So I’m going in to a 50/50 partnership with someone it’s my business but I’m giving them the business name and we will sign a form agreement

We will get the form notarized stating that I’m the owner of the equipment/food cart that we will be using. But we will sign a agreement form and get it notarized. What should I write so that when the 6 months is over everything belongs to me such as the business name and the food cart, the cart belongs to me the but the whole setup is mine I just need him to put everything in his name to do the initial start up and other things I’m needing to do but we will just be working together but what should I put on the agreement. All the profit will be shared 50/50. What should I put on the letter?

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quitwhendone · M

Go online to LegalZoom and look for a business agreement. Maybe you should incorporate or form a Limited Liability Company.

quitwhendone · M

You should register the business name with your Secretary of State as a registered Trade Mark or Trade Name (dba).

Peaceful · F

Please involve an attorney experienced in these matters to protect yourself. I cannot stress this enough.

Fungirlmmm · 51-55, F

You might want to seek the help of a lawyer. Especially with you living in housing he may come back later and say you didn't have funds to start the business and that you agreed to your equipment being your consideration in the contract.

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MrsCurious · 26-30, F

Because I own the cart I purchased it he will just be registering everything in my name @Fungirlmmm

Fungirlmmm · 51-55, F

@MrsCurious Even with the notary you have to have several things for it to be a contract. . . I'm NOT a lawyer and I'm trying to remember what I learned back in the day as a Business Admin and Accounting student. Most contracts need to have a detailed agreement and something of value must be exchanged -- such as cash, services, or equipment etc. It would be a good idea to detail what happens if the partnership is dissolved too. Good luck with your business. Better to have more details than you think you need than to end up in court with a contract that doesn't detail anything and a judge splitting your items down the middle.

MrsCurious · 26-30, F

I just wanted help having full ownership my cart after the six months money won’t be exchanged all profit is mine I just need it in his name because I live in housing and save enough funds to move out @Fungirlmmm

IrishPat · M

Ask the notary. Night do no harm to just call a lawyer too for a free consultation of they might offer their advice on the phone

MrsCurious · 26-30, F

Ok I just want to have full ownership of my cart back @IrishPat

quitwhendone · M

If you own everything, what is he adding to the business?

MrsCurious · 26-30, F

He’s going to be paying for the initial start up and etc because I stay in housing I don’t want it to effect me @quitwhendone

IrishPat · M

Oh and good luck with your business

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