2006-06-23 02:02:43 · 3 answers · asked by TCBgirl 3 in Business & Finance ➔ Small Business
First you need to determine if the business can generate enough income to support him AND reimburse you.
A lot of people who say they own "businesses" are simply self-employed, living paycheck to paycheck like most of the rest of us. If that is where your business is, and if that is where your son will be when you leave, you should probably just be satisfied with the fact that you have helped your son.
If, on the other hand, the business is capable of generating excess cash without adversely affecting your son's life, you have some options. I think the best would be for you to continue to "own" the business but draw a weekly check for a predetermined period of time. Write out the terms so that you both understand the deal. The amount should be large enough to make sense but small enough so that there is no doubt that he can make the payment. That way, if things don't work out, you still "own" the business.
2006-06-23 02:58:45 · answer #1 · answered by Westborough Joe 2 · 1⤊ 1⤋
Have him put you on the payroll as a consultant where you would draw a specified amount as "pay" weekly. Get a lawyer, always get a lawyer.
2006-06-23 09:13:06 · answer #2 · answered by cricket 4 · 0⤊ 0⤋
Maybe you should remain as a partner. I'd suggest talking to an attorney and do it right.
2006-06-23 09:12:13 · answer #3 · answered by spot 5 · 0⤊ 0⤋