Legal Question in Business Law in New Jersey

Re: Pay Scale

You say that you and the other person are partners, so I assume that this is a partnership and not a "C" corporation, "S" corporation, or LLC. Furthermore, I assume you have a partnership agreement in place. What does your partnership agreement say about this? Typically, the partners agree in advance how profits will be distributed. However, if you do not have an agreement covering this matter, and each of you own 50% of the business, you should probably divide the profits on the same basis. In any event, you both should consult an attorney to make sure that you have the necessary agreements in place to avoid this - and other - problems in the future. Please call my office if you would like to arrange an appointment to review your situation.

Re: Pay Scale

I see from your zip code that you are right down the street from my office.

I can not tell if you put anything in writing, any written agreement with your partner. You need to get this straight before it becomes a problem.

If you are two equal partners, then the profits should be split equally.

But there are many things that could make this not really an equal partnership. How much money did you each put in to start it? How much time do you each work? Who is getting the customers to come to your business?

There are a lot of things to think about.

You really need a lawyer for YOU (and your partner should get one too). You and your partner should have one accountant who is really good, too.

Give me a call, I would like to help you get this worked out. It should not be too hard to put it in writing and get it done. Should not cost all that much, either.

I am in Hackensack, New Jersey. My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.

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