How do I tell my friend I don't want to be business partners?
Am I wrong for not wanting to go into business with a friend (ex bf)? I was cool with it at first but now I'm regretting it because I'm putting up ALL the money (12k so far) and he said he will pay me back with his half of the profits we make. But that doesn't really seem fair. It seems like he's trying to "get rich" off money I fronted. Not to sound greedy but I'd rather do it by myself now and keep all the profits. How do I tell him never mind without losing his friendship? We do have an LLC with his name on it but I haven't transferred any of the assets to it because I'm not sure if I should.
- 4 weeks ago
Hi, it isn't wrong at all, but you should have written contracts and both should sign on it about the sharing it should be black and white with legal counsel's presence. You should enjoy your rights since you also invested your money on that said business.
Fair share as they say. If you really don't want to have business partner you can talk to the person in a nice way, I know you're better than that.
- Elaine MLv 74 weeks ago
I sure hope you wrote up a contract, specifically saying how and when you need to be paid back.
- Christin KLv 74 weeks ago
NO!! you shouldn't!! You have no guarantee of those profits. He's using your money to establish HIS business--and if you put it up for him, you may never see a dime of it repaid.
Profits in a business are simply not ever guaranteed. He can't say he'll have that money in any amount time. He wants your capital and your good credit in order to start his business. You probably will lose the friendship--but it's either that, or the money. Your choice.
- Common SenseLv 74 weeks ago
You already fronted cash assets. NO MORE from now on. Do not transfer any more of your assets to the business.
Does the LLC papers have language pertaining to you being an equal partner and any mention of a buy out or disolving the business? This is important. Also, what is your percentage of ownership. Are you an investor or a silent/active partner?
See an attorney because none of us know your business arrangement.
You have a right to simply change your mind. But, there may be legal ramifications.
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- Anonymous4 weeks ago
No, don't become his business partner. Wow that's unbelievable that you are putting up 12k, and I don't think I reached 1K yet with my business, and I started my business a while ago.
I have my own business. I don't have any partners. I do all the work on my own, and if there is something I am not able to do then I would outsource someone who can do it, and I would pay the person, or people to the work that I am not able to do, or I could just say find someone else if I am not able, or I don't want to do the work that was given to me.
You have more than enough money to start a business. Unfortunately if you don't have anything to offer besides money then I recommend you quit before you try to start something that you can't do.
I suggest you watch a movie that's called the social network!
I watched the movie that's called the social network, and it makes sense to me. One person was paying, and another person was doing all the work. I think you should be very careful!
The person who did all the work took over the business while the person who was paying ended up losing BIG!!!
What he said is risky. I would never accept his proposition simply because he could end up taking over the entire business, and I would lose everything. If he approached me about being partners with me, and he told me what he told you then I would say I am not interested, or no.
- JudyLv 74 weeks ago
you shouldn't. Just tell him.
- JLv 64 weeks ago
Bad idea! Don’t do it. If he can’t put up the money, he doesn’t deserve to be an equal partner. I suggest you don’t mix business with personal. He’s trying to take advantage of you. If the business fails, you’re the one taking all the risk.
- SlumlordLv 74 weeks ago
You just need to tell him and if he has a problem with it, well that's his problem. Be nice about it but just say you want to go it alone.
- DevorealLv 64 weeks ago
This is screaming SCAM!!! What is this 'business' your friend wants you to invest in?
Unless your friend can produce a detailed business plan that outlines what the business is, how it is going to make money, and has a complete and detailed 10 year projected profit and loss spreadsheet, you do not invest in it.
And another thing that bothers me is this is an ex BF. Ex's tend to do slimly things to get even with others...I'm not saying he is....but....
unless he can produce a detailed business plan that you can then pay a CPA to do 'Due Diligence' and review...
NO DO NOT GIVE THEM ANY MONEY...not even as a loan and they sign the loan documents...do not do this...no!
- Anonymous4 weeks ago
If he has no money to invest, YOU start a company and offer him a job (if you need an employee). He can be your worker-bee.
His LLC is in his name. He owns it. Tell him he can do with it what he wants. It's not legally a partnership, you are not owner, and you'll not be investing anything under those circumstances.