Skip to main content

Ask a Business Lawyer a Question

Legal Eagle

Legal Eagle

128,690 satisfied customers

Legal Eagle
Welcome! Have a similar question?

5 lawyers online now

I am starting a business with three members in an LLC, and we as a group will be entering into a business agreement to partner with another LLC that is going under. The agreement ownership reads 40% to the current owner and the new partners (my group) reads 20% per member. Is this a legal agreement giving the group 60% of the business? Also, the Owner wanted to add the following statement: In the event of a disagreement where all parties cannot come to a unanimous agreement after mediation, the final vote will be Current Owner 51%, to the remaining 49% vote. Is this binding and does it not contradict with the ownership agreement of 40 - 60?

21

9

Hello, can you please review the Partnership Agreement I created for legal accuracy? The purpose I have with this agreement is to establish a partnership within a business that is owned by two of the partners but not myself. This will be a temporary partnership where I myself will be in sort of a consulting role to help the other two partners get their business established and then I will remove myself for them to continue on their own. Another important detail is that I myself will have no ownership in the business entity and will only receive profit sharing in exchange for working in an operations role. The other two members will contribute capital but largely not operate.

22

8

Good afternoon, I would like to sell a drone that I purchased personally this year to my business. I want to create a loan agreement and loan the money from me personally to my business. I then want my business to pay me back for the drone loan immediately because it's a new business and I think it's going to take a while to get paid back from revenue generated from the business. As long as I create the correct documents like a loan agreement and bill of sale—is this ok?

19

7

Disclaimer


By messaging AskaLawyer.com, you agree to our Terms and have read our Privacy Policy.

The information provided on AskaLawyer.com is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and timeliness of the information presented, we make no guarantees regarding its completeness or applicability to your specific circumstances.

Use of this website does not create an attorney-client relationship between you and AskaLawyer.com or any of its attorneys. Communications through this website, including any responses from attorneys, are not privileged or confidential. For advice tailored to your individual situation, we recommend consulting a licensed attorney in your jurisdiction.

AskaLawyer.com disclaims any liability for actions taken or not taken based on the content of this site. We are not responsible for any third-party content that may be accessed through this website. Reliance on any information provided herein is solely at your own risk.

Ask a Lawyer Logo
Ask a Lawyer Logo
Intake Questions
Step of 3
Loading...
Loading...

How do you like to pay?

By proceeding with payment, you agree to our Terms and Privacy Policy. You authorize us to charge $ today and $ thereafter until canceled. You may cancel anytime in the My Account section to stop future charges.

Total Due:

After purchasing, your chat will begin with an attorney.

By proceeding with payment, you agree to our Terms and Privacy Policy. You authorize us to charge $ today and $ thereafter until canceled. You may cancel anytime in the My Account section to stop future charges.

Total Due:

After purchasing, your chat will begin with an attorney.

It looks like you already have an account with Ask a Lawyer.

We have sent you a magic link to . Click the link in your email to sign in and continue your chat.

spin

Step of 6 •

You'll receive an email at as soon as the lawyer joins the conversation 🙏🏻😊

Over 90% of lawyers connect within 5 minutes. If you're not online at that moment, don't worry — the lawyer will reply to your message while you're away.

You're also welcome to stay in the chat while waiting to be connected 💬✨

Waiting for lawyer