Legal Question in Business Law in Nevada
How to read my contract?
I am an investing partner in a small business. My contract states ''Investor to recieve 15% of all net profits (''proceeds'') from any and all sales of product. It also states ''Company grants to investor 15% of all proceeds from the sale of any and all products. My question is...Does the sales commissions and overhead come out of my percentage? Or, do I take my 15% of the top profits before overhead is paid out?
Asked on 6/19/08, 10:02 pm
1 Answer from Attorneys
James Smith
James E. Smith Ltd.
Re: How to read my contract?
Net profits means after expenses, costs and taxes.
Gross profits means off the top. It is a good idea to define these in the contract.
Answered on 6/20/08, 7:11 am
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