REQ: Help Partnership...I need your OPINION

[reggozo]

Hello Mates,,,,,
I really in need of your advice/opinion about an offer that I received today, let me explain to you:
I am building a membership site to teach English as Second Language. I am from South America and the market here has a big potential. I mean really big potential for this matter.
I bought OptimizePress 2.0 and I am using Wishlist on my site but I needed to set up a code on my site for an specific Gateway Payment in this case I went to a guy who I know for years...I cant call him a friend, but he is honest, hard worker and very smart. He is graduated on Computer Science and he is a really good web design programing.
We talked about the gateway integration and he offered me his partnership. He said he could take care the coding, programming and design of the site and I would pay him a % of the profit.
It is a very tempting offer/propose because he is going to take care of the site, maintain and help with the video edition and shooting.
We talked about to write everything down on papers and make a contract or something similar.
The problem is that I never done any partnership and I am concern on how to do it. He was talking about of 10% which I think is too much.
He might spent the entire month, months without doing much and receives a good profit. I am just saying, not being greedy here, I just don't want to say NO and later on regret or say Yes and ended it up being screwed.
Any suggestion or advice will be appreciate. If you have done any kind of partnership please help me out.
Thank you!

[TheAnalyst]

For just 10% that isn't a bad offer at all. Considering it's a person you trust that would be giving you full on assistance for some small passive income which is just 10%. Unless by some means you want to handle everything alone to get just another 10% a month, I don't see any reason not to.

[janesays]

Yeah I agree only having to part with 10% is very decenct considering he is taking that off your hands. Just be careful though - if things get ugly he could hijack the site by locking you out and take your customers - not saying he is untrustworthy - just make sure he doesn't come back demanding more money - so make sure you have everything in writing. Is he in the same Country? That would help with legalizing your partnership under the same by laws.

[Archon]

Then pay him a salary monthly if you don't want to do a partnership.

Its' your project you offer the partnership not him.

[reggozo]

(09-10-2014 09:52 AM)janesays Wrote:  Yeah I agree only having to part with 10% is very decenct considering he is taking that off your hands. Just be careful though - if things get ugly he could hijack the site by locking you out and take your customers - not saying he is untrustworthy - just make sure he doesn't come back demanding more money - so make sure you have everything in writing. Is he in the same Country? That would help with legalizing your partnership under the same by laws.

Thank You.... Yes he is the same Country....Same City...... He is just 10 mins walking distance from my home. I told him that if we choose to go to this route we will have everything in writing under the laws here.

[reggozo]

(09-10-2014 09:58 AM)Archon Wrote:  Then pay him a salary monthly if you don't want to do a partnership.

Its' your project you offer the partnership not him.

Correct but I don't have a lot money to pay him monthly and on the other hand he knows quite a bit about SEO, if the business grows he will have more money and more interest on it.
I just need to make sure to not let things fall out of my hands and he gets greedy. If you know what I am saying... That's why I am asking you guys for help.
And thank you!

[reggozo]

(09-10-2014 09:39 AM)Mort Goldman Wrote:  For just 10% that isn't a bad offer at all. Considering it's a person you trust that would be giving you full on assistance for some small passive income which is just 10%. Unless by some means you want to handle everything alone to get just another 10% a month, I don't see any reason not to.

Thank you! I can see that it makes sense to go to the partnership specially that I am a programmer and I use WordPress and he wants to redo the entire site by coding and he says it will take only 10 days to do it.
Besides for the Gateway Payment I will have full control.
Basically I am the owner and he will have a commission of 10%.......I said partnership but he will have just 10% of the profit.
Thanks again....

[reggozo]

What clauses should I have in writing on the contract?