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Unread 10-01-2013, 05:20 PM   #5
bizznessman
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Personally I would not utilize a Partnership as a business format. These are the points of a Partnership that cause me to not consider them.

1) Partners in a general partnership are jointly and individually liable for the business activities of the other. If your partner skips town, you'll be liable for all the debts, not just half of them.

2) You do not have total control over the business. Decisions are shared, and differences of opinion can lead to disagreements, a "falling out," or even one partner buying out the other.

3) There is a chance that one business partner may not work as hard as the other, but will want the same rewards as the more valuable partner. If you have a low tolerance level for this type of inequity, partnership may not be for you.

I agree with deguerre. I would propose a "payroll" arrangement to start with. This will give you some sales data with which to evaluate the viability of the business. If the business is profitable you could then propose a purchase of the cooker and a lease for the space in the station. The lease could be a flat fee, a percentage of sales or a combination of both.

First thing to do is to work up a business plan. See if you can obtain information of past sales from the BBQ business which will help you to decide if your business plan is viable.

It sounds like an interesting venture. Good luck if you go forward with it and keep us informed.
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