Wow, everyone’s starting to realize that it is internecine arguments and conflicting personalities among the founders that kill companies. Not competition.
Startup Lawyer has some great observations on this topic, including a to-do list of what to make sure you sort out with your partner:
(1) the goals each of you have for the startup;
(2) the goals each of you have for yourself;
(3) duties, job descriptions, and hour commitments;
(4) who pays for what;
(5) who gets paid first and why;
(6) what happens if one of you wants out;
(7) what happens if one of you wants to sell the company, raise capital, or end it;
(8) what happens if one of you gets disabled or dies;
(9) what happens if things take longer than expected; and
(10) whether launching other startups, i.e. “moonlighting,” is ok.