I have been there and done that and I promise you I will never dso it again. My best friend of 30 years had the money, while I had the skills and knowledge. We formed an LLC and what we done was, I became sole owner and he was a share holder, so to say. He financed everything, while I done all the work and made all the money. The agreement was, I would pay him back with interest everything he put out, plus pay him a percentage on all monthly gross income I brought in. Seemed fair to all, and agreed. Then he realized how much money I was bringing in and he wanted half of it all. Forget the agreement he said. Now, his greediness has costed me a 30 year friendship and a dream business, all because he had the money to start it all. PLEASE be very careful in what you do.
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Submitted 359 days ago...
Business Partnership Agreements
I am the sole owner and operator of an LLC. I have recently found someone wanting to invest in my business and will put up all the necessary monies needed to expand my business. We would like to enter into a partership and I need to know what type of agreement should we have between us. Should we form an LC, or enter a Business Partnership Agreement Contract. I need to know what is in my best interest and what is fair to ask for as far as monetary compensation. Basically I have the product and the skills to create the product and the other party will initially supply financial support.Would it be in my interest to do an Independent Contractor Agreement? Even though I will not have the money initially towards any start up cost of this partnership, I posses the integral part that will make this business a success and I want to come to an agreement with fair terms for both parties
This question was edited by cicley 359 days ago.
Reason: needed to take something out
Submitted 338 days ago...
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Or even a sole proprietorship? I'm thinking about a starting a business and I'm not sure what kind of business is right for me.
My sister is looking at starting a business and while she is pretty smart, she has no business knowledge other than some accounting. How can one find out how to register a business name and get set up with tax...
Or even a sole proprietorship? I'm thinking about a starting a business and I'm not sure what kind of business is right for me.
Or even a sole proprietorship? I'm thinking about a starting a business and I'm not sure what kind of business is right for me.
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