Business Law

Ask a business lLawyer. Get business law questions answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

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

Customer Question
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?

Lawyer's Assistant: Because laws vary from state to state, can you tell me where the business is located?

California

Lawyer's Assistant: Has anything been officially filed? If so, what?

Fictitious business names with my name and my husband's name.

Submitted: 9 months ago.Category: Business Law
Show More
Show Less
Ask Your Own Business Law Question
Answered in 5 minutes by:
9/15/2017
Business Lawyer: Roy Hadavi,
 replied 9 months ago
Roy Hadavi
Category: Business Law
Satisfied Customers: 1,293
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.

Ask Your Own Business Law Question
Customer reply replied 9 months ago
ok got it.
Business Lawyer: Roy Hadavi,
 replied 9 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.

Ask Your Own Business Law Question
Customer reply replied 9 months ago
what about a net profits agreement? will that work too?
Business Lawyer: Roy Hadavi,
 replied 9 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.

Ask Your Own Business Law Question
Customer reply replied 9 months ago
ok thank you. one last question, is it difficult to incorporate?
Business Lawyer: Roy Hadavi,
 replied 9 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.

Ask Your Own Business Law Question
Customer reply replied 9 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 9 months ago
Ask Your Own Business Law Question
Customer reply replied 9 months ago
Thanks again
Business Lawyer: Roy Hadavi,
 replied 9 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.

Ask Your Own Business Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a business lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Roy Hadavi Your Own Question
Roy Hadavi
Roy Hadavi
Roy Hadavi
Category: Business Law
Satisfied Customers: 1,293
1,293 Satisfied Customers
Experience: Attorney at Law Offices of Rosenstein & Associates

Roy Hadavi is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

2,001 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

778 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

678 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

604 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
A dentist who is a Schedule C sole proprietor is signing a
A dentist who is a Schedule C sole proprietor is signing a lease for his office space. Is there any advantage to his forming LLC?… read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,467 satisfied customers
I am a tile contractor that is a sole proprietor now. Can I
I am a tile contractor that is a sole proprietor now. Can I create two corporations under my contractor license?… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
2,001 satisfied customers
I want to become a sole proprietor in the state of florida.
Hi, I want to become a sole proprietor in the state of florida. I have a few questions. Do I need to register the business with the state and/or county that I live in? Can I operate the business from … read more
Attorney Wendy
Attorney Wendy
Member
Juris Doctorate
962 satisfied customers
Loren, I am filling to register a fictitious business name.
Hi Loren, I am filling to register a fictitious business name. Are there any restrictions applied to the name? For example can I name the business the same as the name of the existing city Bethany, or… read more
Loren
Loren
566 satisfied customers
I have made a business contract in Saudi Arabia with a
I have made a business contract in Saudi Arabia with a Syrain business man living in Saudi Arabia ���� for his business located in USA ����. How can I make this contract proved and legal by the US aut… read more
DamienJD
DamienJD
Attorney
Doctoral Degree
4,818 satisfied customers
We are a Georgia Corporation. We have a business we are
We are a Georgia Corporation. We have a business we are closing in Georgia. We have a registered agent with a Georgia address. We have another business in South Carolina that we operate on with a cert… read more
KLAW
KLAW
Juris Doctorate
2,185 satisfied customers
I closed a small business (sole Proprietor) that was losing
I closed a small business (sole Proprietor) that was losing a lot of money. I am paying off all the liabialities. CAn I write this off? If so how?… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master\u0027s Degree
2,290 satisfied customers
Business question. Background: We are a small corporation
Hello, Business question. Background: We are a small corporation about to sign terms and conditions (T&C) and a purchase order (PO) with a large defense contractor. The T&C's are 20 pages long and we … read more
Attorney Wendy
Attorney Wendy
Member
Juris Doctorate
962 satisfied customers
How do I transfer a sole proprietor LLC to another
How do I transfer a sole proprietor LLC to another individual … read more
Attorney Wendy
Attorney Wendy
Member
Juris Doctorate
962 satisfied customers
I have a sole-proprietor LLC in Florida. All income goes to
I have a sole-proprietor LLC in Florida. All income goes to my personal 1040 taxes. Keeping that scenario in mind. Questions are: (1) Personal assets are shielded from lawsuits? (2) Could the LLC owne… read more
Attorney Wendy
Attorney Wendy
Member
Juris Doctorate
962 satisfied customers
I am a Veterinarian working as a sole proprietor. I am
I am a Veterinarian working as a sole proprietor. I am looking at forming a PLLC. Would this be the best way to go versus an LLC? I practice in Texas. I am also looking at working as a landscape desig… read more
Ray
Ray
Lawyer
Doctoral Degree
33,008 satisfied customers
I am looking to change my sole-proprietor business into a
I am looking to change my sole-proprietor business into a partnership (2 of us). We are considering making it an LLC. I know there are different types of Corps-S and C.. The business grosses about 30,… read more
DamienJD
DamienJD
Attorney
Doctoral Degree
4,818 satisfied customers
If i have a business registered as a corporation in colorado
If i have a business registered as a corporation in colorado can I open an office in NY using the same business identity.Or do I need to do something different. … read more
RGMacEsq
RGMacEsq
Attorney
Doctoral Degree
778 satisfied customers
I have a fictitious business name, Cat Six Communications,
I have a fictitious business name, Cat Six Communications, it is just my husband and I. We do splicing and underground CATV for Source Broadband, they subcontract for Cox, Spectrum, etc..We have to do… read more
Attorney Wendy
Attorney Wendy
Member
Juris Doctorate
962 satisfied customers
If have an EIN as a sole proprietor and then I become an LLC
Hello again! Quick question: If have an EIN as a sole proprietor and then I become an LLC and choose to be taxed as an S corporation, do you know if I need to get a new EIN?… read more
Richard
Richard
Owner
Doctoral Degree
4,511 satisfied customers
To begin producing, the company started as sole proprietor.
To begin producing , the company started as sole proprietor. Consequently, the EIN needs to change to be designated to the LLC.How do go about converting the EIN to represent the LLC?… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney At Law
Doctoral Degree
244 satisfied customers
I am writing you about our sole proprietor family business
Hello-I am writing you about our sole proprietor family business in Virginia. We have a fine art gallery which handles only the work of our family of artists. Multi-generational. We have been in busin… read more
Ray
Ray
Lawyer
Doctoral Degree
33,008 satisfied customers
Looking to convert my business from a sole proprietor to an
Looking to convert my business from a sole proprietor to an LLC. I currently own a gift shop and as we continue to grow should I be looking at making the change over?… read more
Michael Bradley
Michael Bradley
JD
1,430 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x