Answers:
I guess I'm a little undecided of what would be required of you. Would your friend be running the second business and who would be putting up the money to start it? The best advice I can distribute you is to sit down and put it all printed. What you would need to do to start the second business, who would be the owner of the second business, who would wage start up costs, who would run it, etc. Look at how starting the second business would affect you running the first business. Would it take too much time away from the first business? If you opt to do this then seize everything in writing. Write up a contract or, better even so, have a attorney write up a contract and you & your friend both sign it. You might think you can work next to your friend without a contract but it would be far better for both of you if everything is surrounded by writing.

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