i started it when i was 22. i ran it by myself for almost a year before bringing in a friend and giving him 30 percent of the equity in return for his help in growing the business. thanks to our mutual dedication and hard work, the business is flourishing, and he now feels like an equal partner. i took the risk and maxed out all of my credit cards to start the business. i feel a little guilty about not wanting to share equally, but i also believe the 70-30 split is fair. it happens all the time: a new entrepreneur starts a business, brings in a friend, promises him some equity, and figures they’ll work out the details later. that’s what andre janus and his partner did, and it wasn’t a problem until they suddenly found themselves with a lot of money in the bank. i told andre that, to begin with, he was confusing ownership with compensation. his partner’s 30 percent stake does not entitle him to 30 percent of the profits—or any other share, for that matter.

the last thing you want is litigation between you and your business partner, so it is highly recommended to start your partnership with a partnership agreement. it really depends on the circumstances and something you need to be clear about at the beginning. this is where the business can grind to a halt due to partners disagreeing on issues, direction or a range of other things. this is a document that can form the basis of your partnership agreement and is something you should have reviewed by your solicitor or attorney. you can purchase through paypal or stripe with your credit card and be confident that you are dealing with a trusted supplier or your money back. we encourage you to buy today not only to avoid missing out at this price, but also to immediately reap the benefits of establishing a transparent agreement with your business partner.

even equal partnerships can have a minority partner if one person has fewer rights and decreased options for recourse if actions are taken by the majority that conflict with his or her interests. most states offer more protection for the minority partner in corporations than in llcs, and some states (including new york) have even ruled that the minority partner doesn’t warrant the same protections. you should also include a provision that details what will happen if the partners disagree, such as mediation or arbitration. if you are used to taking charge of business decisions, receding to a minority role can be challenging. depending on the procedures established in your business partnership agreement, you may be able to fire a minority partner in the company.