So I have worked for my company for 12 years and have been offered partnership.
I would like to point out that my boss is a great lifelong friend and I trust him completely.
We have a small home improvements business the business owns 2 vans and various tools and access equipment.
I have been asked to pay £11000 for 25 percent of the company and this can be taken in a directors loan.
My increase in wage will more then pay for the directors loan so my percentage is essentially free in fact I have a little left over from the pay increase.
However a problem has arose.
These are not actual figures but I will use simple ones for ease.
When I first sat down with the boss and his wife we first agreed that we would get paid an equal salary of £5000 from the company each as we both do an equal amount of work and then anything left over would be divided up according to our percentages.
Upon another conversation about the whole process today my boss tells me that his salary should be 3 times mine because he has 3 times the percentage however based on those figures the company wouldn't even be able to pay his wage because if my salary that's been agreed is representative of 25 percent then the money left in the company would not be enough to pay him his 75 percent even on a fantastic year!
So I figure this means I would just never ever get anything more than my salary because the remaining amount will never be enough to pay him so he will take it all if you see my meaning.
I just figured we both got our salary for what we actually do and then the percentages are split on anything left.
Am I way off the mark?
How do unequal partners salaries work?
Many thanks
I would like to point out that my boss is a great lifelong friend and I trust him completely.
We have a small home improvements business the business owns 2 vans and various tools and access equipment.
I have been asked to pay £11000 for 25 percent of the company and this can be taken in a directors loan.
My increase in wage will more then pay for the directors loan so my percentage is essentially free in fact I have a little left over from the pay increase.
However a problem has arose.
These are not actual figures but I will use simple ones for ease.
When I first sat down with the boss and his wife we first agreed that we would get paid an equal salary of £5000 from the company each as we both do an equal amount of work and then anything left over would be divided up according to our percentages.
Upon another conversation about the whole process today my boss tells me that his salary should be 3 times mine because he has 3 times the percentage however based on those figures the company wouldn't even be able to pay his wage because if my salary that's been agreed is representative of 25 percent then the money left in the company would not be enough to pay him his 75 percent even on a fantastic year!
So I figure this means I would just never ever get anything more than my salary because the remaining amount will never be enough to pay him so he will take it all if you see my meaning.
I just figured we both got our salary for what we actually do and then the percentages are split on anything left.
Am I way off the mark?
How do unequal partners salaries work?
Many thanks
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