I would like to start a business in the field of software development. As such the business would profit whenever a final product has been created and marketed. I have a group of people who would be interested in joining me in this venture in exchange for a share of whatever profits are made. I was wondering if it was possible to run such a business based solely on profit sharing as I would like to maintain control over the direction of the company and whichever projects the business takes up, as well as being able to manage the financial aspects and taking on tnew employees etc. As such, I would prefer to have the business under my own name whilst having a preestablished employment agreement, in which each person would agree a certain percentage of any profit the business is able to generate, provided that they actively contriube to the business' activities. Is this something that can be done?
QLD Can a business operate solely on profit sharing?
- Thread starter Treasure
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You need proper legal advice and agreements prepared. Not something suitable for an online query.
Yes, it’s possible if structured the right way. You’ll need some heavy duty, specific advice from both a solicitor and an accountant to put the correct structure in place - if it is possible for your exact circumstances.
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