Managing Partner - what is it

[Natalie Colon]

What is the name of your state? TX

I am entertaining the idea of opening up a business with another person. We have decided on an equal monetary contribution to begin the business, but she is requesting the title of managing partner with 51% to 49%. I am unsure to the advantages and disadvantages of this proposal.

 

[nae0622]

What is the name of your state? TX

I am entertaining the idea of opening up a business with another person. We have decided on an equal monetary contribution to begin the business, but she is requesting the title of managing partner with 51% to 49%. I am unsure to the advantages and disadvantages of this proposal.

CA
When I worked for a corporation, my boss, who owned 51% of the business, fired his partners and bought them out. I believe with her having 51% would make her the controlling partner. Draw up a partnership agreement and pass it by a lawyer before committing to it.