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Additional Details
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david r | HELP> ive asked a question and need answers.? |
I have been offered to be a partner in a bis and they said when i sign the contract i would have to buy 35 shares of the co to be a partner. When a brand new co makes you a 35% partner what is the normal procedure.They are putting up the money and im supplying the experiance. How does that work. |
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CassandraM
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Contact an accountant and/or attorney. Have the contract reviewed before you sign. Depending on how many other partners and the extent of their shares, it sounds like at 35% you would have very little partnership rights at all.
Be careful here - you won't find the answers you need here. You really need a professional to review the contract as it's written.
Good luck! |
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jon
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Before you sign any paperwork make sure you contact a lawyer and have them look over the contract. Do not use your soon to be partner's lawyer, get your own. The lawyer will probably charge you a few hundred dollars, but it will be worth it. |
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jonas_grant
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Partner sounds like partnership. Shares sounds like corp. So, since you're already confused, please see a business attorney in your area. You are about to enter an agreement that is legally binding and which carries, statistically speaking, a high degree of risk that you and the other 'partner(s)' will someday disagree or want to go your separate ways. |
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Martha Y
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I hope you are not putting your money on a Corporation you will never get it back
get your self an attorney and please please
don't sign you be glad |
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Maattycakes
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It sounds like a silent partner approach. '
Lots of companies fork the money to maintain the business and partner ship with someone who has more hands on experiance to ensure that everything else runs smoothy. But depending on how many other partners there are it would influence the amount of actual "company" rights you have to have your voice shown.
So it comes down to how many partners and their percentage of shares.
(Hope this helps, im trying to draw back to economics class when i was 16...) |
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Angie
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This is important business -- don't get your advise from Yahoo Answers. You need to talk with a lawyer. |
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Feeling Mutual
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When a company incorporates, they may list any number of shares as the number of authorized shares. If they only authorized 100 shares, than 35% is the number of authorized shares, and you would own 35% of the corporation if the other partner(s) owned 65 shares.
However, Maybe they authorized more than 100 shares, maybe 10,000,000, and your 35 shares is a pittance. Control is based on the number of outstanding shares, not authorized shares.
If this is a new company, what is the par value of the shares? Is that what you are paying? 35 shares might cost 35 cents.
If they are putting up the money, and you have the experience, why not let them have prefered shares that have no voting rights, yet has preference for dividends, and you have common stock with voting rights?
See a corporate attorney. |
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kys
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Talk to a corporate attorney. |
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