New Buisness partnership advice needed

[Raven]

one last point... Chef...

your labor is Worth X amount of dollars per day or per hour
or per week... ect

you have to always keep that in mind -> as it is a trade off

your expertise in exchange for use of space, materials
so "your" personal profit margin should reflect that

or at least be considered a "GOOD trade"

[stcroixman]

chef

you should have a lawyer and your accountant work on an LLC operating agreement which spells out everything. Informal means you could get screwed.

You will have what the IRS calls a "carried interest" i.e you are rendering services to the partnership and your partner is rendering capital and her farm. It also sounds like you will be designated the manager.

You need to establish the values of these contributions upfront.The risk is someone else does , like IRS.

BTW this is a common setup in real estate partnerships.

[cheferson]

Thanks! All great advice! Only thing is how do I pay for a lawyer and an accountant , when I just got laid off! Hah! Just figured out to that there is no 65% payment subsidy help with cobra any longer.....