Planning a partnership. Logistics of revenue sharing?

Hi

I'm in the planning phase of a new, 3-person business partnership. The idea is to split all investment and profits equally. That means all three of us will share the workload, share in the cash outlay, and share in the profits at an equal 3 way split.

We agree on the "principals" of our agreement. how to plan the logistics of revenue sharing?

mcd

 

You may agree on prinicple, but get everything in writing. Simple as that. Open a business bank account and have all three people sign for it. In your contract outlay the terms of your agreement with things such as who will bank the money... just one person or all three? I personally say that one person should be responsible for banking it and getting a rock solid contract will help you in case any of the other two decide to take the money and run...and please... make sure ALL the information is gathered from all three business partners. If people give you a telephone number, and an address then follow up and see if you can contact them via the address or phone number.

Get a lawyer involved. Simple as that.

 

You definitely need a business attorney. There are too many what ifs that need to be addressed and these should be gone through with an attorney.