Some friends and family want to give me money, what next?

The most important point to consider when getting money from family and friends is mixing your personal and business life, if your project didn't return so much money or just failed, you have to say bye bye to your friends and maybe your family because they won't trust you any more.

On the other hand, getting money from F&F (family and friends), is easy, doesn't require formal papers to submit. If you have a really good project and you are hard worker, then go for it and try to get as much money as your project requires.

You can consider many options but at the end you need a trustful lawyer.

First, before getting the fund, are you ready? Do you have a business plan?

Second, consider other funding options even for the knowledge.

Finally, if it is all set, consider incorporating a similar type to S-Corporation in MENA. it is different from one country to another.

A VC once told me, VC money comes after the three Fs, Family, friend and a fool. If your Family believes in you, your friends believe in you and there is another one who was fool enough to put money in you and he does not know you, the VC will have more confidence to put money. Legalities make a lots of difference once VC jumps in, so if you need any legalities now, it is to make sure that a VC can jump in easily with no problems and that dilution is easy to conduct, since the three Fs do not understand the concept of dilution and they might panic when they know their shares will decrease.