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Hello Beyond,
A friend and I have recently decided to start a business. We are currently looking at our options for incorporation. We would like to set up the company with a buy/sell clause and a shotgun. We figure that this will be easy enough to do on our own through the registry as we will be 50/50 partners and it seems straight forward.
Some think that we are crazy to go forward with a lawyer, so I am wondering if Beyond can convince me to spend the extra cash to hire one.
Thanks.
Normally, I recommend one to incorporate themselves, however adding a partnership in to the mix, I'd recommend getting a lawyer.Quote:
Originally posted by BavarianBeast
Hello Beyond,
A friend and I have recently decided to start a business. We are currently looking at our options for incorporation. We would like to set up the company with a buy/sell clause and a shotgun. We figure that this will be easy enough to do on our own through the registry as we will be 50/50 partners and it seems straight forward.
Some think that we are crazy to go forward with a lawyer, so I am wondering if Beyond can convince me to spend the extra cash to hire one.
Thanks.
You want to make sure the partnership agreement is as clean cut, and covers absolutely every type of situation that can arise, and provides a course of action in any of the possible events (divorces, buyouts, health issues, mental capacity, unrelated personal lawsuits, disputes among partners, death, etc...).
Even if you guys are tight, you want a partnership agreement that would cover rules as if you were arch enemies. Do it now at the beginning instead of later...
for my next one i think im going to go with the lawyer/accountant combo just to help minimize taxes as much as possible. always been a fan of letting the experts handle the things they do best while i focus on what i do best
For a partnership, Yeah get a lawyer.
50/50 partnerships are the most complex and troublesome business arrangements I can imagine. I hope this isn't a close friend. You are likely to seriously change this relationship once you are business partners.
Brewery?
No advantages at all. Lawyers are useless.
Truth :rofl:Quote:
Originally posted by shakalaka
No advantages at all. Lawyers are useless.
Zoo Keeping Services.Quote:
Originally posted by roopi
Brewery?
Thanks for the replies. We decided to take the general consensus and just hired a lawyer. I figured it would of cost a lot more. Not even worth the thread for the $1500 they charge lol.
Cheers guys.
It's not the incorporation that's costs. It's the USA.
Which lawyer did you decide to go with? I’m looking for one for the same purpose right now.Quote:
Originally posted by BavarianBeast
Zoo Keeping Services.
Thanks for the replies. We decided to take the general consensus and just hired a lawyer. I figured it would of cost a lot more. Not even worth the thread for the $1500 they charge lol.
Cheers guys.
Same, negotiating a partnership, didnt know whether to do it myself with all the what ifs answered and signed or go through a lawyer. Pretty sure that if you have the what ifs answered and laid out i dont think youll need one?
I went with a buddy's friend who is operating with Lawson Lundell out of Yellowknife so his rate was pretty good.
My company is solely owned by my wife and myself, so that was simple. I did look into creating it as a partnership with a colleague of mine, and after talking it through with him, we both decided a two-par partnership was terribly complex and would impact our working relationship.
My way of thinking about it is that it's just as hard to build it with two partners as it would be with ten or more shareholders. Actually worse because with only two you are MUCH more likely to run into an impasse that can't be solved with a simple vote.