Legal Question in Business Law in Florida
I am about to start a business with a partner(internet site). I will provide the funds for the purchase of the business and my partner will be responsible for the day-to-day running fo the business. I am essentially a silent partner.
My question is, should my partner be under some vesting schedule over say 5 years at 20%/year for the purposes of an early buy out or sale of the business? The profits will be split 50/50. However, if, by chance, the business is sold in 2 years, I dont think he should be intitled to 50% of the sale price as he has not invested enough "sweat" equity into the business.
Asked on 9/26/10, 7:57 am
1 Answer from Attorneys
David Slater
David P. Slater, Esq.
Make sure you have a written partnership agreement covering contributions, shares and dissolution
Answered on 10/01/10, 8:17 am
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