I really need your advise and thoughts

Sorry this is going to be a little bit long but I really need any advise I can get and input.

So my bf and I are nails tech. and currently we are working for someone (I'm not working at the moment cause I'm at home with my son). We for awhile wanted to get started on our own nails salon..but the thing down here in FL is, gotta find a good location and all. So my bf been having this client (going to name her "M " since her name started with M), she been going to him to get her nails done for like a year already..not so long ago, she was talking to him and saying something about how she wanted to learn how to do nails also and wanted to patner with him on opening up a nails salon. So we finally found a space which they want $6,000 for rent and she if she patner with us it's 50/50. But the thing is, I don't know if I can trust her, I mean it's business here, but it seem as tho my bf can trust her, well he talk to her more then I talk to her since she is his client..and then she told my bf today that we don't need to get any loan for the business (cause we need to build it up, there's nothing in there yet) and that she got it taken care of, she was saying something about, she got some $200,000 in her AMEX and that she will put my bf name on it as in business and stuff like that...so my bf say is, all he need now is my approval and how I think...I keep thinking, is this lady trustable. I mean it's a business we talking about, it's not like oh we have to deal with hundreds of dollar, we talking about thousand here..So what you all think about this stitution? Please give me your honest thoughts and input, that would help a lot.

I wouldnt.... you dont know this girl, and mixing your finances together could be disasterous!

dont do anything without something in writing. you're right,you dont know if this person is trustworthy or not...

Quoting Maddy&Dylan's Mommy:“ dont do anything without something in writing. you're right,you dont know if this person is trustworthy or not...”

I mean, let just say if we do decided to patner with her, of course there's going to be some kind of writing or contract

I've often heard that the only ship that doesn't sail is a partnership. I've seen it time and time again. I wouldn't intermingle finances, most especially if it's being taken out on a CREDIT CARD.

Quoting KristyRose:“ I've often heard that the only ship that doesn't sail is a partnership. I've seen it time and time again. I wouldn't intermingle finances, most especially if it's being taken out on a CREDIT CARD.”

sorry but i'm not really understanding the last sentense(sp)

I do believe you said that the gal wanting to partner had some $200,000 on her AMEX. AMEX = American Express = Credit Card.

Bad bad bad idea to finance a business on a credit card. The interest rates and finance charges are outrageous, and I think it's just a disaster waiting to happen.

My hubby and I started a home based business from the ground up with zero financing. Sure, it has taken us a long time to get off the ground and rolling, but there is zero risk involved. Maybe you could consider doing nails on the side and building up a customer base gradually that you'd be able to take with you when you decide to go out on your own completely.

Quoting KristyRose:“ I do believe you said that the gal wanting to partner had some $200,000 on her AMEX. AMEX = American ... [snip!] ... and building up a customer base gradually that you'd be able to take with you when you decide to go out on your own completely.”

To be honest with you, I don't even wanna patner with his lady, but I can't make the whole desicion on my own, even tho my bf want my approval first before doing anything cause we live together, we share everything together..this lady is like at least 35+, why would she wanna patner with someone that isn't 25 yet..both my bf and I aren't even 25 years old yet..he saying something about oh if we don't act on it, then we can we start as in like he wanna have something on on in life and about our future..

Have you been honest with your bf about your feelings? If you're living together, and sharing everything together, I would think this should be a shared decision. I am lucky that my hubby and I think on the same wavelength 98% of the time.

I would sit down with him and weigh the risks involved in this partnership. I know he wants to start making something of his life, but he also needs to consider what might happen if the deal goes bad. If this woman bails out, or if some shady business practices start coming out...he could get hit with lawsuits (from her as well as others), or end up stuck with a lot of debt (to the tune of $200,000 plus interest and finance charges from what I gather thus far). It could all be peechy keen, or he could lose everything. Partnerships are really scary/risky deals - and if you enter into one you want to make sure you own AT LEAST 50%.

Things you should consider: Does he know this woman other than her being a client? Does he know anything about any other business deals or areas of business this woman is into - if so, have they been good or bad, and where are they now? Does he or she know anything about running a business? Is this woman talking about putting forward all of the money, or will your bf be expected to contribute as well?

I don't want to scare or discourage you. I'm only 25 myself, and I'm always looking for something bigger and better, places to move and grow (sometimes to the point of driving my husband crazy because I'm actually doing awesome for someone my age, and he constantly reminds me of that). But, along with my moving and growing, I'm also very cautious because I don't want to lose everything I've worked so hard to earn. I also don't want to wind up miserable - make sure you're happy.  

Good luck to you.