I really need some advice

[adizziedoll]

I'm in such a predicament right now, and I just don't know what to do. This will probably be really long, so if you can bear with me, I would be ever so grateful.

My ex boyfriend spent money on a collection of breeding stock for me to start a business when we were still together. Before I can start selling snakes, I want to register the name to get proper tax papers, etc. Now he wants to be on the paperwork as a partner, and Im frankley terrified of that b/c, well... we're ex's and we don't communicate well. He wants to split it 25% him, 50% business account, and 25% me, because ill be working with the snakes, selling them, etc.. and he provided the starting money.

Now of course we have to have a contract for if we split up as business partners, and he wants to split everything in half, keep the name, and get 25% of whatever I make for as long as im in business.
Is this fair?

Im so nervous, and I don't know what to do. I want this business so bad, but I can't have it without the snakes that HE bought until many years later. Ahhh, someone help me

[JLC]

My best and first advice is: Don't make ANY hasty decisions. Stop. Breathe. Take your time to research your options and weigh each one carefully.


If at all possible, I would try to buy him out. If that isn't possible, just remember that you have a voice too, and just because he says a contract has to be "just so" doesn't mean it must be that way. (Refer back to my first sentence! )

[linkdead13]

Well Buying me out is not an option...
but willing to look at others suggestions and mabey we'll work from there the help will most def be appreciated

[ddbjdealer]

Basically, what you're talking about is a private investor. The investor isn't part of the business anymore.

Legally, there's not much either of you can do. Whoever CURRENTLY has the snakes has the big upper hand. If there was no contract written/signed upon purchase of the breeding stock or investment into the business... (which as I'm understanding wasn't a business in the first place... it's just now BECOMING a business).

If he has the snakes, then same deal.... he bought 'em, he has 'em... bad luck. If YOU have them, then LEGALLY I don't think he can FORCE you to split your profits/earnings with him.

Now.... is it the right thing to do? Probably... But the "right" thing to do in MY opinion is for you to breed the animals that you have, and work it out like a breeding loan. Take turns chosing morphs, then hets out of the clutches until he has the trade value for the amount of money that he invested. If it takes four years, it takes four years. OR, you can sell said animals yourself, and pay him cash for the money that he invested. I would also expect, if I were him, to get not only what he invested, but a little appreciation of orriginal investment. (I.e hatchling prices vs adult prices.... if he bought a hatchling female for $50, and it's a 1500g+ female now, it's "WORTH" a lot more.

Depending on your collection and how large and diverse in the amount/value of morphs, hets that you have, I would say anywhere from 133% to 150% return on investment would be reasonable. (And appreciated, since he really has no rights to the snakes anymore anyway.. and you're just doing "the right thing" by him... not because you HAVE to, but because you appreciate the head start that he gave you.)

If he demands to be part of the business "for the life of the business", then in my very legal minded, sarcastic, short and stand-offish opinion, I would tell him to go pound sand, and see if that gets him any further than demanding that he be a part of something that he doesn't help with any longer...

Just my two cents...

This is Geneva, signing off....

[adizziedoll]

I appreciate the very thoughtful response.

We live together still, as we are trying to make it as easy as possible on eachother and our son to get ahead in life (college, jobs, etc.) So we both have the snakes- he pays for whatever they need, and I care for them in any other way that does't involve money.


Personally, I would be more than happy to breed the snakes and give him generously more than what he invested. I could have never gotten started without his help, and his faith in my abilities to make the business work.

The last thing I want to see is my babies being sold.

[kavmon]

i would try to find some kind of buy out solution. if that isn't possible then maybe a fair split of snakes? i think a long term partnership won't work very well. and i certainly wouldn't split my profits for the life of a business!!


vaughn

[iceman25]

All personal interactions aside, I think it would be in your best interest to draw out somekind of legal contract

[sweety314]

See your PM

[4theSNAKElady]

If I were you, I would get or talk to anattourney, that way you and the other party can decide in front of a legal party, and sign papers. And I wouldn't decide on any thing unless its agreed upon by both parties, both parties are satisfied, and it's ON PAPER AND SIGNED. CYA, if ya know what i mean.

[adizziedoll]

Wow guys, I can't thank you enough for all the helpful replies. I think that all these suggestions will help us put aside our differences and come up with a fair game plan.


Will all the stress lately, it's been difficult to do.