Ask The Business Lawyer

Q.:  I've invested money into our business and I feel like my partner is trying to cheat me out of my money. I have not said anything because I do not have proof. So I need help to figure out what I can do to guard my back. Our paper work is on the way, but I have not seen the actual paper work yet that proves that I'm 50 percent owner. So what can I do to protect my money and business?

Read on to find out what steps you could take . . . .

Mark Susser, a VC at GRP partners (and guest blogger for VentureHacks), offers his two-part list of the top 10 skills he looks for in entrepreneurs and their companies before he's willing to part with any cash for investment. Stay tuned for skills 8-10 . . . but for now, here's 1-7 to get you started:

(Part One)

1. Tenacity
2. Street smarts
3. Ability to "pivot"
4. Resiliency
5. Inspiration

(Part Two)

    6.  Perspiration

    7.  Appetite for risk

I'm often asked, "what's a fair division of ownership between busienss parnters" and "how much equity should I give an investor?" The short and obvious answer is: it depends.

In his short post by the same name, David Ronick, founder of UpStart Advisors, illustrates how one entrepreneur thought through the process when raising capital, after initially sharing some of the ownership with key employees and advisors.

As David points out, each time you add more people to the mix, you dilute the proportions that the earlier owners were entitled to. 

If your expansion plans for 2010 including bring on a new business partner, make sure you get your copy of The Entrepreneur's Prenup: How to Choose a Business Partner Who Won't [bleep] You!

There's more that goes into the partner-screening process than you think, and you certainly don't want to look in the mirror this time next year, realizing that you've hitched your wagon to an albatross. 

Click here for a sneak peekof the valuable information you'll get from this book-CD-workbook program!

Police and paramedics . . . riding together.  The cadence reminded me of Bill Murray's line from Ghostbusters--" . . . dogs and cats living together . . ."--but we're not facing a disaster of Biblical proportions.  Rather, it seems to be a smart alliance to conserve resources.

As reported in This is Local London, paramedics will ride with police officers on the weekends to patrol incidents that include fights and car crashes.  By having the paramedics readily available, injuries can be assessed more quickly, and the police can be left to handle any criminal aspects of the investigation. That way, ambulances can be reserved for those who may really need it, instead of being called out to each and every incident.

It remains to be seen whether the program is successful, but it raises good food for thought: are there any partners you can collaborate with--even on a limited basis--that could help you do your work more efficiently and save costs?