Hey folks,
So I'm looking to open a business (restaurant) and at the moment I have two partners. Now I know things get really messy with partnership that is why I'm here to seek some advice as you guys generally offer really good tips/info.
B.c I personally cant afford to open the business up myself I need these two buddies of mine, however I have done all the due diligence, paperwork, ran around etc and these two guys are just in it as "investors" in my eye.
So I want to know if I open this as an entity under a company name, can I have these two individuals as investors or as part of a board and have the restaurant under my name 100%? I do have a lawyer that will be putting the legal binding together but he charges a crazy amount per hour so I want to go in with an idea so I can finalize something.
So if i do open this as a company and have these guys as investors and share the profit accordingly, where I take 60% and 20%-20% is given to these two indivduals; is that worth while? Again I'm short on cash and dont want to risk all my money that is why I need these two guys as sole investors; however one of them wants his name to be under the business name.
So what is the best way to go abouts with this? Pls help as I need to sort this urgently, if you have any questions, pls email me at j_w_01@yahoo.com
Thxs a bunch,
J
So I'm looking to open a business (restaurant) and at the moment I have two partners. Now I know things get really messy with partnership that is why I'm here to seek some advice as you guys generally offer really good tips/info.
B.c I personally cant afford to open the business up myself I need these two buddies of mine, however I have done all the due diligence, paperwork, ran around etc and these two guys are just in it as "investors" in my eye.
So I want to know if I open this as an entity under a company name, can I have these two individuals as investors or as part of a board and have the restaurant under my name 100%? I do have a lawyer that will be putting the legal binding together but he charges a crazy amount per hour so I want to go in with an idea so I can finalize something.
So if i do open this as a company and have these guys as investors and share the profit accordingly, where I take 60% and 20%-20% is given to these two indivduals; is that worth while? Again I'm short on cash and dont want to risk all my money that is why I need these two guys as sole investors; however one of them wants his name to be under the business name.
So what is the best way to go abouts with this? Pls help as I need to sort this urgently, if you have any questions, pls email me at j_w_01@yahoo.com
Thxs a bunch,
J