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Category: Business Law
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Can you give someone a percentage of your business - a sole

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Can you give someone a percentage of your business - a sole prop legally? Or would you have to incorporate to make it a legtimate partnership. In GA
A business even if not incorporated can be valued, gifted, transferred and percentages issued. You just should have the terms reduced to a writing to avoid confusion and litigation as to what was given.
Customer: replied 8 years ago.
Gave 49% of company that I own to someone one month ago. He bought in at $20K. Not working out. He demands $40k and 49% of overall sales even though he was only in charge of the part sales of business. Offered his $20k back and money for the time he was present. What is he entitled to legally? Thanks
If he has 49% of the business he would be entitled to 49% of all income from whatever source but also would be responsible for 49% of expenses unless otherwise negotiated and agreed. consider having a lawyer make him an offer to buy back his interest or alternatively demand he begin paying expenses as well.
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