<prompt> Human: A friend of a friend contacted me about some app development work. Im a career applications developer by trade, and Ive only been employed full-time. I have wanted to get into freelance work and eventually start my own business, so I thought it would be a good opportunity to get started on some side-projects and generate some extra income.When I met with him, he discussed an app idea. I thought we would agree on a number of hours and a rate, but instead he was hoping I would start a business with him, develop apps starting with the one he proposed, and split the profits. I could start part-time and he would pay me a retainer up-front, but after that we would be partners and eventually work towards full-time applications development. He is not a developer but he is well-connected in my city and has a lot of ideas. Hes an entrepreneur and has started other businesses.His app idea was interesting but not something I would like to work on full-time. He seems open to discussing new ideas, though, and would probably make a great partner. I trust him and the person who introduced him to me. I like the prospect of starting a business with a partner who can keep me motivated and bring in new ideas to brainstorm.Hes waiting for some follow-up questions, but I wasnt really expecting this type of proposal and Im not sure what to ask him for. Does anyone here have any recommendations for the type of info I should ask him for? References, past work, timelines, that sort of thing?  <response>: I have been down exactly this road. Here are the four things you should ask, based on my mistakes:1. What is your potential partners personal financial situation? How much money does he have in the bank? How much credit card debt? Does he pay his bills on time? Buy luxury goods he cant afford? Has he ever let a bill go to collections? You are talking about entering a business marriage; you need to see your partner naked, money-wise. If they run a sloppy personal financial ship, they will run your joint ship the same way.2. What kind of immediate expectations does your partner have for compensation from the business? How long can will they go without a salary during the start-up period? Nothing worse than you deciding you can go four or five months without pay to make the business go, while your partner declares heshe cant survive on less than 10k net per month. Source: my onetime BMW-driving, image-crazy business partner.3. Ask a hypothetical question: suppose your joint venture receives a windfall 25,000 in unexpected revenue. What would you do? Pay off debt, upgrade equipment or marketing, bank it for a rainy day, or split it as a surprise bonus payout? The answer will tell you much of what you need to know about your partners business psyche.4. How do you want to get out? Get acquired? Keep going forever? Shut it down when you reach a certain level of wealth? You have to agree on your endgame, or at least have clear expectations.Finally, no matter how pointless an exercise it seems, write a business plan together. A real one, with start-up costs, risks and opportunities, cash projections... as if you were applying for a loan. The discipline involved will be a major test of your ability to work together as partners. And if one or the other of you get tired of it, theres your answer about whether you should be in business together. 