One of my concerns about your proposed deal is that, if you ever wanted out of the arrangement, your partner would have to come up with another $200k or more to buy you out or you would have to find yet another person with $200k or more to purchase your portion of the business arrangement. All this is assuming your business partner agreed to the buyout.
Buyouts can be messy deals IMHO
Have a nice long chat with both your financial adviser and your attorney before you enter into anything like this.
Joaniesmom
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