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I am doing homework for a franchised fast food business in downtown, which needs three persons to operate in a reasonable full scale (12 hours open each day). When the business starts, 8 hours shift for each partner would be covered each day. The profit or loss will be distributed at 4(me):3(partner one):3 (partner two) ratio.
I am going to finish all paperwork for setting up a corporation (three are all entitled owners with shares at 4:3:3 ratio as mentioned above), including obtain the franchise permit and other provincial and municipal permits. Two partners will need to contribute 25000$ each from your own pockets (not loan, could be taken from home line of credit, saving or borrowed from your relatives). We will have additional 105,000$ loan at 6% interest annually, with an initial 5-year franchise term, renewal at 5000$ for additional 5 years. The estimated revenue would be 350000$ per year.
The partners should be: Honest, enthusiastic, work-smart, work-hard, good communication skills in English, and willing to team up to grow up this business, with no complaint to other partners at any time, just play your own part well.
Note: A partner can withdraw your full principle contribution (25000$) three years after the business opening, plus 2% per year interest will be paid, if the partner changes mind after business starting. The withdrawn partner will have no obligation to the potential loss, or share benefit to the potential profit. However, the partner will be responsible for paying the fee (removing the title from the ownership) incurred following this breakup and compensate the time loss related to the breakup process (verbal or physical fight should be prohibited). More detail agreement will be signed in the corporation document.
Above is just my first draft. The final agreement will be finished and agreed by three partners.
Any response just QQH me, not replying this thread.
I am going to finish all paperwork for setting up a corporation (three are all entitled owners with shares at 4:3:3 ratio as mentioned above), including obtain the franchise permit and other provincial and municipal permits. Two partners will need to contribute 25000$ each from your own pockets (not loan, could be taken from home line of credit, saving or borrowed from your relatives). We will have additional 105,000$ loan at 6% interest annually, with an initial 5-year franchise term, renewal at 5000$ for additional 5 years. The estimated revenue would be 350000$ per year.
The partners should be: Honest, enthusiastic, work-smart, work-hard, good communication skills in English, and willing to team up to grow up this business, with no complaint to other partners at any time, just play your own part well.
Note: A partner can withdraw your full principle contribution (25000$) three years after the business opening, plus 2% per year interest will be paid, if the partner changes mind after business starting. The withdrawn partner will have no obligation to the potential loss, or share benefit to the potential profit. However, the partner will be responsible for paying the fee (removing the title from the ownership) incurred following this breakup and compensate the time loss related to the breakup process (verbal or physical fight should be prohibited). More detail agreement will be signed in the corporation document.
Above is just my first draft. The final agreement will be finished and agreed by three partners.
Any response just QQH me, not replying this thread.
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