In TN
A friend and I are thinking of starting a business. He has a third party interested in investing if we can not get loans. They have been having a lot of discussions, and it seems to me my friend is looking at this third party option seriously. If it goes this way, my friend and this third party would be co owners, and I would not be a part of that.
Friend is saying that co-ownership doesn't really matter. That any contract/paperwork drawn up would have me included in equal share of profits, right to be included in all major decisions, all major changes must have my sign off, and so on. This would be a contract, so I am guessing it would be binding.
As long as legally I am getting all the benefits here, and really taking on none of the financial risk, should I insist on being an equal owner or not?
As my husband pointed out, if being owner doesn't really matter, then why not just make me one?
A friend and I are thinking of starting a business. He has a third party interested in investing if we can not get loans. They have been having a lot of discussions, and it seems to me my friend is looking at this third party option seriously. If it goes this way, my friend and this third party would be co owners, and I would not be a part of that.
Friend is saying that co-ownership doesn't really matter. That any contract/paperwork drawn up would have me included in equal share of profits, right to be included in all major decisions, all major changes must have my sign off, and so on. This would be a contract, so I am guessing it would be binding.
As long as legally I am getting all the benefits here, and really taking on none of the financial risk, should I insist on being an equal owner or not?
As my husband pointed out, if being owner doesn't really matter, then why not just make me one?
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