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FIB - Scams 101 - Ye Olde Archives
Posted By: Gerard
Friday, 6 October 2006, at 1:37 p.m.
Hello. I hope someone can help me with a sensitive business matter. I am seriously considering starting an office cleaning business with my sister and her husband. At the start we have to deal with the possibly sticky matter of how to split the profits. What I would be bringing to the table is the capital, and ongoing hands-on involvement. My sister would be bringing some experience from when she lived in a different state. At that time she had a property management company. Of course, she would also be hands-on, as will be her husband. When the business is up and running the plan would be for the three of us to be paid wages, based upon how much we each actually get directly involved in the cleaning. Later on, as the business grew we would hire cleaning help.
The chief question I would like to throw out to the folks in this forum is how should the business profits be split. Should my sister and her husband be treated as one half of the partnership, with me as the other, having the profits being split 50/50? Or is it more equitable to spilt the profits three ways?
Another question concerns the legal form. Would forming an LLC be best? In her previous business my sister said she enjoyed tax advantages because she, as the principle owner, is a woman. I told her I didn't think that arrangement would work here, since I would be an equal owner and a man.
Gerard
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