Legal Question in Business Law in Georgia

This is not an issue for a website (not even close). You need to engage qualified lawyers, who handle business formations and the raising of capital, well BEFORE even raising money for a business. That means before even send letters, putting up a website, etc. The potential risks for not doing this include, just to give you one example, a lawsuit by the SEC against the entity and all involved individuals, for civil and perhaps criminal penalties, and the appointment of a receiver. This is a very serious issue for the SEC given the recent fraudulent schemes.

If you have even solicited investment funds, immediately stop, hold all funds, take down websites, and set up an appointment with a lawyer whose primary business is handling start ups and the raising of capital, and deals with SEC issues (NOT merely a lawyer who does other things, and claims to do incorporations and general business matters).

You left out any actual facts, and for all we know it could be a coupls of friends who put money up for a small business, but when you get into raising money and dealing with investment money, you are in a very dangerous territory without a lawyer.

You are making the right decision in consulting an attorney now in order to avoid issues down the road. In order for a Georgia business/corporate lawyer to advise you, he/she will need to review your profit sharing agreement. Once the lawyer has reviewed your agreement and spoken with you regarding your priorities/concerns/opinions/issues surrounding the agreement, that lawyer can suggest edits that will protect you and your business. Depending on what condition your profit sharing agreement is in (I'm not sure if you pulled a form document off the internet or had a Georgia attorney prepare one from scratch for you), it may save time and money to have the attorney start over and prepare an entirely new agreement for you. Again, that determination cannot be made without reviewing your current agreement.

I have extensive experience in preparing and negotiating Georgia profit sharing agreements. Please feel free to contact me via email at [email protected] if you would like to discuss my services further.

Best of luck.******The above is for informational purposes only and does not create an attorney-client privilege.*******