Let’s contend dual people begin the t-shirt business… the single of the people you do the commercial operation is an artist who does the designs for the company, such as designs for the shirts. When these shirts get sole ($40 for the shirt for example), as well as the t-shirt is paid for, how is the income separate between the dual who is using the business?
HOW WOULD THIS PARTNERSHIP BUSINESS WORK IN TERMS OF WHO GETS THE PROFITS?
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This would have to worked out between the two owners in a written and signed agreement. this can be 20/80, 30/70, 40/60 or 50/50
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Since you haven’t legally formed a partnership, likely would be 50/50. I suggest you form a legal partnership so everybody is on the same page.
You must document the ownership percentage when you do this and the profits must be split accordingly. Linked below is an article giving advantages and disadvantages. Also has a link to nice table. It confirms what i’ve said above.
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