How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 115464
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
Type Your Business Law Question Here...
Law Educator, Esq. is online now
A new question is answered every 9 seconds

My corporation will be creating an online course library and deployment compan

Customer Question

my corporation will be creating an online course library and deployment for another company. we will bear all expenses up front. In return, we will receive 50 percent of revenues till we recuperate costs and after that 20 percent of revenues. what type of agreement do we need? My company is in Florida and the other company is in California. We will have similar deals in other States in the future.
Submitted: 1 year ago via LawDepot.
Category: Business Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
You can have a joint venture, or you can have a contractor agreement or you can actually create a new LLC in each state with your corporation as a member and the other company as another member of the LLC.
I would think that the LLC formation and having a membership agreement that spells out the terms of the deal for each deal you enter would be the simplest way of doing this business as then each state would have their own separate LLC and would insulate your company and the other company from liability.