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anything long term short of 50/50 = end of the partnership someday.....most partnerships ive known fail...very few continue....those that i know of that succeed are because both partners are extremely easy going.....if your competitive in anyway = failed partnership in my opinion
i think its very fair to go 70/30 until the investment is recouped....i wouldnt give any interest....your each bringing different things to the table and neither should be rewarded extra.....after she's paid back you MUST go 50/50 otherwise your partnership has no chance....
i also agree with Steve B that you may go a year or 2 w/o profit...you may be 70/30 for 10 years...........are you prepared for that? you may never make profit....
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Or you may be profitable from the third month onward.
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i made enough to survive full time after 8 months of being part time/while for someone else......i dont think many businesses are profitable in 3 months...could it happen..YES.......will it happen...probably not....
being overly positive is not what i recommend when starting out....being as conservative as possible and planning for the worst is where i recommend starting.....
being out of business in 3 months is more likely than being profitable in 3 months.......this economy is not a good time to start anything....im still having small business friends go under every month or 2.....id say over the last 3 years 33 percent of my small business friends went under.
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My wife's pet grooming business was profitable in the second month. My own plumbing company was profitable in four or five months, by which time we probably had 10 or more employees. It's not a question of being overly positive - it's a matter of doing your homework, planning ahead, and being more efficient than your competitors.
And while the grooming business wasn't a partnership, the plumbing company was, on several levels, and was profit-sharing, not only between the partners at differing percentages, but with all the employees, too.
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Hi, My wife and I have a 50/50 split partnership in our guest house but my tax is used up and she pays no tax. It was ok last year because we made a loss but this year we are likely to go into profit. Can I change the split to 99% wife who pays no tax and 1% me? The building is owned 50/50 Thanks Trev.
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Partners share in the profits and losses to the extent of their share in the business. If each contributes 50 percent of the start-up money, then each is entitled to 50 percent of the profits, according to Weltman. ... Rules concerning voting, admitting new partners, and management.
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