Matt... I'll apologize right up front for this diatribe..... but wanted to take the opportunity to address the "profanity you used in your original post"..... PARTNER/PARTNERSHIP. :smile: You may know all of what I'm about to share, but just in case?
When I saw that it had been three years since you asked about entering what I call "partnership hell"......... I was really please that I wouldn't have to reply with partnership horror stories. As a resource, know that there actually is an attorney that specializes in the Specialty Coffee Industry. He's the legal counsel for the SCAA national office in Long Beach. At least he was last year, or the year before. As an acquaintance, I've referred others to him for coffee business counseling.
I always recommend that before entering into any business, a knowledgable attorney be contacted. Unfortunately, there are more small business horror stories than success stories about the small business newbie that actually hooked up with both a CPA and Attorney before investing their time and money. This isn't advice, but the sharing of what others, and myself, have experience in our business lives.
BTW.... The accounting side of the coffee business needs just as much attention. No one wants to be an accounting nightmare! Always contact a CPA "BEFORE" committing to an accounting package. Any good CPA will want audit trails, and a program that can be "professionally" supported by their offices.
I've done both the right way, but that was by shear luck that I took that route. It saved my partner and me thousands of dollars and much less heartache when we dissolved our corporate partnership. These are life lessons learned with heavy scaring. And that's even when you've done all the right things regarding planning, legal and accounting.
End of lecture................... Al