I am a 17 year old with a business with ...

Asked by Oreratile on 21-10-2020 14:54:38
Question posted in the General Law category relating to North West

I am a 17 year old with a business with a friend who is 20 years old. We want funding to raise our capital and Because she's older technically the business is in her name and the profit even though its shared it will all go to her and if something happens to our friendship and we have a falling out and she decides to be mean about it everything I've worked hard for will go to her. So my question is even though I'm a minor how can I legally protect myself against such and make sure even though our friendship doesn't last and something happens I'm still protected the business is still considered "ours" and I'm getting my share of the profits.

Answer to the Question

Posted by Att. Patrick on 22-10-2020 15:06:53

Hi there and thank you for your question,

I am a practicing attorney based in South Africa and I will assist you with your question. Please feel free to ask as many follow up questions in order to clarify your question. If you have a new question, you must please open a new thread.

Why don't you register a company and then each of you be 50%/50% shareholders in the company?

If there is a part of the answer which you need more advice on, or clarity please continue in this same thread instead of opening a new question.

Att. Patrick

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