Business and Partnerships

I appreciate all responses to my question. I admit I have been having reservations about a partnership. I trust my sister completely, but it's true we are very different people, who are often on different wave lengths, and who often recall facts differently. If we did form a partnership we would definitely need to put as much as possible in writing.

My sister and brother-in-law are presently in tough financial straits, and will probably declare bankruptcy. There are a number of reasons they got where they are now, but key is the fact that my sister's husband lost a well-paying job. He had been earning $100,000 annually, then got a job in another state -- after a year trying -- at $30,000. A little over a month ago he suddenly quit that job, saying he couldn't put up with the hassles. That shocked my sister as they had virtually no savings. I am trying to get involved to help my sister and her family out. Still, I also need the money, although I am much better off than they.

Since they told me they are likely to declare bankruptcy I will not be getting entangled in a legal partnership with them, although perhaps some other joint effort will be considered. Frankly, my chief concern is about my brother-in-law. He is an accountant by training, but has been having a very difficult time rebounding from his setback. Now that he has just up and quit his previous job I suspect a new position will be even more difficult to acquire.

Regards,
Gerard