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Dan Lawson
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MissSassy, post: 210459 wrote:
You really should get some legal advice ASAP.

In your post you firstly describe these people as your 2 partners and then you are saying that they are only worth 10% each.

My Question is: What do they think they are?

Naturally your business is new and not making massive amounts of money but what are the expectations from the people you yourself call partners?

Thanks Miss Sassy,

Your post and embedded question was really valuable. It’s quite a confusing and treacherous subject to talk about and since your post I’ve thought about it further. You’re correct in saying that 10% does not a partner make but my issues were of capital investment, of which I am the sole contributor, and also the business was my idea to begin with.

Then again, I don’t believe I’d have nearly as strong a business without these two partners and such I should reward them accordingly. At this stage I’m thinking of splitting the business up into three pieces; 50/25/25 or 60/20/20. I believe that is a fair deal, and the others believe that too (one was happy with 10 the other suggested the 60/20/20)

Regarding approaching a lawyer, you’re right as well but I feel nervous about approaching the subject as there are so many unknowns. Also, at this stage I’m a Sole Trader but I’d like to incorporate and set up a Limited Liability Company. I don’t know which steps to take so I guess I’m a bit lost.

Thank you very much for your help, there was some good advice in there.

Regards,

Dan Lawson