Idea on partnership and profit sharing? -

we have a sweet shop whose yearly sale transaction about 10-12 lakh .its infrastructure is well established.but non of my family member can give full time due to busy engagement.so we have decided to bring my friend into the family business as he can give full time and run the business. so i want to know about the term and condition we should implement in this regard.provide me idea and tips on profit sharing ,maintenace .

Friendship is personal, business is professional. Make a partnership deed.Partnership is an agreement or contract between the partner in which everything is described, like profit sharing, investment, process and how to divide the profit sharing,terms and condition of the partnership and profit sharing, limit of drawing ( it is the money which we withdraw from the business for the personal use) etcRemember without partnership deed any kind of business which is run by the two, is illegal and cannt be claim in the court Its better you refer the lawyer

As for as a family business is concerend, avoid an outsider into it. It can create lot of problems for you and your family members and there are chances the relationship between you and your family members as well as with your freind get spoiled and i am on the side it is an immature decision. If all of you are busy, consider giving him an employment and give him a good salary. If he is not agreeable to this, consider hiring a person from outside.Business decisions should come from your head and not from your heart.Anyway if you are still want to get him to your business as a parter, a partnership deed has to be made with the help of a lawyer. Please remeber in mind, as per Partnership Act, all the members are severally and jointly liable for any liabilities created out of Partnership. In the real world, what happens in such situation is the outsider creates lot of liability in the name of the Partnership and when it come to the point of payment he claims that he doesnt have the resources to pay and eventually all the other partners got attached to the liability.These are the possibilities. Take your own decision.

I am opening a buisness.? -

i am opening an italian ice franchise i am having trouble coming up with a name. I just wanted to see if anyone had any ideas. I thought some outside input would help.

first off thank you for the opportunity to assist. I need to ask a few questions that will indeed corner a growing demographic for you.What city are you in? What is the ages of the surrounding population?how many homes, apartments, businesses, retail stores, malls are there near to you (a ratio per each will suffice) are any middle or high schools and colleges near to you (say within one mile)? Why you think? Because If a college is close, use their school mascots name as your company s name. other people who will use you will be senior citizens and they love early bird specials (they eat their supper (dinner meal) earlier so you can use a senior discount offer from 4:30 to 6:00pm get back to me we will come up with a very good name, I promise.

You may want to check if this is a franchise if there are any restrictions, and any name you have thought of, check with the Business Licensing division in your state to see if that name is taken or protected by a trademark so avert a lawsuit. Aside from that a name should be a sizzle message and a name all in one. Like OMG Ice Treats , or Flavor Treasures ... hope it works out for you!