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Recent General Partnership questions

I'm one of three in a general partnership. Two want out and

I'm one of three in a general partnership. Two want out and I agreed to buy there respective 33-1/3% interest for a fair price. One of my partners believes the business must be dissolved and the assets sold for fair market value. I want to continue business - my partners don't - can we hire a lawyer to draw a contract that exchanges respective interest (including all future liabilities) for cash. Would that be sufficient to separate from my partners?

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AttyHeather

Attorney

Juris Doctorate

760 satisfied customers
I own 45% of a company and was acting COO for the past 10

I own 45% of a company and was acting COO for the past 10 months. My business partner (55%) is changing the direct of the company so I am resigning and going to be a 45% silent owner. How do I get paid? And what? We have no operating agreement.. we sell about 1k worth of goods a month.

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Asad Rahman

Attorney

J.D.

2,774 satisfied customers
I am starting a new business and I am unsure what I should

I am starting a new business and I am unsure what I should become..I am a sole proprietor now, we want to become a LLC .Can you help me with the process? And is an LLC what I should become?We are opening a mobile bike shop which will someday be a brick and mortar bike shop.I want to be sure what I should become and how to do it.Thanks

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Richard

Owner

Doctoral Degree

46,630 satisfied customers
What wording should I use, when amending a general

What wording should I use, when amending a general partnership agreement, to include guaranteed payments?

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

106,614 satisfied customers
I'm Starting a new retail service/recovery center. We

I'm Starting a new retail service/recovery center. We had 3 partners. Things got bumpy. We're in the process of negotiating out the previous 3rd partner and installing a new 3rd partner. The company assets and liability are split into thirds. The business is nearly turn key. The creation of the business, due dilligence, negotiating with vendors, land lords and in between has been completed. My question relates to future hours obligated to the business. I'd like the new partners to be responsible for all daily operations, management, sales, marketing, human resources-for the duration of the business. Is my want/expectation fair? Thanks for your inputs!!?

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J. Warren

Attorney

Doctoral Degree

4,096 satisfied customers
A friend and I are starting a business, and are thinking of

A friend and I are starting a business, and are thinking of setting it up as a general partnership. We will be creating and selling art prints, gifts, and decor. It will primarily be online, though we might occasionally go to a local boutique to try to get our works in there. I live in Ausitn, Texas and she lives in California. We were thinking of setting it up with the home office here in Austin. I know that here, all i have to do is file a dba (which I think i can do as a general partnership even with her address in C alifornia, right?) and get a sales tax id. What would we need to file in California? What is the best way to set up our company with us being in different states? WE have a very limited budget so want the most inexpensive way to start it up. Thank you.

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KJLLAW

Juris Doctorate

1,034 satisfied customers
I recently started a HVAC company with my husband. We are a

I recently started a HVAC company with my husband. We are a general partnership but we are filing as a joint venture. We live in TN and started our business in Nov. of 2015. What paperwork or numbers do I need to do to become a S Corp? What is the difference in it and general partnership? Do I need a certain amount of capitol to start it?

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Richard - Bizlaw

Juris Doctor

9,598 satisfied customers
Two years ago I sold a website for $25,000 AND retained a

Two years ago I sold a website for $25,000 AND retained a 10% ownership. Pertinent parts of the purchase contract:"This purchase agreement is between David {my last name} ("Seller"), a citizen of the United States, and XYZ Investments 2, an Israeli partnership managed by XYZ Media Ltd. ("Buyer")""In the event Buyer sells the acquired assets to a third party Buyer will pay Seller a one time payment equal to 10% of the sale price paid to the Buyer".Recently the buyer contacted me saying a new, "Management team" was taking over but that they were not selling the site. The ownership of the domain recently changed from, "XYZ Investments 2" to "Hagsama XYZ Investments 2 General Partnership" and the ads on the site were changed to a new advertising account.Has the site technically been sold? Am I no longer under contract with them? If any money changed hands, should I be entitled to it?

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37,824 satisfied customers
My friends and I have registered a fictitious business name

Hello, my friends and I have registered a fictitious business name in Loudoun, VA. We have not obtained a business license or applied for an EIN. I am considering suggesting to the others that we dissolve the business or at separating myself from the business.I just wanted to know if we officially have a business in the county's eyes or if there really isnt anything to 'dissolve'.Could I be held financially liable of the others continue to use the business name?

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5,184 satisfied customers
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