Phoenix, AZ asked in Business Formation, Business Law and Contracts for Tennessee

Q: How do I handle a potential business partner I don't really wanna pay 50 percent or even less.

I have an online business that I made with a friend but everything is in my name included the LLC but he is in a good amount of the footage that our online course provides but his name is literally on nothing except for about half of the videos. I do think he should be payed something but how do I get this number to be low such as 10-20 percent and after a couple years or so make it to where there is 0 percent. I probably should get something written up but don't wanna burn any bridges just yet.

1 Lawyer Answer
Mr. James Charles Wright
Mr. James Charles Wright
  • Knoxville, TN
  • Licensed in Tennessee

A: Your post indicates that you are the only member of the LLC and from this I am assuming all of the online content is owned by either you or the LLC. You don't indicate the agreement with this other person - and you likely should discuss this with a lawyer rather than creating another post. -

My suggestion (not a legal advice) is to go ahead on the front end and have the discussion and confirm it in writing-unless you already have an agreement- if so then confirm that agreement in writing.

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