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Buying out a partner - business and legal questions
#9

Buying out a partner - business and legal questions

A salesman isnt a partner, and it is an online business with no real way (that you are currently aware of) of tracing memberships to Jason. Hire an SEO guy to draft an SEO plan for you and do it yourself or hire a VA to implement it for you. Never ever ever give away equity just because. It seems like youre that type of personality that HAS to have people like you. Such personalities never succeed in business. Youve got 3 partners already and want to bring this Jason on because you feel you owe him something despite no revenues being made for this business. $$ = ownership. Revenue = Ownership. Youve got no business just a concept, and youre already trying to give it all away.

For someone not trying to fail in business, I would recommend Vested Interest. Especially when peoples contributions are not monetary but a special skill set or "work that they put into the business." Basically with vested interest everyone gets a certain amount of % ownership after every year. That way if youre forced to fire someone in just under 1 year, they never get more than your vested interest amount. So if there are 3 partners and vested interest is 5% equity, then after 1 year each partner will have 5%. if 1 gets fired or forced out before the first year is up he makes off with no more than 5% of the company.
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