Updated over 12 years ago on . Most recent reply
Partnership Question
I've been saving up to buy my second investment property. I bought my first one earlier this year. As I get ready to find my second propety, my sister has approached me about opening a coffee shop together.
She doesn't have any $$$ but is a hard worker. She wants me to be the investor and she'll take care of the rest.
It would probably cost about 30-40G to get the shop up and running. I'd like to help her out but just don't know how to form a partnership in this situation.
She is young and enthusiastic and I'm sure she'll work hard to run the shop, but she does not have any business background. She's found a place near the university she just graduated from. The place used to be a coffee shop for the last 15 years. It's a great location for a coffee shop and I'm sure with good managament it will succeed.
Anyways, I need some advise to how to form a partnership with a family member who won't be investing any money, but do all the hard work.