Starting an LLC: Where to begin?
in Business, Accounting & Taxes ·
Hey, given the legal fine print and my current contract with the boss, I was thinking—is there any way we could actually pull something like this off?
So my partner just went ahead and set up an LLC where they own 100% of the equity.
I'm mostly just doing some minor tech support or IT stuff for that LLC on the side—honestly, on paper, I don't even officially work there. Plus, I don't want to deal with any legal headaches or mess around with my current employment contract.
It’s basically just a startup hunting for VC funding and some crowdsourced cash.
If we manage to land some investors, the deal is simple: he hands over 70% of the LLC to me, and he keeps 30%.
So we just hand the investors their cut, like maybe 30% of the whole thing—so the partner gets 10% and I take 20%.
The setup's gonna look like this: I’m taking 50%, my partner gets 20%, investors grab 30%, and everyone else? Well, the crowdfunding crowd gets full access to the app until their initial investment runs dry—basically a 50% discount for life.
We need to figure out a way to dodge any potential headaches with my current boss—specifically making sure there isn't a massive blowout when I try to transition that 70% stake in the company from my partner over to me.
Thanks in advance for the help!
So my partner just went ahead and set up an LLC where they own 100% of the equity.
I'm mostly just doing some minor tech support or IT stuff for that LLC on the side—honestly, on paper, I don't even officially work there. Plus, I don't want to deal with any legal headaches or mess around with my current employment contract.
It’s basically just a startup hunting for VC funding and some crowdsourced cash.
If we manage to land some investors, the deal is simple: he hands over 70% of the LLC to me, and he keeps 30%.
So we just hand the investors their cut, like maybe 30% of the whole thing—so the partner gets 10% and I take 20%.
The setup's gonna look like this: I’m taking 50%, my partner gets 20%, investors grab 30%, and everyone else? Well, the crowdfunding crowd gets full access to the app until their initial investment runs dry—basically a 50% discount for life.
We need to figure out a way to dodge any potential headaches with my current boss—specifically making sure there isn't a massive blowout when I try to transition that 70% stake in the company from my partner over to me.
Thanks in advance for the help!