Salon Partnership

[Toney]

Very interesting conversation. I would also like suggestions on our startup as well
I agreed to partner with my daughter and help her start her own Hair Salon. Initially I wanted to just help her start up and turn it over to her but as we proceeded my investment became more than was initially expected so now I need to clarify how we will set up our partnership so I do not lose my investment.

I have several small businesses as a sole proprietor but this is with my daughter whom I really want to see succeed but I don't want to take advantage of her either. However, this needs to be a learning situation for her as a business woman for the future too so I should set it up right and fairly, I may give her the business at some point even.

She has the skill set as a technician, I have the business experience and the initial capital investment. I put in over $12,000 cash and roughly another $18,000 labor to handle the build-out. She has been open one month with a gross of $4,700 income, bills are only about $800 plus supplies. So what would be another Father's suggestion to set this up right?