- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Help with company ownership
Posted on 4/11/17 at 10:00 am
Posted on 4/11/17 at 10:00 am
New here and need some help. I started a company a while back, and we're just now getting into some profits. My original partner has had some family issues and had to take some time off and hasn't been involved at all. Because of that, I basically started the company without him.
I want to give him a chance to come on when he's ready and be able to take on ownership. What type of document could we write up to give him this option? Maybe something that we revisit every 6 months that gives him an option to come in at a certain percentage for free and up to a higher percentage by buying in.
I want to give him a chance to come on when he's ready and be able to take on ownership. What type of document could we write up to give him this option? Maybe something that we revisit every 6 months that gives him an option to come in at a certain percentage for free and up to a higher percentage by buying in.
2
Posted on 4/11/17 at 10:22 am to The Flanvil
I'm going to tell you from experience that having a partner in a small business is worse than a bad marriage. The best day of my life was when I fired my partner.
Posted on 4/11/17 at 11:09 am to The Flanvil
Is it a Corp? S Corp? LLC taxed as one of the above? LLC taxed as a sole prop?
You can just write up a document that says whatever you want it to say, the terms, etc. Both parties sign it.
When and if he buys in, you may need to amend your governing documents.
You can just write up a document that says whatever you want it to say, the terms, etc. Both parties sign it.
When and if he buys in, you may need to amend your governing documents.
Posted on 4/11/17 at 11:30 am to LSUFanHouston
LLC taxed as sole prop.
Yeah, after doing a little more research, it looks like a simple letter of intent with all of our terms would do the job. I just didn't know if there was something a little more formal for this sort of thing.
Yeah, after doing a little more research, it looks like a simple letter of intent with all of our terms would do the job. I just didn't know if there was something a little more formal for this sort of thing.
Posted on 4/11/17 at 11:44 am to The Flanvil
quote:
LLC taxed as sole prop.
Who put up what for start up capital? what was the plan regarding pay and profit?
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News