The best thing that you can do when you start a business is to put it in writing. Set forth the responsibilities of the parties, whose going to take care of what. Also, you have to set forth the ownership interest. What percentage of the company is each person going to own. Set forth what contributions are going to be made by each member. Are they going to be supplying capital, services, or are they going to be providing property of some kind. What happens if one of the owners wants to cease being an employee? Who gets to determine who fires, not only members who are owners of the company, but also employees, generally? And setting forth what happens in the event the company is sold, how the proceeds are distributed.


<== Back to FAQ Page