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Partnership Profit Sharing? - i love u - 04-08-2014 08:17 PM
Hello everyone! This is my first post on this forum and i hope you guys can help me .
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I am currently working on employment visa in Dubai and planning to starting up a business ‎with a family friend and the business will be soon on its way.
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My partner is investing all of the money to start the business and i'm inputting all the ideas ‎and daily store operations. My question is how should we come up with the profit sharing, ‎since i'm not putting any money but my time and ideas. She wanted me to come over in the ‎a couple of days so we can finalize everything, but i just want some feedback from you guys ‎what you think is fair. Obviously she should have more percentages over me since the ‎money is all her, but if it wasnt for all my ideas and time put in it then the business would be ‎non-existent. So if you guys can help me figure out a good percentage to put down on the ‎table that'd be great! Hope to hear from you guys soon!‎
- Jake - 04-08-2014 08:18 PM
It's much simpler if you can arrange some compromises to make a 50-50 partnership, your both more likely to put in a real effort then, perhaps there can be contract clauses that in the event of the disillusion of the company she gets back most of her money. If one has a controlling interest the partner can be cast off when the company start doing well.
- Noman - 04-08-2014 08:22 PM
If you are not investing anything in the business then you don't liable to be paid.Yes! because you are just working as an accountant as you said you are putting your ideas and dealing with how to operate.Legally partners are liable to enjoy partnership who have invested in the business.
You can demand to get for the advice and ideas,applied on business,as an accountant paid.
- Helvetica Neue - 04-08-2014 08:27 PM
It's bollocks. Cut the dead weight, be it yourself or your partner, and watch both the money and pussy roll on in.
- J - 04-08-2014 08:31 PM
the big question is who pitched who on the idea?
if you had pitched her, then she is a startup investor, if she pitched you then you are hired help.
as to sharing arrangements, that is something you should decide based upon the above, not as her being a family friend or any 'wanting to do right thing' this is a business arrangement nothing more