Hey guys,
My best friend and I have registered a business which for me it will be a second job and for him, in fact a third one!
What we are going to do is providing IT consulting and solutions, including development of web apps, online reports, mobile apps, database, etc. for other businesses. As I am new comer to business (my friend is a more professional), I feel like I am in a disagreement with his view on how to share work & profit, and that is why I feel like I need some help.
He is a marketer, no IT knowledge, he is the one making connections and finding the projects. I am the one with all the development, coding, maintenance, technical support, server setup, etc. knowledge. So obviously given that each IT project can vary between 50 to 500 hours of work (A to Z) and needs ongoing technical support afterwards, the amount of work each of us will do is not even comparable. For example, so far he has had a few meetings trying to make connections, not exceeding 10 hours and I have already done around 200 hours of work setting up servers, developing a first small project, researching the best practices, etc.
Now his idea of sharing is out of a projects profit, each person takes "some" money based in the number of hours of his contribution, and then there will be "some" money left which goes to the business itself, on a 50-50 basis; which leads to question 1: Shouldn't the part that goes to the business be also shared on a contribution ratio basis, rather than 50-50?
Question 2, if I myself find a connection, get a project, and deliver it, am I entitled to the 100% of income of that project?? if not, why?
There is also some small ongoing income, which we will earn out of hosting some projects. As I am the only one providing the technical support and maintaining those servers and projects, I am entitled to that part of the profit?
My partner insists on a 50-50 partnership as he thinks that is the only way "it works". Is that a fair expectation given the situation?
My best friend and I have registered a business which for me it will be a second job and for him, in fact a third one!
What we are going to do is providing IT consulting and solutions, including development of web apps, online reports, mobile apps, database, etc. for other businesses. As I am new comer to business (my friend is a more professional), I feel like I am in a disagreement with his view on how to share work & profit, and that is why I feel like I need some help.
He is a marketer, no IT knowledge, he is the one making connections and finding the projects. I am the one with all the development, coding, maintenance, technical support, server setup, etc. knowledge. So obviously given that each IT project can vary between 50 to 500 hours of work (A to Z) and needs ongoing technical support afterwards, the amount of work each of us will do is not even comparable. For example, so far he has had a few meetings trying to make connections, not exceeding 10 hours and I have already done around 200 hours of work setting up servers, developing a first small project, researching the best practices, etc.
Now his idea of sharing is out of a projects profit, each person takes "some" money based in the number of hours of his contribution, and then there will be "some" money left which goes to the business itself, on a 50-50 basis; which leads to question 1: Shouldn't the part that goes to the business be also shared on a contribution ratio basis, rather than 50-50?
Question 2, if I myself find a connection, get a project, and deliver it, am I entitled to the 100% of income of that project?? if not, why?
There is also some small ongoing income, which we will earn out of hosting some projects. As I am the only one providing the technical support and maintaining those servers and projects, I am entitled to that part of the profit?
My partner insists on a 50-50 partnership as he thinks that is the only way "it works". Is that a fair expectation given the situation?
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