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My friend and I decided to start our own company but without telling me he made a trade license and chose his name as companies name.. Which is not a matter for me as he paid for everything. Now we agreed on a term that every profit will be 50/50. But may be in future he can throw me out like i was never there with him. So i need an agreement for my protection in future which clearly mentioned all the terms and condition we discussed verbally. About profit sharing, decision making, my rights and ownership, clarity on transaction, termination of contract


Question:

My friend and i decided to start our own company but without telling me he made a trade license and chose his name as companies name.. Which is not a matter for me as he paid for everything. Now we agreed on a term that every profit will be 50/50. But may be in future he can throw me out like i was never there with him. So I need an agreement for my protection in future which clearly mentioned all the terms and condition we discussed verbally. About profit sharing, decision making, my rights and ownership, clarity on transaction, termination of contract, etc.

 

Answer:

We can assist you in drafting such an agreement and will be able to provide our legal advice on the possible risks that you are facing in the given circumstances. We invite you to take a detailed consultation with our lawyers who will advice you in this regard.

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