I am partnering with a friend who owns a cleaning company to where I would own 50% percent of said company. He wants me to be his partner in the business.I am new to this whole thing so I dont know exactly how it works, but I am definitely willing to learn. I have askied him when will I become partner and he says that I have to wait until the end of March so we can start the paperwork. Is this true? Is there a certain time frame where you can start your own business or become partner into one?If somebody can please explain the whole process to me I would greatly appreciate it. I need any help you can give, I dont want to be played with.
      Answer1:The only reason it might make sense to bring you on in March and not before is if the accounting year ends about then. In this case, he will not have to "factor you in" until the next accounting year....presumably March. Beyond that, there is no timeline on when you can join or exit a business. Have you asked him directly why you must wait? Are you being asked to invest or buy in? If so, I would wait until the papers are signed (making you a partner) before I hand over any monies as this is customary. Incidentally, since youre skeptical, I would recommend having your attorney read over the agreement before signing anything.
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