Applicom

Never have a 50% business partner. Ever.

This is possibly the most important rule for a reason: break it, and you will fail. A 50% partner will give you a 98.8% failure rate. Having two bosses running a company together is like having two heterosexual pilots in one Formula 1 racing car: at the beginning they might enjoy the mad ride, but eventually they will hate each other's smell, sweat and breath. There is a reason why big companies, when the current CEO resigns, hire one new CEO and not two. There is a reason why there is one commander in an army. There is a reason why the divorce rate in progressive, balanced couples is so high. 50-50 partnerships don't work. And if your business partner happens to be the perfect person, who shares your vision, puts the same efforts into the business, the same financial resources, and he even provides the occasional extras for your own pleasure, then just wait till he dies. Yes, death does happen, especially to good people and good business partners. Then, you will have his wife and children vetoing your decisions, deciding your company's direction. Or, sending you bankrupt in the process of buying them out.

Corollary: This rule is especially true if the business partner is your love partner The only difference here is that when the company splits, rather than negotiating his exit route, you will walk the provided exit route -- in your underpands.