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Found an Investor/ Partner but now we need a contract -HELP!

elsizzle2000elsizzle2000 subscriber Posts: 5
edited February 2007 in Business Planning
So the good news is I found an investor/ partner. The stressing news is we need to come up with a partnership contract. Neither of us have done contracts before & we have no idea what to put in them. I am looking for a trustworthy contract lawyer who can help us decide what to put in the contract & then draft it. One concern off the bat I have is that we decided that I would have 51% & he would have %49. I made this decision because I decided that he should have an equal part of the profits because he will be an active participant & will bring a lot of to the table. I kept the 1% for myself so I would have the controlling interest. Meaning when it came to decision making I would have the final say. This seems fair to me. He said that he doesn`t want me to have the last say. He wants us to be equal in the decision making. Well this doesn`t make sense to me. I feel like we will be going in circles. Also the business is solely my idea. He brought a few ideas to the table when he became invlolved but nothing that I would not have come up with in due time & nothing that really changes the core of the business. Although he is putting up all the money for it. I would say from $25-$50K. Should I expect to have 51% given the situation? Doesn`t eh person with the larger percentage holder have final say or controlling interest? How does this usually work? What should I do?
elsizzle20002007-2-12 20:3:36


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