My friend and I opened a barber shop but it's in my name alone. Does my friend have any say?
I need legal advice. My friend and I decided to open up a barber shop. I put all the money and investment into it. The name and business are solely in my name. Does my friend have any say?
Michel, you may have put up all the funding for the business but your friend may be contributing some sweat-equity, which has its own particular value. I would suggest that you first sit down with your friend and draw up a rough shareholder or partnership agreement where you specify what each individual is responsible for, the percentage of ownership, compensation, benefits, buy/sell options, and other critical partnership elements that may be important to you. You then need to formalize this in a contract prepared by a lawyer. Loose business relationships between friends often lead to both serious business issues and breakup of friendships.
No! Unless there is some other agreement in writing between the two of you.