How do I protect myself so their spouse don't go after my business in the future. They do not have a prenuptial agreement.
2006-08-26 06:04:43 · 3 answers · asked by KK729 1 in Business & Finance ➔ Small Business
See a lawyer about getting papers drawn up. Does he want to be an active partner or just front money? You can have the business sell shares (without being a public company). For example, you could create 100,000 shares. Give yourself, e.g., 25,000 and if your trying to raise $25,000 from your friend you could sell him, say, 12,500 at $2.00 a share. Your still the majority but it gives him an equity share. This doesn't solve the problem as far as keeping his spouses hands off of it if something should happen to him though. If they are married then the shares would be hers if something happens. She'd have to find someone to buy them but that doesn't necessarily have to be your business. Of course, she would still have voting priviledges depending on the type of stock sold. Again, see a lawyer.
2006-08-26 06:29:16 · answer #1 · answered by BrianR 2 · 0⤊ 0⤋
Definitely incorporate!!!!! Its pretty simple and there are a lot of different services.
Here is some information to help you out.
http://www.nomorecubes.com/incorporation
2006-08-26 22:02:24 · answer #2 · answered by No More Cubes 2 · 0⤊ 0⤋
get a good lawyer to help you to get the proper paperwork drawn up so that everything is legal and fair
2006-08-26 17:06:23 · answer #3 · answered by Anonymous · 0⤊ 0⤋