established business together? Im only going to get 20% of the profits, how do we go about doing this legally. My social would not be in any of the paper works or loan. Would we need a lawyer to create an agreement form for us that is signed and dated. Also noted that 20% of the profits will belong to me. Thanks

Specially when doing business w/family you better get an agreement. In order to qualify for financing you should make yourelf less than 20% owner, or else they will have to consider your financial picture. You may want to note that you will also be responsible for 1/2 of all liabilities. Think this through and do the math. Don't let your head get so big because of your 20% profits (which you haven't made yet) that you make rash decisions. By the way, if it is a new business you will need some cash down..yup you heard correctly...You have been educated. Good luck

I would NEVER do business with a family member.

that's just my advice.

get a lawyer too.