Hi guys,
So I am starting a new business which is a small take away, which will be launching soon. However I was just wondering how will I split the money.. A breakdown is below:
I have decided to open this take away, however I don't work in my town anymore and have appointed my brother to run the show (which he has accepted and is doing really well now with construction workers etc.). I am fully funding the project, sourcing materials etc etc, and he is just managing. I give me a brief every morning on what will happen for the day and he knows what to do.
When the take away opens, he will be there most of the time, managing and running the place and obviously I will be there too but no where near as often as him (maybe 3 months in total in the year).
I offered him a 15% share in the business with a salary too. However, I was trying to figure out, when do I give him the 15% (end of the year? every quarter?) and what does it come out of? I'd assume when he gets his 15%, I can also take 85% out for myself. But if this comes out of the profits, then there is no cash left in the business, or do I then leave cash in the bank (lets say 50%) and the remaining treat it as profit?
I know this is really stupid, but I'd appreciate help here and explain how I can go about this.
Many thanks guys!
So I am starting a new business which is a small take away, which will be launching soon. However I was just wondering how will I split the money.. A breakdown is below:
I have decided to open this take away, however I don't work in my town anymore and have appointed my brother to run the show (which he has accepted and is doing really well now with construction workers etc.). I am fully funding the project, sourcing materials etc etc, and he is just managing. I give me a brief every morning on what will happen for the day and he knows what to do.
When the take away opens, he will be there most of the time, managing and running the place and obviously I will be there too but no where near as often as him (maybe 3 months in total in the year).
I offered him a 15% share in the business with a salary too. However, I was trying to figure out, when do I give him the 15% (end of the year? every quarter?) and what does it come out of? I'd assume when he gets his 15%, I can also take 85% out for myself. But if this comes out of the profits, then there is no cash left in the business, or do I then leave cash in the bank (lets say 50%) and the remaining treat it as profit?
I know this is really stupid, but I'd appreciate help here and explain how I can go about this.
Many thanks guys!
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