Marriage plus a single person business
Hi there !
If a married couple and a single person go into a business together. Would the expenses and profits be split 3 ways or 2?
Hi Chase, this is a very good question. When you go into business with a partner, you generally need to have a partnership agreement. In the agreement you would specify how the profits would be split up amongst the 3 of you. I am not a lawyer so I can’t offer any specifics but we do have a couple of resources that I think would be helpful, I have provided the links below:
How to Create a Business Partnership Agreement:https://fitsmallbusiness.com/business-partnership-agreement/
Limited Liability Partnership Agreement Template:https://fitsmallbusiness.com/limited-liability-partnership-agreement/
Partnership Agreement Checklist:https://fitsmallbusiness.com/partnership-agreement-checklist/
I also recommend you seek the assistance of an attorney who can review the agreement and offer expert guidance based on your specific situation.
Best of luck,
Crystalynn Shelton, CPA