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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Business Law
Satisfied Customers: 1611
Experience:  Run my own successful business/contract law practice.
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Richard, My name is***** and I have helped my friend

Customer Question

Hi Richard,
My name is***** and I have helped my friend open up his restaurant business two years ago. I have been there helping him since day one. I assist with promotional tactics, complete his day to day paperwork, make sure all bills are paid, make sure the business stay in compliance, keep the maintenance up on all appliances, complete his business taxes (quarterly and annually), etc. I've been helping him because we are in a relationship. As a result, I've been doing this for free. I informed him that I needed to start being compensated and wanted to be a partner. Because I did not put money into the business, we agreed that 20% would be fair. Can you assist me with a contract that can be legally binding?
Submitted: 2 years ago.
Category: Business Law
Expert:  Richard replied 2 years ago.
Hi Shameka! Can you provide me a bit more information? What kind of entity is this LLC? a S Corp? etc.? Thanks.
Customer: replied 2 years ago.


Expert:  Richard replied 2 years ago.
Thank you! What you will need here is an Operating Agreement providing you with a 20% ownership interest and setting out all the basic terms and conditions of your agreement with your friend. I can provide you a template of a very comprehensive Operating Agreement for you. If that would be helpful, I can do that for you through the Additional Services option offered by JustAnswer. Let me know and I'll extend that offer and you can then decide whether or not to accept. Fair enough?
Customer: replied 2 years ago.


Expert:  Richard replied 2 years ago.
I'll extend that offer to you now. You should receive it shortly.
Customer: replied 2 years ago.

Thank you for help. I really appreciate the information that you have provided but we have decided to go ahead with the lawyer's fee.

Expert:  Richard replied 2 years ago.
No worries. I wish you the best. Have a great day!