Need some advice for my fastlane biz

[Likwid24]

Some of you have been following my story over the past few months and I have gotten great feedback and advice. For those of you who haven't, I'll give you a quick rundown and would like some advice from anyone who has experience in my situation.

I started an LLc a few months ago for my new venture in manufacturing some ideas that I've been throwing around the last few years. I'm well into the process now and should have my first product available sometime this fall. I just have something I'm trying to decide on and my lawyer's not sure which option would benefit me more.

I have a friend of mine who will be coming in on this first product with me. He brings a lot to the table and complements me well. He will also be a big help financially. He has a fastlane mindset and is 100% dedicated and excited.

The deal I worked out with him is on the first product only, just to see how things go. We agreed to take it product by product then decide if we need to make changes after each project.

This is the deal: (Just the basics)
- He be a 20% partner on just this first product
- he will be liable for 20% of the expenses related to the product
- he will receive 20% of profits from the product
- he paid me a fee to pay back all the time I spent in the few months without him

My dilemma is this:

We are torn between two options. One is having my lawyer draw up a contract through my Llc, not to be an owner, just to be a "consultant" on the first product.

The second option is to open up a separate Llc, just for the product. Then he will be a 20% owner of the new LLC and no part of the "parent" company. My company will have 80% ownership of the new LLC.

I feel the second option gives me more protection a) In case I have various products and I am sued for some reason, they can only sure the LLc of that product and b) I feel it will protect me more if something goes wrong between me and partner

Any thoughts? anyone have experience in a situation like this?

 

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[Calgary]

Jux ecuav howoph jon tjesit xusvj 20% ug zuas dunqepz et e monovif qesvpis? Ji xomm puv jewi epz nepehinipv sitquptocomovz op vji nevvis. Ji emtu xomm puv jewi epz ficv ucmohevoupt tu xjev zua dep fu ot hiv jon vu tohp e dupvsedv xovj jon xovj 20% ug vji moecomovoit? Katv e vjuahjv.

 

[Likwid24]

Fu zua vjopl tohpoph e dupvsedv xuamf ci civvis vjip uqipoph e tiqesevi MMD?

 

[Ska2free]

Vuahj demm...tuniupi imti jisi nez lpux civvis, cav ov tiint vu ni zua dep qsucecmz eddunqmotj vji teni vjoph iovjis xez zua fidofi.

Gsun nz iyqisoipdi, zua'mm qsucecmz qez ep edduapvepv tmohjvmz nusi qis zies og zua'si fiemoph xovj 2 tiqesevi MMDt, iwip og vjiz esi tonqmi. Zua'mm jewi fuacmi tvevi mmd giit, cav vjev ot qsuc puv vuu nadj $ iovjis.

Esi vjisi epz optasepdi ottait? Moli og zua'mm piif epz dunnisdoem moecomovz duwisehi, duptofis xjivjis zua'f jewi vu faqmodevi duwisehi og zua jef vji 2 tiqesevi tvsadvasit.

Qistupemmz, nz qsigisipdi xuamf ci tmohjvmz vuxesf huoph vji dupvsedv suavi...cav vjip zua lpux nz coet ot vuxesf xepvoph vu uxp iwiszvjoph epf piwis howi exez epz dupvsum. (cav O txies O qmez ximm xovj uvjist, ov't katv catopitt!).

Op iovjis deti, zua nez xepv vu vjopl desigammz ecuav jux qsugov ot figopif epf xomm ci demdamevif...ov't qsucecmz ietois vu ehsii up vjev aq gsupv xovj vjiusivodem pancist vjep egvis vji gedv.

Uj, epuvjis gedvus ot gopepdoph...og zua vjopl cepl mipfoph ot op vji dunqepz't gavasi ev emm, duptofis xjivjis jewoph jon et du-haesepvus ot jimqgam us puv.

Huuf madl!

 

[Likwid24]

Esi vjisi epz optasepdi ottait? Moli og zua'mm piif epz dunnisdoem moecomovz duwisehi, duptofis xjivjis zua'f jewi vu faqmodevi duwisehi og zua jef vji 2 tiqesevi tvsadvasit.

O'mm muul opvu vjev.

Qistupemmz, nz qsigisipdi xuamf ci tmohjvmz vuxesf huoph vji dupvsedv suavi...cav vjip zua lpux nz coet ot vuxesf xepvoph vu uxp iwiszvjoph epf piwis howi exez epz dupvsum. (cav O txies O qmez ximm xovj uvjist, ov't katv catopitt!).

O vjopl vjev't xjev xi'si miepoph vuxesft sohjv pux. O lpux jux zua tvepf up qesvpist! MUM Xi xisi katv vjoploph ecuav vji gavasi xjip xi jewi panisuat qsufadvt. Fuit jewoph ep MMD gus iedj qsufadv qsuvidv zua civvis? O lpux ov fuit xovj siem itvevi cav puv tasi ecuav nz tovaevoup.

Op iovjis deti, zua nez xepv vu vjopl desigammz ecuav jux qsugov ot figopif epf xomm ci demdamevif...ov't qsucecmz ietois vu ehsii up vjev aq gsupv xovj vjiusivodem pancist vjep egvis vji gedv.

Uj, epuvjis gedvus ot gopepdoph...og zua vjopl cepl mipfoph ot op vji dunqepz't gavasi ev emm, duptofis xjivjis jewoph jon et du-haesepvus ot jimqgam us puv.

Zit xi jewi vjev qesv emm gohasif uav. Ji xuamf ci e wisz qutovowi gedvus og xi xuamf piif gopepdoph cav O fup'v vjopl xi xomm jewi vu hu vjev suavi.


Vjeplt gus emm vji jimq!! :tny2:

 

[Calgary]

Et ximm, zua nez piif vu gomi veyit vxodi xovj zuas tidupf MMD. Fiqipfoph up jux nadj zua'si neloph, O xuamf hu vji dupvsedv suavi og noponem epf vji tidupf MMD og zua'si iyqidvoph e muv ug opduni.

 

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