What is the name of your state (only U.S. law)? California
Have had significant experience with businesses under my own sole proprietorship in the past - but this was typically me doing my own thing (no employees, limited risk, etc.)
I'm planning to start a retail (thrift) store together with long time girlfriend and not sure what the best structure would be for this venture...
Here's some background of this venture:
- I will be providing all initial capital required for start up & operation
- In process of leasing retail space and securing liability insurance
- I would need to retain controlling interest & management decisions for the company
- There would be constant interaction with the public, potential to be sued. (??? Vs. Goodwill Industries?... that would be a benchmark I suppose)
- My girlfriend & her family member(s) want to help with the business. I would like to make them partners of sorts, to allow for PROFIT sharing.
- My own family members want to help with the business... all retired & do not expect payment other than "free loot" here and there, though I should do the same as above as well - make them partners to allow for PROFIT sharing for their time.
The goal of course is for nobody to become an "employee" during the time of risk and start-up, or be able to come back later with an issue. I would also like to ensure that hose who contribute can be rewarded with sharing of the actual profits.
-
Any suggestions for how this should be set up?
Thank you!
Have had significant experience with businesses under my own sole proprietorship in the past - but this was typically me doing my own thing (no employees, limited risk, etc.)
I'm planning to start a retail (thrift) store together with long time girlfriend and not sure what the best structure would be for this venture...
Here's some background of this venture:
- I will be providing all initial capital required for start up & operation
- In process of leasing retail space and securing liability insurance
- I would need to retain controlling interest & management decisions for the company
- There would be constant interaction with the public, potential to be sued. (??? Vs. Goodwill Industries?... that would be a benchmark I suppose)
- My girlfriend & her family member(s) want to help with the business. I would like to make them partners of sorts, to allow for PROFIT sharing.
- My own family members want to help with the business... all retired & do not expect payment other than "free loot" here and there, though I should do the same as above as well - make them partners to allow for PROFIT sharing for their time.
The goal of course is for nobody to become an "employee" during the time of risk and start-up, or be able to come back later with an issue. I would also like to ensure that hose who contribute can be rewarded with sharing of the actual profits.
-
Any suggestions for how this should be set up?
Thank you!
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