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    partnership business start up
    I have an opportunity to start new business, I have some partnership questions?
    My name is Rich my partners name is John we are 50/50 partners.
    John contribution to the business is the ability to finance the new venture
    My contribution is the ability to build (physical developed and build actual buildings) (value:saving Contractors fee) and manage the new business.
    I will receive a salary of 120k a year, gas for auto expense, when we are at 75% potential it is increased to 180K

    John is financing 4M, the business will pay all business expense including mortgage on 4M, on top of the
    he whats 3% of 4M 120k a year, adjusts with pay down, last part is what Im having a problem with.


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    In the current state of the economy with unemployment around nine percent, people are looking for ways to supplement their income. families and individuals alike are attempting to start their own small businesses either in the form of sole proprietor, partnership or an limited liability company (LLC). The legal aspect of forming the business entity can be accomplished with little cost and ease.


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    #3
    Join Date
    Sep 2014
    Location
    USA, illinois, Chicafo
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    Quote Originally Posted by morrismartinez View Post
    In the current state of the economy with unemployment around nine percent, people are looking for ways to supplement their income. families and individuals alike are attempting to start their own small businesses either in the form of sole proprietor, partnership or an limited liability company (LLC). The legal aspect of forming the business entity can be accomplished with little cost and ease.
    I think it would be a great way for sorting the issue of partnership business startup.


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    #4
    Join Date
    Sep 2014
    Location
    USA, Colorado Denver
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    Business partners are often start business together with little planning and few ground rules. You must clear all the rules and deals, may clear yourself about the business startup. Communication is very important at every stage of partnership.


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    I also agree with all of you it is the best way to sort out partnership issues.


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    Quote Originally Posted by morrismartinez View Post
    In the current state of the economy with unemployment around nine percent, people are looking for ways to supplement their income. families and individuals alike are attempting to start their own small businesses either in the form of sole proprietor, partnership or an limited liability company (LLC). The legal aspect of forming the business entity can be accomplished with little cost and ease.
    Yeah, I agreed with you..


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    A Web Site For Logbook Loans Seekers----> Logbook Loans Place
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    If anywhere you feel that you are having a problem in partnership then better clear the matter with your partner or don't get agree to it. Because once you will get agree with the terms and condition you will not be able to leave.


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    Last edited by thomasjessie345; 11-15-2014 at 02:06 AM.
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    #8
    Join Date
    Sep 2014
    Location
    USA, Colorado Denver
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    40
    Quote Originally Posted by thomasjessie345 View Post
    If anywhere you feel that you are having a problem in partnership then better clear the matter with your partner or don't get agree to it. Because once you will get agree with the terms and condition you will not be able to leave.
    You are absolutely correct. Clear all your matters with your partners before signing any agreement.


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    Choose a Name for the Business.
    Check the Availability of Your Name.
    Create a Partnership Agreement.
    File With the State.
    Get a Federal Taxpayer Identification Number (EIN)
    Register a Fictitious Business Name.
    Open a Partnership Bank Account.


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