Don’t rush to make your friend your business partner.
At first glance it might seem a good idea, after all, you care for, know, and trust each other. However, you should use your knowledge of your friend, not only your love for him, to ponderate if his personality, values, and work philosophy match yours.
You maybe don’t know these things by experience, but you know them by the stories he has shared with you, by the experiences he has had with others.
Take a minute to make a summary of the strengths and weaknesses of your friend before going into a partnership with him.
Making a list like this doesn’t hurt anyone, while a bad business relationship hurts everyone.
Protect your friendship, even from each other.