Legal Question in Business Law in New Jersey

Re: opening a hair salon with a partner

The smart thing to do is put your partnership agreement in writing after you talk it over carefully. A lawyer can do that, and it would not be very expensive. There are some other very important things that an experienced attorney can do to protect you and make sure things go the way you plan.

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Re: opening a hair salon with a partner

Before structuring an agreement between the pair of you, you both need to determine what the appropriate business entity which will own the salon should be. There are a number of choices, and the right one depends upon a number of considerations.

You should also have a business plan put together before you start the business itself. This plan can GREATLY help you avoid disputes and disagreements down the road.

I'd be happy to chat with you about these items in further detail - please feel free to contact my office.

Re: opening a hair salon with a partner

There are many factors that go into how to do what you describe. I suspect that your best business form will turn out to be an LLC and that your operating agreement (which you should not neglect) will provide for each of you to be compensated as both an owner and as an employee. There are other arrangements that will work too.

See my two-evening course on Starting a Small Business at Camden County College in http://www.corbettlaw.net/education.htm. The next offering starts on March 3rd. I discuss owner compensation as a major topic.

See also: http://info.corbettlaw.net/lawguru.htm

Re: opening a hair salon with a partner

Do you have an agreement?

Everything should be in writing.