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FIB - Scams 101 - Ye Olde Archives
Posted By: Sandi Bowman In Response To: Re: Sticky Partnership Issue (Gerard)
Friday, 6 October 2006, at 6:31 p.m.
> Sandi, thank you for your response. Assuming I ignore the fact that I am
> contributing the money, do you think the profits should be split 50/50,
> with my sister and her husband being treated as one? As I mentioned, apart
> from that, each would also receive money earned while actually doing the
> work.
> Gerard
That depends, Gerard, on whether they are SHARING ONE job in the company or they are functioning as TWO PEOPLE doing TWO jobs. See the difference?
If there are two jobs and they share one of those jobs and you do the other job then they should be entitled to 50% share. If, however, there are three jobs, and each of you does one of those jobs, then each peson (among the 3 of you) should have an equal share of the profits.
Here's a scenario for you. Supposing they SHARED one job and received 50% together and you got the other 50%. Now, supposing they decided to file separate tax reports, how would it be decided which one of them did 30% of the work and which 70% for example if their contributions were perceived to be unequal? You see, it can get sticky in such situations or if they should divorce or some such.
Best bet is each to their own share, regardless of marital status. Then it's just a matter of determining what's a fair share of the labors (and not just the cleaning as there's a LOT more to running a business than the manual chores) for each person or job slot.
Hope that helps.
Sandi Bowman
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