Hey guys, little background on me....
Started a business back in 2008 and have grown and expanded to a point where I needed to bring on a partner on the investment and structure side. I have the industry pretty well dialed in and have done the ground work to get myself to the point where i am at currently, but in order to move forward I needed someone who had the capital and the structure to take care of that aspect while I can focus on growth. We agreed for a certain dollar amount that he would purchase 51% of the company and structure it under a totally different entity and we would split profits 51/49(theres alot of good and thoroughly thought out reason behind this). My question is, at what point do you start dispersing profits? I do collect a salary...and he is merely profit %....but his duty since he owns the company now is to reinvest profits to benefit the company as needed, so does this effect the total payout on both ends or just his percentage? What im also trying to ask is since technically I dont "own" the company anymore, and am paid salary plus 49% profits.... how do we know for certain what dollar amount should be dispersed? If he wants to reinvest some of the profits into new equipment or marketing or whatever he chooses.... does that amount that is being reinvested come off of my share of the profits as well? I guess I just need a better explanation of the proper way to go about profit sharing in my situation. Any input on this would help to clear up any grey areas I might still have. Thanks in advance!
Started a business back in 2008 and have grown and expanded to a point where I needed to bring on a partner on the investment and structure side. I have the industry pretty well dialed in and have done the ground work to get myself to the point where i am at currently, but in order to move forward I needed someone who had the capital and the structure to take care of that aspect while I can focus on growth. We agreed for a certain dollar amount that he would purchase 51% of the company and structure it under a totally different entity and we would split profits 51/49(theres alot of good and thoroughly thought out reason behind this). My question is, at what point do you start dispersing profits? I do collect a salary...and he is merely profit %....but his duty since he owns the company now is to reinvest profits to benefit the company as needed, so does this effect the total payout on both ends or just his percentage? What im also trying to ask is since technically I dont "own" the company anymore, and am paid salary plus 49% profits.... how do we know for certain what dollar amount should be dispersed? If he wants to reinvest some of the profits into new equipment or marketing or whatever he chooses.... does that amount that is being reinvested come off of my share of the profits as well? I guess I just need a better explanation of the proper way to go about profit sharing in my situation. Any input on this would help to clear up any grey areas I might still have. Thanks in advance!
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