Legal Question in Business Law in Georgia
My daughter purchased a tanning salon for $30,000 using her mobile home property as collateral. Someone is interested in going into business with her. She is concerned that making someone a partner might further risk her property in some way. Any advice would be appreciated. Thanks!
2 Answers from Attorneys
Your daughter should speak with a local business attorney to both advise her on her tanning business and how to handle the possible addition of a partner. There are many factors and questions to consider when adding someone to a business - how much will they get, what will they contribute to the company either as in cash or work, how will it affect the day-to-day of the management of the business, etc.
If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.
The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
Unless your daughter using the proper legal form, contracts, and agreements, then most likely, she would be liable for any debts that her partner accrues. With that said, her concern is very valid.
However, if done properly to minimize her risk, having a business partner can be a wise choice.
With that said, I would be happy to assist her.
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