have too people investing in my company 10,000 dollars the company so far I've invested about 10,000 myself and is not making any profit and is a lost right now with out more funds>
what should the contract consist of or need to protect both sides
thanks!
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Read More Answered By: Terry A. Nelson |
Any contract should cover all representations, warranties, rights, remedies, protections, disclosures, ownership, control, management, profits, losses, liabilities, investments, returns, stock issuance, insurance, termination, dispute resolution, etc, etc. You haven't even said whether you already formed a corporation yet. I will not allow my clients to operate as a 'partnership', whether formally or informally. The liability risks are entirely too great. You know enough to ask about the problem but, thus, not nearly enough to deal with it properly. That is what lawyers are trained to do, effectively. No amount of 'hints and tips' from here is of any real value to you, unless you already knew how to make use of them. A little money spent now protecting yourselves from litigation is better than a lot of money spent later on litigation over issues and disputes not covered properly. If the business isn't worth spending the money to protect it in this contract, it probably isn't worth investing in. It's a tough call when you aren't making money, but...
If serious about getting counsel to do this, feel free to contact me. |
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