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Partnership in Existing Business

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peterpina

Junior Member
What is the name of your state (only U.S. law)? Florida

I have a few questions but first ill give you a little bit of what is happening.

I met a woman who has a company but she does everything herself. She is wanting to expand but can't do it without help. I have met a few times with her and she is wanting no monetary help, all she needs is someone to run the office while she sales. so my questions are the following.

1- How do I build a partnership with someone who alreayd is in business?

2- Should I open a LLC and her sign over 50% of the company to my company?

3- If there are old debts im not aware of is there any way when im doing the contract that i would only be liable for debts incurred from the date of signing and on?

4- Your advice on what I should do if none of the above can be done?

5- How would I draw my pay on what is left after paying all the bills, and would I have to open a business account under my new business or if your suggestion is to partner into her business do i need to have my own account also?

For now all i have are these questions, but if you can think of any troubles i might encounter and guide me it would be much appreciated.

Thank you very much in advance this website is a lifesaver.

Peter
 


HomeGuru

Senior Member
What is the name of your state (only U.S. law)? Florida

I have a few questions but first ill give you a little bit of what is happening.

I met a woman who has a company but she does everything herself. She is wanting to expand but can't do it without help. I have met a few times with her and she is wanting no monetary help, all she needs is someone to run the office while she sales. so my questions are the following.

1- How do I build a partnership with someone who alreayd is in business?

2- Should I open a LLC and her sign over 50% of the company to my company?

3- If there are old debts im not aware of is there any way when im doing the contract that i would only be liable for debts incurred from the date of signing and on?

4- Your advice on what I should do if none of the above can be done?

5- How would I draw my pay on what is left after paying all the bills, and would I have to open a business account under my new business or if your suggestion is to partner into her business do i need to have my own account also?

For now all i have are these questions, but if you can think of any troubles i might encounter and guide me it would be much appreciated.

Thank you very much in advance this website is a lifesaver.

Peter
**A: is the business a going concern, profitable and future profits looking positive? Why take the risk of being in partnership. Go on salary or IC with a contracted bonus compensation program.
 

peterpina

Junior Member
Yes she can afford a secretary but wants someone that will make this their baby persay. someone who will work hard as she has been adn will continue to. My question really lies in should i open my own company? if i do how do i legally obtain 50% of her company and will i be liable for debts before i bought in to the company?
 

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