    2. He hasn't touched it since I sold it, and we both know of the opportunity this site could present.
    3. We both want to make money off it.

    He said that he could enter a partnership and the reveneue would be 50/50

    I am fine with that.

    Now here is the kicker, he lives in Canada and I am in the U.S.

    When it comes to making money off it, rather its sponsers, banner ads, text ads, or whatever, what is the best way to make sure we both get our 50/50 and one or the other doesn't screw each other over. I would never do that, but I don't personally know this guy.

    Would a contract need to be signed? Are there accounts that would have to be created to handle this since we are from different countries?

    Any help is appreciated

    Thanks
    Bryan

  2. #2
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    I wish you would take your own advice: "Take responsibility for your actions. If you are wrong, apologize!"
    "Stop and think about your decisions, they may affect more then just yourself"

    And stop using that deceptive signature.

  3. #3
    SitePoint Wizard jag5311's Avatar
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    HUH!?

    Where am I not taking responsibility? How is it deceptive.

    If you refering to
    one or the other doesn't screw each other over
    I hope you noticed after that I said,

    I would never do that
    Because I wouldn't. I am asking this so it doesn't happen to me!

    I would really appreciate it if you explained yourself!

  4. #4
    SitePoint Wizard Lil_Red's Avatar
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    The best thing is to talk to a lawyer who is familiar with partnerships where the partners reside in different countries.

  5. #5
    SitePoint Enthusiast
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    I wouldn't go for a partnership, as in setting-up a new company with both being officers, with something like this.

    You'd be better off with a good joint venture agreement. Make sure you clearly cover each person's share of revenue, expenses, roles and responsibilities. This will solve the problem of being in different countries, taxes, local laws, etc.

    Make sure agreements are signed and witnessed!

  6. #6
    SitePoint Wizard jag5311's Avatar
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    well, I have been convinced for a site like this to just buy a domain and try to compete with him, because he doesn't manage the site, its the same as when I left it 2 years ago. I think he is just holding onto it to sell it at a hefty price, so I bought a couple domains that are similar to my original that he owns now, but with different extensions.

    If there was no copyrights, patents, or anything, and lets say he owns "mydomain.net", and I go and buy "mydomain.us or mydomain.info"

    I can't get in trouble if its in the same business, right? All it is, is a name on the internet.

  7. #7
    SitePoint Wizard jag5311's Avatar
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    Oh, Saberworks, I am still waiting for a justification for the response I got from you

  8. #8
    SitePoint Guru MG315's Avatar
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    no, as long as he doesnt have a copyright for it you can get related domains...


    but i wouldnt do that. by getting a similar domain, especially one like .us or .info, you will have many people wanting to go to your site go to the .com or .net (your competition). if i wanted to compete with greatcookies.com, i wouldnt get greatcookies.net because it would be confusing to people. i would want to distinguish myself from competition so i would have a unique name.

    so yes, you can do it, but i wouldnt suggest it

  9. #9
    Object Not Found junjun's Avatar
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    I would be very careful before entering a Partnership. Even though you don't want it to happen, there will be times when you disagree about direction or more deailed issues.

    If you were talking about a formal partnership, you have to register it, and you might be bound by the U.S state law where you reside when it comes to partnerships, and/or similar canadian laws. Like mentioned above, seeking legal advice is recommended when doing this.

  10. #10
    SitePoint Wizard jag5311's Avatar
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    I appreciate the feedback. I have decided I won't be getting into a partnership but starting a whole new site to compete with him

  11. #11
    ********* Genius Mike's Avatar
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    I say back off, put a snapback on the domain, and hope he just lets it die. IMO.
    Mike
    It's not who I am underneath, but what I do that defines me.


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