Hi, i'm totally new here.
Got courage to ask upon viewing a forum regarding partnership. Hence, we had some doubts right now how to proceed under the current situation. Furniture/tent rental company was bought 3 years back here in middle east. Partner 1 is the capitalist and decision maker/problem solver while partner 2 is supposedly the operating. for the last 2 years, business is not that much profitable hence industrial partner did not do his part well. although company still floating with the tangible assets around and some clients coming in from time to time. scenerio:
no partnership agreement has been signed/notified.
[LIST][*]both verbally agreed only. [*]both partners did not took salary except partner 2 taking petty cash much as it includes personal expenses.[*]partly partner 1 received partial amount for the capital invested but again he has to put money if company needs such as license renewal, staff salary etc.[*][/LIST
question are: how much should be the ratio for profit sharing?
does partner's need to have salary from the start?
for 2 years, P/L will show losses even now not unless all tangible assets will be liquidify. from both partners, who has the say in the company's decision making?
i know it a bit long, but hopefully we read a good advice.
thanks.
Got courage to ask upon viewing a forum regarding partnership. Hence, we had some doubts right now how to proceed under the current situation. Furniture/tent rental company was bought 3 years back here in middle east. Partner 1 is the capitalist and decision maker/problem solver while partner 2 is supposedly the operating. for the last 2 years, business is not that much profitable hence industrial partner did not do his part well. although company still floating with the tangible assets around and some clients coming in from time to time. scenerio:
no partnership agreement has been signed/notified.
[LIST][*]both verbally agreed only. [*]both partners did not took salary except partner 2 taking petty cash much as it includes personal expenses.[*]partly partner 1 received partial amount for the capital invested but again he has to put money if company needs such as license renewal, staff salary etc.[*][/LIST
question are: how much should be the ratio for profit sharing?
does partner's need to have salary from the start?
for 2 years, P/L will show losses even now not unless all tangible assets will be liquidify. from both partners, who has the say in the company's decision making?
i know it a bit long, but hopefully we read a good advice.
thanks.
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