Kremerica
Senior member
Hey all,
Background:
I have a friend that has a website, and has had it for about 2 or 3 years now. He doesn't know anything about computers or website design, and had someone else set it up for him. He has been getting a small amount of revenue from ads on the site for the past couple years. Like $50 checks...
He has asked me to help him update the site, get more traffic and make more revenue, or sell the site after the renovations. I will be doing all the work since he doesn't know anything.
For my work, he has offerred to give me half of any money he makes from this point forwards. I hate mixing business and family/friends, but I think its a good move for both of us...
I know he said he would give me half, but I would prefer to have a legal agreement in place so that if we do end up selling the site, there won't be any issues. I just don't want to get into an argument with him about the money and what he previously told me.
Question:
I was thinking of setting up a partnership, or LLC with 50% ownership for each of us, is this a good idea? How do we get the website under this companies ownership?
What can I do to ensure that the ownership of the site is legally considered 50/50 ownership?
Any suggestions on what to do?
Thanks,
Background:
I have a friend that has a website, and has had it for about 2 or 3 years now. He doesn't know anything about computers or website design, and had someone else set it up for him. He has been getting a small amount of revenue from ads on the site for the past couple years. Like $50 checks...
He has asked me to help him update the site, get more traffic and make more revenue, or sell the site after the renovations. I will be doing all the work since he doesn't know anything.
For my work, he has offerred to give me half of any money he makes from this point forwards. I hate mixing business and family/friends, but I think its a good move for both of us...
I know he said he would give me half, but I would prefer to have a legal agreement in place so that if we do end up selling the site, there won't be any issues. I just don't want to get into an argument with him about the money and what he previously told me.
Question:
I was thinking of setting up a partnership, or LLC with 50% ownership for each of us, is this a good idea? How do we get the website under this companies ownership?
What can I do to ensure that the ownership of the site is legally considered 50/50 ownership?
Any suggestions on what to do?
Thanks,
