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Salary Or Shares How To Solve This Issue - Business - Nairaland

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Salary Or Shares How To Solve This Issue by efixxxy: 6:11pm On Nov 01, 2018
Hello, please I need help on this issue, I am a blogger and I have a photographer friend who meet me and suggested I should start a studio since he knows photography and he is working under someone who doesn't pay much. He suggested I should start a studio which he will help manage. I agreed and bought everything needed including the shop rent. As we started, the motive is to make the studio great so no salary we use money from the studio to upgrade and get what are needed. But we use to get what to eat and spend from the studio. After some time he suggested more hands and we employ some staff which we pay them. So about 5 months now I met and talk to him that he needs to be on a fixed salary since by now that the studio is going good but he said he is not supposed to be a salary earner but a share holder in the company. I am confused about the issue. I need help because bought everything to start he just brought idea I need expert to help and if shares how many percent.
Re: Salary Or Shares How To Solve This Issue by elderken(m): 8:18pm On Nov 01, 2018
This is a great risk you took and a wonderful business lesson for others.
Don't ever go into any partnership of any sort without putting things down in black and white.

That said

I hope you've the receipt of all the purchases you've made

The fact he will be in charge of the daily upkeep of the business, you guys should go and do a company registration with the CAC
60% for you and 40 % for him.

Get a lawyer to draw up a partnership agreement.
Re: Salary Or Shares How To Solve This Issue by Teezzbond: 1:37am On Nov 03, 2018
Is the business registered yet? If it is, that's when the issue of shares would come up. Ideally, you both should execute either a Joint venture agreement or a memorandum of understanding. Either ways, you can contact me on lasakitemitayo@gmail.com or whatsapp 08067746357 or call 08075838413. I'm a lawyer.

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