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

Please remember this is a dialog if you have follow up questions please use the REPLY button and ask. If I did not answer the question you thought you were asking, please respond with the specific question you wanted answered. I hope you found my answer helpful, and you have finished asking your questions, please click on the GREEN ACCEPT button in order to mark the question as closed.

If you would like to view the entire answer, you will need to either login or register a FREE account.

Disclaimer

DISCLAIMER: Advice or answers from Lawyers on SA Legal Advice are not substitutes for the proper advice of an Lawyer. SA Legal Advice is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Lawyer who assists with your question is not your Lawyer, and the response above is not to be considered to be legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains. The responses above are from individual Lawyers, not SA Legal Advice. The site and services are provided “as is”. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service.