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    4 Replies Latest reply on Jul 3, 2010 6:27 PM by Mark78

    Help! Needing measures to protect myself as a Partner

    Emona7 Newbie
      Hello All,
      I came into a business proposition just this past January. As of February, I became the sole owner of a business. My new partner had left one business to start this one. I, of course have goals to reach, and so did he. That's where I come in...the catch was that he agreed to a no-compete agreement, so I accepted (of course after researching his background and experience) to a 12 month commitment until that was lifted, in order to establish the new company and profit. I am his partner in FL that does nothing while he does everything in CA. I already have a great fulltime job. As of now, there has been nothing fraudulently applied against me from my new partner, knock on wood. I can see the transactions with online banking, I speak to him weekly for updates, we have a website, and I'm sent pictures of the work, etc. Money is coming in. But is there anything I should be signing to indemnify myself? My name is just about on everything. What should I be doing as of this moment? I know I should have thought of this at the very beginning but, sometimes we move really fast to make things happen and become blinded from being overwhelmed. Should I be bought out? He said he would take care of the taxes and the lease on the building, but how can I be sure? I know all fingers would point at me if anything derogatory or delinquent would occur. Please help advise....