i want to start a beauty salon with my mother she has the license,equipment, and skills and i have the cash to rent out the location how can...

Question

i want to start a beauty salon with my mother she has the license,equipment, and skills and i have the cash to rent out the location how can i legally become partners with her with out affecting our relationship

Answer

I think all you can really do at this point is to discuss the issues and concerns you have with a lawyer in private so a best course of action can be established. There are any number of ways of approaching this.

If you would like to discuss further over a free phone consult, feel free to contact me anytime that is convenient.

Our firm is now referred by the American Bar Association (see under the New York section):

http://www.americanbar.org/groups/delivery_legal_services/resources/programs_to_help_those_with_moderate_income.html

Kind regards,

Frank

www.LanternLegal.com

866-871-8655

[email protected]/* */

DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.

Answer

The simplest way is protect you and your mother is to establish a company where you and your mother will be partners (i.e. shareholders or members). As part of the process of forming the company you will enter into agreements that will detail your individual rights and responsibilities.

Another reason why you ought to form a company is for the lease agreement you will have for the location. The company should be the named party on the lease agreement to avoid personal liability for either you or your mother.

I help entrepreneurs, just like you, to set up their companies. Contact me off line.

Roman R. Fichman, Esq.

www.TheLegalists.com │ @TheLegalist

email: Info (@) TheLegalists (dot) com

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Disclaimer: This post has been written for educational purposes only and was not meant to be legal advice and should not be construed as legal advice or be relied upon. No intention exists to create an attorney-client relationship or any other special relationship or privilege through this post. The post may contain errors, inaccuracies and/or omissions. You should always consult an attorney admitted to practice in your jurisdiction for specific advice. This post may be deemed as Attorney Advertising.

Answer

I know from both my clients AND my own personal experience that this is a tough one to answer. I'd say your best bet is to sign a comprehensive agreement covering all the possibilities. If anything goes wrong in the future (hopefully it won't), at least you'll have the agreement by which to abide.