Recently, myself and two others went in together on a business venture. It was agreed upon that it would be a 33% interest for all partys involved. The business is centering around beautician type services, including mens hair cuts, fashion, etc. After talking with the other partners tonight one in particular indicated that since they will be doing the sole work of facials, etc. that they want a 60/40 split - which I guess is the going rate for a contracted beautician. So in essence they keep 60% of their service (and tips) and kick back 40% to the shop. However, they still expect a 33% disbursement as the other two partners. I tried to impress upon them that they are a partner and not a contracted entity. I don't think they quite understood.
This does not settle right with me. The math is not adding up. Does anyone have any ideas if this normal practice, or how would you approach this? I basically suggested that all revenue go into the joint account, and everyone gets an equal share once all expenses, etc. have been paid. Apparently they are opposed to this. Any help or suggestions appreciated. Thanks.
This does not settle right with me. The math is not adding up. Does anyone have any ideas if this normal practice, or how would you approach this? I basically suggested that all revenue go into the joint account, and everyone gets an equal share once all expenses, etc. have been paid. Apparently they are opposed to this. Any help or suggestions appreciated. Thanks.
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