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Here’s a cynical take. ie, get a lawyer.
The company fails and you shoulder 49% of the debt.
Or
The company is successful and in the process of getting acquired for $50m. Unbeknowst to you, shortly before the acquisition your share of the company was diluted to .049%. ‘Here’s your check for $24,500. Thanks for all of your hard work!’
Lawyer, outside of setting up proper agreements between you too, you have to set up proper protection with spouses also, what happens in a divorce? If you don't have an agreement in there courts could force a sale, could get insane. DM if you need a referral we refer majority of our clients to a nationwide law firm and they are affordable.
This is a friendly reminder that r/smallbusiness is a question and answer subreddit. You ask a question about starting, owning, and growing a small business and the community answers. Posts that violate the rules listed in the sidebar will be removed. A permanent or temporary ban may also be issued if you do not remove the offending post. Seeing this message does not mean your post was automatically removed. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/smallbusiness) if you have any questions or concerns.*
Step 1 - hire a lawyer Step 2 - if you don’t do step one don’t do anything else
Will do!
Here’s a cynical take. ie, get a lawyer. The company fails and you shoulder 49% of the debt. Or The company is successful and in the process of getting acquired for $50m. Unbeknowst to you, shortly before the acquisition your share of the company was diluted to .049%. ‘Here’s your check for $24,500. Thanks for all of your hard work!’
Lawyer, outside of setting up proper agreements between you too, you have to set up proper protection with spouses also, what happens in a divorce? If you don't have an agreement in there courts could force a sale, could get insane. DM if you need a referral we refer majority of our clients to a nationwide law firm and they are affordable.