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as above.. get contracts and be prepared to lose them as friends ;) I lost a good friend (well thought he was a good friend) I'd known for 15 years because of this biz.... it's surprising, but even those you think you 'know' someone, they will still stab you in the back at the first chance when it comes to money... and that's what he tried to do.
You might get along as friends, but don't get along as business associates... You have to make it clear as to what each partner is bringing to the table before even thinking of opening up. Ask youself if your friend's a lazy idle twat? Does he blow all his cash? What skills does he have?
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