I am a cofounder of a LLC. The LLC has to departments. I own 80% of one department and my business partner owns 80% of the other and then we both have 20% of each others shares. When we started 2 years ago my partner hired people to do his job and how does other things. For the last 2 years now I have been hustling to get payroll every 2 weeks and of course I always come up short. So my Biz partner would pay out of his pocket and from another company which he is CFO for the overhead. We have 20 employees. I am the creative side. and my partner suppose to be the Business side of our organization. He said when we first started that he will take care of everything. I dont know about this stuff. What does a Business partner IN BUSINESS do? we never had a biz plan... I dont think we filed any LLC taxes since we openned (I filed personal though)... he past history is: he was CEO (company crashed), he was CFO (company crashed), now hes CFO of anyother Company & they make 3 million/ yr
This is a common problem. You REALLY need to check out people that you partner with. I would do whatever I could to break away, and start a business without him/her. |
