Investors/Partners in O/O operation

Up to you and that person.

Myself, I had a 50/50 partnership with my brother and after 4 yrs bought him out and we didn’t speak for almost 7 yrs.

If you value this relationship at all do it on your OWN.

 

4 uncles started our family’s at 1/4 ownership. All four have tension and believe it should’ve been one owner. None will retire as early as wanted. I would suggest single owner, or payout to investor of agreed ( in contract ) number. Nothing more.

 

I had the same deal.. and it lasted about 4 years. I managed to talk to my brother again after about 2 years. I've been gun shy about business partnerships ever since. That said, I have borrowed money from family before my credit was built up. We drew up a contract and I paid them a fair interest rate. I set up auto pay and made dang sure I always had money to pay it.

 

If it’s the wife’s family it may get you a nasty divorce. if you can’t get and run one truck on your own you should try another line of work.

 

The only ship that won't float is a partnership.

 

My brother and I are pretty high energy and get along fine.
Our parents were hard workers.
I've been gainfully employed all my life, no issues.
My brother has been gainfully employed all his life, no issues.

I still think he's a lazy ###.

YMMV

 

There can only be one captain on the ship. Relatives (nor anyone else for that matter) should NEVER be partners in your business. If you decide to borrow money, and your relatives want to loan you money, draw up a proper, legal loan form and sign it and notarize it.

There's no legal reason to notarize it, but it will emphasize to both parties this is a contract with legal obligations.

That said, I would discourage you in the strongest terms possible to not borrow money to go into business, and in even stronger terms to not even think about borrowing from relatives.

 

But the up side is maybe he has a wife he is been trying to get rid of but wasn’t quite sure of an easy way to go about it?
He could get rid of the wife and also get the money?
No wait scratch that.
She would end up with all the money and the truck.
Sigh I guess it would be a bad deal no matter how it was put together.
OP best way to do it is to do it on your own and keep your money and your relationships.