businessguy101
New Member
I started a small advertising business on the side about 6 months ago. I did it myself for about a month or two, needed help, and then offered a friend of mine a partnership as long as he would split the duties with me.
First off, we have no agreements between each other, whatsoever, nor are we actually registered as a business just yet. (I know, I know)
I have been wanting to get things registered with the state but we have been having problems the last few months and the profits have been very minimal.
(I was waiting until the first of the year to set things up, but read on)
I have been apprehensive about setting up anything concrete because I'm not certain I want to continue forward with this individual as he is very abrasive and hard to deal with.
My business has not been officially registered but we do have a dual bank account in the business name that we recently set up.
Obviously, I can simply start another business, but I have put a ton of work into the branding of this business. I have done the website development, the sales, the marketing and advertising, and I have the repoire with all of the clients,
He has put some money into the venture, but not a whole lot. He bought some laptops, phones, and a business vehicle and also helped pay some of our help over the first couple of months.
The laptops, phones, and vehicle can be returned or resold and he has said so himself if we were to ever hit a lapse.
Since this business is not official, can I form it myself in my own name as a sole proprietorship or a corporation?
What would be some of the challenges or benefits I would face in doing this? I obviously realize I can just give him the company, and start my own, but as I have said, I have put a tremendous amount of work into this and would be shooting myself in the foot massively.
Any advice?
First off, we have no agreements between each other, whatsoever, nor are we actually registered as a business just yet. (I know, I know)
I have been wanting to get things registered with the state but we have been having problems the last few months and the profits have been very minimal.
(I was waiting until the first of the year to set things up, but read on)
I have been apprehensive about setting up anything concrete because I'm not certain I want to continue forward with this individual as he is very abrasive and hard to deal with.
My business has not been officially registered but we do have a dual bank account in the business name that we recently set up.
Obviously, I can simply start another business, but I have put a ton of work into the branding of this business. I have done the website development, the sales, the marketing and advertising, and I have the repoire with all of the clients,
He has put some money into the venture, but not a whole lot. He bought some laptops, phones, and a business vehicle and also helped pay some of our help over the first couple of months.
The laptops, phones, and vehicle can be returned or resold and he has said so himself if we were to ever hit a lapse.
Since this business is not official, can I form it myself in my own name as a sole proprietorship or a corporation?
What would be some of the challenges or benefits I would face in doing this? I obviously realize I can just give him the company, and start my own, but as I have said, I have put a tremendous amount of work into this and would be shooting myself in the foot massively.
Any advice?
