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My husband and I are starting a business and we have a

Customer Question
"partner". my husband and I...
My husband and I are starting a business and we have a "partner". my husband and I are sole proprietors. He will not contribute monetarily my husband and I are putting up all the cash etc. He will have an area in which he will directly be in charge of. I don't want him to be an owner per say, I want to pay him 20% of the business profit. Obviously I want everything in writing, which contract will I use?
JA: Because laws vary from state to state, can you tell me where the business is located?
Customer: California
JA: Has anything been officially filed? If so, what?
Customer: Fictitious business names with my name and my husband's name.
JA: Anything else you want the lawyer to know before I connect you?
Customer: no
Submitted: 2 months ago.Category: Business Law
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Answered in 5 minutes by:
9/15/2017
Business Lawyer: Roy Hadavi,
 replied 2 months ago
Roy Hadavi
Category: Business Law
Satisfied Customers: 973
Experience: Attorney at Law Offices of Rosenstein & Associates
Verified

Hi. My name is ***** ***** I am a licensed California attorney with extensive business law experience. I would be happy to provide assistance. Please give me a moment to formulate a response. Also, please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

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Customer reply replied 2 months ago
ok got it.
Business Lawyer: Roy Hadavi,
 replied 2 months ago

Congratulations on the expansion of your business.

From the information you have provided, you probably need to prepare a Consulting Agreement or an Independent Contractor Agreement. If you search online for either type of agreement, you should be able to find some excellent templates.

Some unsolicited information: now that you are expanding your business to include a third individual, you really should consider forming a corporation or a limited liability company for your business. Without the protection of one of these types of entities, you open your personal assets to the risk of liability from actions taken by the business.

Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow-up or clarification questions, please ask! There is no additional fee. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service (hopefully Excellent/5 stars!) at the top of the screen. Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating! A BONUS is also appreciated if you feel I've earned one today.

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Customer reply replied 2 months ago
what about a net profits agreement? will that work too?
Business Lawyer: Roy Hadavi,
 replied 2 months ago

You could also use that type of agreement. My only hesitation with that type of agreement is it may not include sufficient language about the third person's duties and responsibilities.

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Customer reply replied 2 months ago
ok thank you. one last question, is it difficult to incorporate?
Business Lawyer: Roy Hadavi,
 replied 2 months ago

It is not difficult, but it does require annual maintenance to ensure that the corporation protects you.

I do recommend that you meet with an attorney and have them assist you with that, because done correctly it will protect your personal assets, done incorrectly it will do nothing and have wasted you money.

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Customer reply replied 2 months ago
ok. Thank you. Do you have any templates on the contracts you suggested you can provide me with?
Business Lawyer: Roy Hadavi,
 replied 2 months ago
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Customer reply replied 2 months ago
Thanks again
Business Lawyer: Roy Hadavi,
 replied 2 months ago

You're welcome!

Did you have any follow-up questions or need me to clarify anything? If not, please do not forget to rate my services at the top of the page (hopefully 5 stars), otherwise I get no credit for helping you today.

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Roy Hadavi
Roy Hadavi
Category: Business Law
Satisfied Customers: 973
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