The fact is that, regardless of whom partnership is with, partnerships by themselves are meaningless. What are meaningful are terms of partnership. For instance, while it sounds great to have a partnership with a Fortune 500 company, details of partnership are what investors find important. For instance, investors will look poorly upon a partnership in which Fortune 500 company earns 90% commissions on customers it refers. On other hand, investors would look favorably upon a more equitable partnership.

(Note: You also should check child labor standards of your state. If they differ from federal regulations, you must comply with rules offering more protection for working youth.)

Age limits FLSA generally establishes 14 as minimum employment age, with some exceptions. For example, a child under 14 may generally deliver newspapers, baby-sit on a casual basis, perform as an actor, or work in a business solely owned by his or her parents. However, job must not entail manufacturing, mining or any of hazardous activities prohibited under FLSA (discussed below).

Time limits Employers face no federal restrictions on hours that 16- and 17-year-olds may work. But workers 14 and 15 years of age may only work up to three hours on school days, eight hours on non-school days, 18 hours per school week, and 40 hours per non-school week. What's more, their work hours must be between 7 a.m. and 7 p.m. (9 p.m. from June 1 until Labor Day).