I am moderately experienced in business- I have about 10 years of experience in internet marketing and own an S-corporation.
Recently, my acupuncturist has proposed a business partnership to me. He wants to sell his health products on the internet (which works well) and eventually open up various offices throughout the country. I see the potential in the business and actually considering his offer.
So far, we seem like a good match. And he needs me more than I need him to accomplish his goal:
My strength/weakness: versed in internet marketing, fluent in English, connections / no product
His strength/weakness: has a product / computer illiterate, can't speak English, no connections
My question is this:
I'd like to be very clear about our business terms before we start anything.
I'd like to ask for a 50-50 partnership so I own half of the entire business. What would be the best way to structure to do so? By asking him to give me half of his stocks of his s-corp? or should we create a new corporation and be partners? or should we formulate a contract so we do profit-sharing of his company's profits? (but would I be entitled to the company when we sell it?) Are there any other options?
He currently runs a practice and has an idea how he wants to execute his business, and started some branding/website construction himself.
I don't think he's doing well with the business though, and have an impression he is bad with bookkeeping.
Any suggestions from an experienced businessman would be greatly appreciated!
Recently, my acupuncturist has proposed a business partnership to me. He wants to sell his health products on the internet (which works well) and eventually open up various offices throughout the country. I see the potential in the business and actually considering his offer.
So far, we seem like a good match. And he needs me more than I need him to accomplish his goal:
My strength/weakness: versed in internet marketing, fluent in English, connections / no product
His strength/weakness: has a product / computer illiterate, can't speak English, no connections
My question is this:
I'd like to be very clear about our business terms before we start anything.
I'd like to ask for a 50-50 partnership so I own half of the entire business. What would be the best way to structure to do so? By asking him to give me half of his stocks of his s-corp? or should we create a new corporation and be partners? or should we formulate a contract so we do profit-sharing of his company's profits? (but would I be entitled to the company when we sell it?) Are there any other options?
He currently runs a practice and has an idea how he wants to execute his business, and started some branding/website construction himself.
I don't think he's doing well with the business though, and have an impression he is bad with bookkeeping.
Any suggestions from an experienced businessman would be greatly appreciated!
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