Ryder asked:
Let’s say two people start a t-shirt business… one of the people doing the business is an artist who does the designs for the company, such as designs for the shirts. When these shirts get sold ($40 for a shirt for example), and the t-shirt is paid for, how is the money split among the two who is running the business?
Let’s say two people start a t-shirt business… one of the people doing the business is an artist who does the designs for the company, such as designs for the shirts. When these shirts get sold ($40 for a shirt for example), and the t-shirt is paid for, how is the money split among the two who is running the business?
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
Comment by Suzanne S — June 26, 2008 @ 6:46 am
chick the web
Comment by sacha F — June 29, 2008 @ 7:36 am
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.
Comment by elp — July 1, 2008 @ 9:27 am
For startups and new businesses, I would recommend
Comment by Jess Q — July 4, 2008 @ 10:26 am