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NickKaro
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Luke

I would strongly suggest seeing a lawyer before signing off or contributing time, effort, money to this business. The profits should be split according to the unitholding, but this may depend on how the trust deed is drafted and your rights might be varied without your consent depending on the terms of the deed and control of the trustee.

If the father is the only appointor, he has ultimate control of the trustee company (as it can be changed at any time) and therefore your shareholding in the trustee company may be theoretical.

Separately, you need a unitholders agreement to protect your rights, ensure all parties are on the same page regarding potential exit plans and prevent disputes in the future.

I have had countless clients walk in where the agreement was not set in place and it is a lot more difficult and expensive to resolve.

My direct number is 0401 154 313 and email is [email protected] if you would like some formal assistance.

Regards
Nick