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Delta-Lawyer, Attorney
Category: Legal
Satisfied Customers: 3546
Experience:  10 years practicing IP law and general litigation
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I want to partner up with a friend. I know everything about

Customer Question

I want to partner up with a friend. I know everything about computers and he just knows the people to get me business. He currently has his own business and has had me help him with a few of his jobs, but we want to do a venture together and do not want him to reek in all the rewards ($) while i bust my butt working
Submitted: 2 years ago.
Category: Legal
Expert:  Delta-Lawyer replied 2 years ago.
I hope this message finds you well. I am a licensed attorney with over a decade of legal experience handling issues such as this one. It is a pleasure to assist you today.
You guys need to form an LLC around your business venture. You can both be members to the LLC (effectively like partners). The beauty and design of the LLC format is that is gives you corporate protection from suit (a successful suit can only claim property of the LLC), but you get pass-through taxation (more beneficial).
The inner working of the business arrangement can be handled through your operating agreement. This is essentially a contract that outlines your arrangement, contributions, duties, decisions, etc. You sign and have this notarized and it becomes legally binding on the both of you.
Let me know what other questions you have. If none, please rate my answer positively.
Expert:  Delta-Lawyer replied 2 years ago.
Did you have any additional questions or comments? Just want to make sure you are comfortable moving forward. Thanks
Expert:  Delta-Lawyer replied 2 years ago.
Did you get the answers you needed? Just checking.