Legal Question in Business Law in Illinois

I want to open up a nightclub but I want to do it with investor capital. To raise the money I need,I want to sell 48% of the ownership(keeping 52% of the ownership for complete control)for the total amount I need for all costs involved in opening up and getting the ball rolling.I'm not talking about selling stock,I'm talking about selling private partnership percentages.Is that legal and is that how it works?

Asked on 7/27/12, 2:08 pm

Sanford M. Martin Sanford M. Martin, P.A.

0 users found helpful

0 attorneys agreed

Of course, if you are forming a partnership, you may require a certain payment

to join that partnership for a certain % of the ownership. There is no requirement

to sell stock in a partnership. You should have a partnership agreement

describing the nature, business plan, management, and other aspects of the

partnership arrangement. You may consider an LLP.

Answered on 7/27/12, 2:21 pm

Keywords

Match Any Match All

Country

State

Area of Law