Partnership Fix

Do You Really Need a Partnership Agreement?

Chris Reich — Mon, 01 Mar 2021 04:39:03 +0000

by Chris Reich | Mar 1, 2021 Chris Reich provides business partnership advice. Even the best of friendships break down. When friends get into business together, they never expect that the relationship might fracture. 50% of marriages fail despite being based on much more than a desire to make profits. Search online and you’ll see that 60-80%

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Does Partner Compensation Always Have to Be Equal?

Chris Reich — Mon, 15 Feb 2021 23:41:51 +0000

by Chris Reich | Feb 15, 2021 Chris Reich provides business partnership advice. When talking about compensation in a business partnership, there are two pieces to consider: salary or commission and distribution of profits. Let’s start with distribution of profits. Generally, unless there is a written agreement otherwise, profits are divided according to the percentage of ownership.

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Help Dissolving an LLC Is Here

Chris Reich — Wed, 13 Jan 2021 01:06:56 +0000

by Chris Reich | Jan 13, 2021 Chris Reich provides business partnership advice. You and your partner have decided that you no longer want to continue in business together. You have decided to dissolve the LLC but you want to continue in the same line of business using the infrastructure from the business you are closing. That can be simple but there needs to be a few steps taken to…

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The Value of Your Labor: Sweat Equity

Chris Reich — Sun, 27 Dec 2020 21:42:54 +0000

by Chris Reich | Dec 27, 2020 Chris Reich provides business partnership advice. When people work for free or for a greatly reduced amount, it is said they are contributing their sweat to the business. This is commonly referred to as “sweat equity”. Sweat equity can be worth more or less than cash depending upon your agreement. If you agreed that $10,000 is equal to a year of your…

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