Legal Question in Business Law in Illinois
What would be the right way or legally done when u and a business partner sold the business, u contributed 60% of the money and the partner 40%, will the 60% be paid back to u first and the 40% to him & the income will be the amount that will be devided between the partner?
Asked on 11/24/11, 3:11 am
1 Answer from Attorneys
When the original capital contributions came is usually irrelevant to dividing net sale proceeds - in your case if the net sale proceeds are $100, one of you gets $60, and the other $40. If the contributions were NOT true contributions, however, or the arrangement created some other kind of priority, the answer could change dramatically.
Answered on 11/28/11, 2:37 pm
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