We are 3 potential partners that want to open a small restaurant (a model or
a pilot) with the idea of turn it later into a franchise. Partnership will be
at equal parts for each partner (1/3 each). One partner is the investor and
he will put all the money. His return will be an interest for the money
invested, the money back after 5 years and 1/3 partnership. The other 2
partners are the ones that have developed the idea, made the business plan,
created the menu, recipes, methodology, everything, and they will be the ones
to work the business.
We would like to create an LLC and a contract agreement between the 3
partners.
How can we make sure everything is legal and correct?.
What will be the best way?.
Do you think that, for example, Legalzoom.com could be helpful in this case?.
Money would not be in excess so legal counseling and lawyers fees scare us.
Any input?.
Thanks.
BizResearcher | Window Shopper |
2/19/2013 - 11:39 am
You will need an attorney to create your partnership agreement, so why not
allow her/him to handle everything for you? What you describe is two active
partners and one limited partner. The role of each needs to be clearly
defined in your partnership agreement. I would avoid using a website to
create such an agreement. You need one that complies with the laws in your
state, not a generic form.
Depending on where you are located, there are also Universities that offer
Law degree programs where students make available legal services at no cost
under certain circumstances. For additional helpful reference materials about
forming an LLC, check out BizFilings, an online provider that specializes in
this area. They also provide incorporation services for a fixed fee.
kmurray | Community Moderator |
2/15/2013 - 2:26 pm
A good place to start is with one of SBA resource partners: SCORE, Small Business Development Centers or Women’s Business Centers. These organizations provide free business counseling and training. To find your nearest SBA resource partner, enter your zip code in our local assistance guide.
BizResearcher | Window Shopper | 2/19/2013 - 11:39 am
allow her/him to handle everything for you? What you describe is two active
partners and one limited partner. The role of each needs to be clearly
defined in your partnership agreement. I would avoid using a website to
create such an agreement. You need one that complies with the laws in your
state, not a generic form.
Buzzgate | Window Shopper | 2/15/2013 - 4:57 pm
Law degree programs where students make available legal services at no cost
under certain circumstances. For additional helpful reference materials about
forming an LLC, check out BizFilings, an online provider that specializes in
this area. They also provide incorporation services for a fixed fee.
kmurray | Community Moderator | 2/15/2013 - 2:26 pm
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