from Hacker News

I'm a web developer and got out of the employment line and started to do my own business. As I was advertising the product, some people asked if we can have partnership. I agreed and so my questions started springing.

At the moment we are already doing some operations. I'm not able to understand this kinds of stuff since I'm starting entrepreneurship. I'm not able to comprehend on legal documents with this issues.

So the question is:

What legal documents do we need to safe guard both parties with regards to the product?

What are the limitations in doing partnership than having an owned business?