California | Business Law
4/25/09, 1:06 pm
Legal Question
What kind of business agreement?
A friend of mine invented a product and has developed prototypes and has obtained a manufacturer. He knows how to do everything except the marketing. He wants me to run this business and get this thing sold. I do not want to proceed without some amount of certainty that my efforts and personal expenditures will be rewarded. Do I want ownership in this company? If so, does he just add me to the list of officers and award me 40% of the stock (what we discussed) or am I better off with an agreement giving me some percentage of all future profits and not have any ownership in the company?
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