The church youth group where I volunteer is fund raising for a charity. A friend and I started a jewelry business and are giving our profits to the charity through the youth group. Once the fund raising event is over, my business partner wants to start paying ourselves some of the profit. I want a bank acct because right now she is keeping all the money and I don't like that. I got an EIN so we could get a bank acct and a vendor's license. When I told my partner we need to charge tax she got mad and her husband said that since we're a "charity" we don't have to charge tax. I have been on OH's tax website, the Sec of State site, the IRS site to figure this stuff out and I feel very disrespected and undermined. Her husband has not done any research, he just has opinions and she listens to him over me. We cant be nonprof if we will pay ourselves later. Her husband insists we are a charity so we dont need to charge tax. Im sick of dealing with him. He is not my partner. What would you do?
2006-11-06 03:24:09 · 3 answers · asked by Katie L 3 in Business & Finance ➔ Small Business
Get rid of her and her husband.I was in a partnership once,never again.I say most partnerships are sinking ships.You may have a great thing going on and it can go down the tubes because of your relationship and you could end up in trouble,RUN!!!!!!
2006-11-06 17:55:39 · answer #1 · answered by want2wild 5 · 0⤊ 0⤋
I'm going to have to agree with getting rid of the partner. There is so much you can do on your own and plenty of advice out there to help you through it. I recommend dissolving the partnership and starting anew. If your partner wants to stay in business, there are many other options for you to do fundraising with. Choose something different.
2006-11-06 07:03:23 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Get rid of your partner - start your own business. You don't need her.
You'll be better off in the long run...
2006-11-06 03:31:23 · answer #3 · answered by Dillon 2 · 1⤊ 0⤋