June 25th, 2010 @11:39 amhi ms Monette. I have a laundry business question, hope you could answer me as quickly as possible actually i had emailed you but til now i haven’t received your answer.
we are planning to put a laundry business with my god father we agreed to be partners.
i will be the one to manage the whole thing and he will provide the funds in other words he will not be able to help me running this business since he is currently employed.
i was afraid to ask him how would the sharing would be.
i mean the funds since ill be the one to look after and manage the business from construction til the whole process of the laundry business.do i still need to put some money as my share?
I’m just a bit confused since we are partners the business name registration will be under his name also.
hope you can help enlighten me on this..
thank you and God bless
Hi Just,
Thank you for reading my blog. I haven’t read your email or I may have possibly missed it.
Anyway as for your question, before you start a business with your Ninong, set the terms and conditions first. You cannot start venturing into something, put effort into it not knowing what’s in for you too. Your Ninong will definitely expect something for his investment, but you also have to get your share. If you’re hesitant or shy in asking, how can you discuss with him details later? Given the fact that registration is under his name, you have no control over the business and therefore anytime he wants you out, he can do so with you having nothing to say. You better study your options or you might end up having differences with him. Or better yet, if you have money to pitch in your share of the investment, then do so. Just set aside salary for looking after the business.
Good luck!
