How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask RJM Law Your Own Question
RJM Law, Lawyer
Category: Law
Satisfied Customers: 4095
Experience:  LL.B (Hons)
Type Your Law Question Here...
RJM Law is online now

I need some advice from a business lawyer please. London,

Customer Question

Hello I need some advice from a business lawyer please.
JA: Where are you? It matters because laws vary by location.
Customer: London
JA: What steps have you taken so far?
Customer: Nothing yet. We are still in talks. I want to open a business (Restaurant specifically with a friend). We have found the concept, how it's going to work etc. I will be like a silent partner because I have no expertise in the field but I have the money to invest in it in full. He does not have the funds but he has the experience, idea and he will be working the restaurant. I do trust him and his expertise but I am not sure how the business should be divided.
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: Thank you. I am not sure what else to include but I will be happy to answer any questions.
Submitted: 19 days ago.
Category: Law
Expert:  RJM Law replied 19 days ago.

Hello, and thank you for choosing our service today. I am the expert who shall assist you with this opportunity

Please note, our service is conducted through emails and from time to time there may be a delay between answers and responses, this is due to the expert availability at the time.

If you do not receive a response immediately, please be advised I may be working through other matters however you shall receive a response as soon as I am finished with any live. However please be assured I will get back to you.

I will be able to provide you with guidance in relation to your question which should assist in clarifying matters and navigating the legal system. However, please note this does not form a professional client relationship.

I look forward speaking with you and providing help.

Customer: replied 19 days ago.
Customer: replied 19 days ago.
Will you provide some assistance with my question please?
Expert:  RJM Law replied 19 days ago.

Thank you for the questions.  How you split thee business is really up to you there is no legal calculation, you could take a higher amount of profit until such times as the initial capital has been paid back to you.  Or you could take a larger share of the profit on the basis they are going to take a salary.  This is really between the both of you.  However, I would advise keeping more than 51% if you wish to hold the majority for voting rights etc.  What I would highly advise, is that you have a partnership agreement put in place, this will dictate how any potential issues are dealt with (best put to a third party if highly important).  It will also state how you can buy or sell shares from each other etc.  However, to answer you question.  It is really a question of how you feel it would be fair, there is no legal requirement to split the shares in any specific ways.  If ou fell you would like a partnership agreement drafted, this is something I could assist with once needed.  

Hopefully, I have answered your query in a way that is simple and easy to understand. If anything remains unclear, I will be more than happy to clarify it for you. In the meantime, thank you once again for using our services.

Should you require any further assistance on this matter, please do not hesitate to post a further questions for additional assistance.

Kindest Regards.

Expert:  RJM Law replied 19 days ago.

I shall provide you with a helpful link that will assist you in finding a solicitor/representative near your local area. This will provide you with someone nearby your area who can assist you if required.

I hope this information proved helpful. You will find a local solicitor who deals with these matters on the law society webpage which is as follows; (England) (Scotland) (Ireland) (N. Ireland)