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I can add some practical advice too:
1. Software development company must (!) have a good website. If you cannot open it or pages are not working you'd better stay away from it.
2. You have to share one working language. Call your partner in Skype and listen not only to the details of the deal, but also if he/she speaks well. Mind that you need to explain what you want and you have to be sure your words were understood well.
3. Choose a partner in your time zone or at least in a time zone which is convenient to work with.
These tips and some others might be found in this article -

Interesting idea!