I have found a great business partner who has all the skills I lack and vice versa. We want to set up an LLC and discussed (briefly) our split being 50/50 ownership.
I mentioned this to my Atty friend and his advice was to agree to share profits 50/50 but set up the LLC as maybe a 60/40 so one person has control and we don't deadlock in the future.
We are a service business (home organizing and estate sales) so there will be very few physical assets (cash register, signs, etc) to split if the company doesn't make it.
Have any of you gone 50/50 when starting your business and regretted it? Do you think my friend's advice was valid?
Any advice would be appreciated.
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