My Donut Business.com

What will each partner bring to the table? Agree on how much money each person will contribute to the venture. If outside funding is needed, like to purchase donut making equipment, who will ask for it and assume
the responsibility for payments? There are also more things to consider than just money including time and property.
Partners need to decide how decisions will be made before it is ever required. Perhaps one should give certain responsibilities to the other knowing that there may be some unpopular decisions made. There are disagreements in every type of relationship, and a business partnership is no different. Will every decision require the consent of each partner? Perhaps the various responsibilities of each partner should be spelled out in written form.
Will partners divide profits equally? The split could depend on what each one brings to the table, how much risk is taken, and how much work each puts into the success of the company. As with everything else this should be worked out ahead of time to prevent any misunderstanding once the company begins to make money. On a similar note, partners need to decide who owns any copyrights, physical property, and intellectual property that is obtained or created.
Partners should develop contingency plans ahead of time for when the relationship ends. A partner may want out or one my die. Will one partner be able to buy out the other and how will the the assets being transfered be valued? An exit strategy should also be agreed upon if the company becomes too much to handle so that partners part amicably, fairly, and legally.
Partners need to agree on what constitutes a conflict of interest. One may engage in other business activities that could compete with the company or have other ventures that take efforts away from the potential success of the company.
In summary, a partnership can be mutually beneficial by decreasing risk and start up costs for each individual making the idea of a business a reality. There are also many points that need to be considered to keep the relationship healthy and the business moving forward. To not discuss and plan for the issues mentioned could mean disaster.