My question involves business law in the state of: Not sure, possibly DE
My question involves a new company being formed to operate a website. I believe it would be an LLC and not a corp.
The main contact person forming the company wants to buy something from me to use in the business. I am considering asking for a small cash payment, and a % of "owner's equity" in the business, perhaps only 5%, plus a small % of gross revenue to be paid to me, perhaps 5% as well.
I've never done this before and I do not know what all the legal implications are if I have an "owner's equity" stake in the business, but I know that deals like that do occur for the type of sale I may be making.
If I do this kind of deal, would any "owner's equity" stake I receive also mean I have all the same legal liability the business would normally have for its actions and decisions, or does an "owner's equity" stake protect you from all that and simply mean you are entitled to a % of the value while having none of the liability?
My question involves a new company being formed to operate a website. I believe it would be an LLC and not a corp.
The main contact person forming the company wants to buy something from me to use in the business. I am considering asking for a small cash payment, and a % of "owner's equity" in the business, perhaps only 5%, plus a small % of gross revenue to be paid to me, perhaps 5% as well.
I've never done this before and I do not know what all the legal implications are if I have an "owner's equity" stake in the business, but I know that deals like that do occur for the type of sale I may be making.
If I do this kind of deal, would any "owner's equity" stake I receive also mean I have all the same legal liability the business would normally have for its actions and decisions, or does an "owner's equity" stake protect you from all that and simply mean you are entitled to a % of the value while having none of the liability?
Business Ownership: If I Have a Small % of Owner's Equity in a Biz, Does That Include Legal Liability
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