2 forming S Corp(investor part/working part)

[niffum]

What is the name of your state? florida
our corp has been formed. one will be the investing partner the other the working partner.
1. the working partner will be receiving no compensation and will have 2/3 ownership. will be developing the marketing the business
2. the investing partner is receiving no compensation but the spouce will be a paid employee. the investing partner is to be 1/3 owner.
3. there is no written agreement to the above
4. the franchise agreement and lease have been signed personally (not under the Corp structure) by each partner.

what is the liability exposure of each partner as it stands now without any agreement to ownership? what else would be needed for each partner to be protected under this "verbal" agreement

is this type of situation the norm and is it fair and equitable?

 

[loku]

There is no way to protect anyone under a verbal agreement. If it ever comes to court, it is one person’s word against the other’s. To protect yourselves, get it in writing.