So, you're thinking about adding a partner to your entrepreneurial start-up? Business is booming, and there's more than enough work - and obviously profit -to go around. Congratulations.

But before you sign on the dotted line making this partnership official, I have a few questions to ask you.

Have you decided which partner will actually fill the information to be in compliance with all those small-business laws? And just what type of partnership are you talking about - an LLC, or perhaps an LLP?

Will you be seeking small business financial aid, if so, who among you will fill out the paperwork for it? What about signing as a guarantor? Who will own the majority of the company? Who will invest the money and who will invest the time and energy? What will happen if the partnership doesn't work out?

Whoa! You say. Haven't thought about all those questions yet? Did't think so.

But these are some of the questions you need to answer before you create that ideal partnership. If you actually do tackle these questions beforehand, then perhaps the partnership could stay as "ideal" as any arrangement can under stressful conditions like running a business.

But if you just blithely join forces without much thought about the division of labor and responsibilities, you're likely to see your dream end abruptly in disaster. And that would be a shame, because you've worked so hard to bring it this far.

First, know that the questions you need to be asking before you take on a partner are not those that can be idly answered over a cup of Caramel Mocha Cappuccino at your local coffee shop. You'll want to seriously discuss issues like these and be clear about the seriousness of the partnership.

For example, let's just visit one of those questions I barraged you with: who will sign the required documentation so your partnership is in compliance with the small business laws in your area? Make it clear to your potential partner that you expect both of you to sign. Indeed, if you're to be true partners, it's only fair.

That's exactly what should occur when you and your partner apply for business credit as well. Your loan officer will probably require this anyway. Obtaining a business loan actually requires more documentation than applying for personal credit, even more than applying for a home mortgage!

Why? The lender wants to ensure his loan. Therefore, he wants not only complete information about the business itself, but about each individual who is a partner. It's not personal. He's investigating you so thoroughly because it's his job to tailor the loan as much as possible to suit your needs. So the more he knows about you and your partner, the better it is for you both.

The credit history and the collateral of each partner are keys to ensuring the success of the loan. When you apply for this, he'll undoubtedly ask for business credit score - and believe it or not - personal credit scores as well.

In fact, when applying for a business loan you'll discover that, should you go through a credit union, it will request a myriad of knowledge about you and your partner, including your name, the title you hold in your business, as well as your social security number, and the percentage of ownership for each of the partner.

Now are you beginning to see why it's important to have all those tough questions regarding partnership answered before you apply for the loan? You'll be just a little embarrassed -and certainly receive a curt "no" in answer to your request - if you haven't thought about these factors ahead of time.

Just keep one thing in mind. Running a business is a serious business in itself. If you feel overwhelmed at any step along the way, don't hesitate to get expert advice. There are many organizations ready to offer help. And don't hesitate to seek the services of an attorney. It may be the best investment you'll ever make.