Unique Business Partnership - Not sure what to do????
by ceo_smokehouse, Window Shopper
- Created: December 27, 2013, 6:05 pm
Hello, I am planning to start a business, but I believe that I have a unique situation and I'm not sure how to divide up the ownership. Partner #1: Service-disabled Veteran Partner #2: Spouse of Partner #1. Partner #3: Male in relationship with Partner #4. Partner #4: Female in relationship with Partner #3. Also, Partner #3 and #4 live 150+ miles away from where the primary location of the business will be located, so #1 and #2 will be running the day-to-day operations, while #3 and #4 will be working pretty much part time or half time at most when there's big events or occasional weekends for our Mobile Food Facility (Food Truck). Also, I plan to use the Patriot Express option via SBA and it states that the Veteran must maintain at least 51% ownership of the company in order for the company to maintain the status of Veteran Owned. Does this mean that my spouse and I must control 51% or that I must alone control at least 51% while my spouse and the other couple would divide up the other 49% since they aren't married and not the Veteran and don't fall under the Joint Venture structure where it states that married couples own the company evenly and both don't have to register as owners, only one does? Please correct me if my info is incorrect, it has been a while since I have researched this info. Are there any suggestions on how this company should be divided up, i.e. 60/40, 51/49, etc.? Thank you in advance.
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