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socrateaser, Attorney
Category: Business Law
Satisfied Customers: 38878
Experience:  Retired (mostly)
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I have recently started a small business in San Francisco.

Customer Question

I have recently started a small business in San Francisco. I already have the company set up as an S. Corp. I am considering bringing in a partner into the business who is based in St. Lewis. I need advice on how to structure this partnership in terms of responsibilities, revenue/cost sharing and decision making.
Submitted: 2 years ago.
Category: Business Law
Expert:  socrateaser replied 2 years ago.
Hello, You're asking a rather open-ended question. There are no fixed rules for this sort of thing. Everything depends on what you want to accomplish, and what your prospective partner brings to the enterprise, including capital, expertise, good will, credentials, etc. I can't give you a "canned" answer. If you want me to help you work out a deal, I can do that, but I would have to charge by the hour. If that's something you're interested in, please let me know and I can send you an additional services request. Hello,The company doesn't want a public record of the price paid for the mineral rights, because it will increase the company's tax liability. You want the true consideration on the deed, because the company could in fact argue that the deed supersedes the contract. The legal doctrine is called "merger," and it means that a contract supported by a deed, merges into the deed at closing, leaving only the deed as controlling the parties' respective rights and interests.I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer -- otherwise, I receive nothing for my efforts in your behalf.Thanks again for using!

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