DigitallyDisrupt

Should my company be an LLC, Corporation, or what?

Business mentor here.

What are your plans for division of equity between investors and founders?

allow us to work other jobs as long as it doesn't take up company time

Check out rescuetime.com very fine-grained time tracking. Excellent for providing proof in the future.

I've heard it's bad to go into business with friends because of money.

After money, it's contribution.

My partner groused about paying a bit more for expenses... however, he quickly forgets at those moments, I've given him 50% of a business that existed solely in my head. Not a bit of it his idea. 10 pages of features. All from my brain.

So, be prepared for the "inequality fight."

That said, if you are good friends, with a solid relationship, you should be able to get through everything. Our last tiff where I told him I wasn't happy with his participation of the past weeks, was followed with a quick code update and a minor mea culpa. And all was good.

YMMV, my business partner is a former mentee, so, when push comes to shove, he still listens to me, affording a bit more parity to disagreements.

What if the business does less than $800 of business that first year?

What is your interest in being an LLC?

Limited liability company, when you go bankrupt or are sued, your personal finances are safe

You might need to rework your business plan if you are doing only $800 business and worried about being sued or going bankrupt.

what do you think is a problem most people don't think about when they set out to start their own business?

Expenses are exponential.

There is a "much larger cost" to doing business every day from a brick and mortar or popular online site, than being a 'tent and table' at weekend farmer's markets.

Mostly the formal expenses, attaining a business license, incorporating or going LLC, paying taxes, having to 'actually do taxes', etc. Those tend to eat up "casual profit".