Forums: Discussions for entrepreneurs and small business.

I've received some great advice here before, so I'm hoping the community can help with a dilemma I'm having. I was in the process of stating a site yet found a similar type site available for sale. I approached the website owner about acquiring his domain which had been dormant for four years, yet had been a highly profitable business for over three years. He was asking too much for the domain but I asked if he might be interested in letting me resurrect the business and run it. He has tentatively agreed. I will be responsible for the re-building of the site with new systems, backend etc. We will use his old content and systems intelligence to operate the website. He will be involved in the operation of the site but on a small scale-prob 10-20% versus my side of efforts. My question is this. What sort of profit sharing/equity arrangement makes sense? He has said he doesn't want to sell the domain but i am scared of getting the site built to a point and I have no equity in the business aside from annual revenues. Does anyone have a somewhat simple solution to my problems? Thanks!

A partnership is an arrangement where parties agree to cooperate to advance their mutual interests.Since humans are social beings, partnerships between individuals, businesses, interest-based organizations, schools, governments, and varied combinations thereof, have always been and remain commonplace. In the most frequently associated instance of the term, a partnership is formed between one or more businesses in which partners (owners) co-labor to achieve and share profits and losses. Partnerships are also common regardless of and among sectors. Non-profit, religious, and political organizations, may partner together to increase the likelihood of each achieving their mission and to amplify their reach.

 

Business for Sale in South Africa

You need a partnership agreement or shareholders agreement depending upon whether you are a corporation or not.  You'll need a lawyer and he'll make sure that everything is in order BEFORE you start.  To help him or her along, you have EVERYTHING you can think of written out and agreed upon between the 2 parties.

 

A corporation is the better route as a partnership is just that, a 50/50 thing.

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www.plan2profit.ca

Look for a partner who has all the business attributes and skills that you lack. If you are very good at product development and creation and are a poor marketer, a sound marketer is what your business needs.Your business grows stronger and faster this way, where you have capable hands manning strategic positions.

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Protect Yourself and Your Business www.registerabusinessnametoday.com

Hi,

Always remember that, partnership means more than 2 people are sharing business, ideas, goal and achievements. All partner should need to transparent to each other with sharing all business secrets and future planning. For making partnership, you should need to make legal partnership deed with clarify all things including sharing profit and loss.

Thanks and regards,

Gitesh

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