My friend and I want to go into business: Part 2

Once you have your partnership agreement, signed by all parties, in place, you should consult with a good accountant. The next most important piece of the puzzle is to ensure that your partnership books and records are set up properly and efficiently. Your goal is business is to grow and make a profit. Once you are on that trajectory, you won’t have time to deal with issues like setting up your Quickbooks account or figuring out what is deductible and what isn’t or even how to properly record expenses. Your business will be more likely to succeed if you have a solid infrastructure in place before you start.