My question involves business law in the state of: Florida
Hello everyone,
My cofounder and I started working on an app about a year ago. Our startup is registered as an LLC in Florida. Currently I own 10% and he owns 90% of the company. As we started to run out of funds, I decided to inject more money into the startup and make the share split 20% and 80%. He agreed to the idea, but he said if I get more equity now I will get taxed big on that extra 10% (tax will be around 25%). He suggested that I put the money in now and wait until we get another investment and become an Inc. to get that extra equity. I feel like there's something fishy going on. Do you have any comments/suggestions? Is it possible to make another shareholders agreement stating that he agreed to give up 10% without anything in exchange? Will there be any taxes?
Thanks,
Hello everyone,
My cofounder and I started working on an app about a year ago. Our startup is registered as an LLC in Florida. Currently I own 10% and he owns 90% of the company. As we started to run out of funds, I decided to inject more money into the startup and make the share split 20% and 80%. He agreed to the idea, but he said if I get more equity now I will get taxed big on that extra 10% (tax will be around 25%). He suggested that I put the money in now and wait until we get another investment and become an Inc. to get that extra equity. I feel like there's something fishy going on. Do you have any comments/suggestions? Is it possible to make another shareholders agreement stating that he agreed to give up 10% without anything in exchange? Will there be any taxes?
Thanks,
Business Ownership: My LLC
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