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Hey guys,
Been a little while since I posted on the forum. I have a business partner and wanted to find the best way to incorporate early on so that I am protected in terms of equity. I trust my business partner but I still want to have something that's legally binding to ensure that my split of the company can't be taken away from me at any moment after the work has been done. My business partner and I have agreed to a 45/55 split (45% goes to me) and we were planning on incorporating once we're in a more financially beneficial position but we've recently gotten a contract with a business to purchase our product consistently and now that the ball is rolling I want to figure out how to do this so that they aren't able to leave me behind with nothing and lose out on all of the work I've already done and will do prior to incorporating. I don't suspect they will do that but I've already heard plenty of horror stories about doing business on just a handshake so I'd much prefer to cover my a$$.
I'd appreciate any info or any resources I could look into to ensure that I head in the right direction to make sure that we're both protected and that neither of us gets taken advantage of.
Some questions I have:
Thanks for your time.
Been a little while since I posted on the forum. I have a business partner and wanted to find the best way to incorporate early on so that I am protected in terms of equity. I trust my business partner but I still want to have something that's legally binding to ensure that my split of the company can't be taken away from me at any moment after the work has been done. My business partner and I have agreed to a 45/55 split (45% goes to me) and we were planning on incorporating once we're in a more financially beneficial position but we've recently gotten a contract with a business to purchase our product consistently and now that the ball is rolling I want to figure out how to do this so that they aren't able to leave me behind with nothing and lose out on all of the work I've already done and will do prior to incorporating. I don't suspect they will do that but I've already heard plenty of horror stories about doing business on just a handshake so I'd much prefer to cover my a$$.
I'd appreciate any info or any resources I could look into to ensure that I head in the right direction to make sure that we're both protected and that neither of us gets taken advantage of.
Some questions I have:
- Is an operating agreement legally binding (I'm in Florida).
- Is there anything I should look out for when we are discussing/signing said operating agreement?
Thanks for your time.
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