by Wayne M. Davies
Let me introduce you to another client of mine, let’s call him Tony.
Tony is a computer programmer who always wanted to be “on his own.” One of his co-workers, Kevin, felt the same way. On their lunch breaks they often talked of the day when they’d be calling the shots and making all the money.
Before long, they got the guts to tell their employer they were quitting to start their own business. They didn’t know much about paperwork, but Tony’s brother-in-law, Kyle, who worked for an insurance company, always seemed to know a lot about “how things worked” in the business world.
Kyle told Tony that the business didn’t need to do anything fancy to operate as a business. They could just run things as an informal partnership — they each contributed 50% of the start-up funds and they agreed to share equally in the profits.
