My husband and I are seriously considering buying into a business. The current owner is the previous manager of two of the places my husband worked in the past. We think he is a great guy, honest and hard-working. He has found employing motivated, honest people is a challenge, and wants to bring my husband as a partner, and get rid of his current help. My questions are:
1) How do we dissolve his current corporation? What type of corporation should we set up - S or C?
2) What type of document should we draw up to detail out how our "partnership" will work?
3) How can we verify the list of outstanding debts he has provided is a complete list?
4) What else should we do to protect ourselves, in case things were to go south with the business or our relationship?
Thank you for your advice.
1) How do we dissolve his current corporation? What type of corporation should we set up - S or C?
2) What type of document should we draw up to detail out how our "partnership" will work?
3) How can we verify the list of outstanding debts he has provided is a complete list?
4) What else should we do to protect ourselves, in case things were to go south with the business or our relationship?
Thank you for your advice.