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AB73 | Can you answer this scenario with a yes no? |
You and your partner (husband/wife/domestic partner) build a business (s-corp) together, your partner is the main component, without their craft there would not be much of a business, but you do all the little things and big things that they do not. During the start phase of the business, it is supported by your every-day work paycheck, the cost of about $20k.
The business is getting bigger, and now your partner wants to GIVE away 30% of the company to his/her brother/sister (twin). The borther/sister are not going to do anything for that 30% or anything for the business at this stage of the game, they just want to give it to them as a present.
Currently they will not get anything either. But there is always that potential that if they become "active" that you would have to share 30% of your profits, and whatever else comes with the title of 30% partner.
Do you agree to this?
Additional Details
i guess i would like to hear why no, or why yes...
thanks |
 |
 
mac hockey 74
 |
Giving away 30% of the business (S-Corp) means giving away 30% of the cash avaialble for distributions to the sibling as well as giving away 30% of the profits or losses no matter what their level of activity Under law S-Corps must make distributions (effectively cash dividends) pro-rata with ownership % otherwise there are deemed to be multiple classes of stock with would negate the "S" corp.
While this is a wonderful idea to own a business with sibling there are potentially huge family problems that can/ will develop if things go well. Money can do strange things to people.
With almost 10 years experience in public accounting, I would never advise a client to do something like this unless they understood all of the potential pitfalls and there are many beyond the two that I have outlined. |
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ZinaRae
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I don't like "yes or no" answers. It's not that easy in life. I KNOW there is more to this than just your side of the story. So, the answer is "maybe"...... |
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Judy
 |
I agree with ZinaRae; I can't give just a yes/no answer without knowing both sides of the story. My instincts say NO only based on what you've said here, but that opinion might change if I could also hear reasons like why your partner wants to give a percentage away. |
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annetm2
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WOW , NO WAY. I have a business with my husband and he also says no way. In stead of giving this twin 30%. Why not make her a silent partner or an investor? |
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Doran P
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It is business suicide.
A better solution would be to involve the Twin in a manner that they can take what you do and emulate it...sort of like a mini-franchise or similar thing.
Do it in a way that you and your wife maintain control though.
like the old proverb ...you can give a man a fish....or you can teach him to fish etc.
Also see what you can do..in the way of research and logic, to make your Wife see what a bad choice this would be. |
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VP
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YES but it need to be decided how much.
It appear your partner is the face of the business and visionary and guide type. Hope he is contributing too physically and financially, may be in a small way compared to you. This small contribution could be crucial for your business.
You appear to be working partner type and handling everything physically. In case of a bigger business an outsider could do it. So talk to your partner that you shall be going down to a mere 35% and it will not be fair for you. Probably your partner want to ensure 35% + 30% i.e. total of 65% for himself. He consider himself a major partner. So try for 45% for you or any where in between 40-45% for you. Let your partner allocate to himself and his/her bro/sis from his own share. |
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Don
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No, you are a partner and it should be your decision as well. If this happened without your agreement, then you should withdraw whatever support you have lent to the enterprise. |
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Devil-Jnr
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No building a successful business takes hard work and money. If someone is not willing to do hard work then they shouldnt be involved. No offence but i think giving part of a business to your sister, twin is stupid if they aint going to help with it, its just stupid. |
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Alpesh J
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No partnership always leads to trouble especially with friends and family |
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Seeker aka JH da II
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No, unless as a partner in the business, they earned it. I see by your comments, they haven't. |
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Tbone
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No |
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Juliet
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No |
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sljmft
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No. |
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jocatgirl
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no |
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