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If the member doesn't want to sell 90% of his company, can't he state in the business plan that he will account for the initial work (outside of the employees he hires in the future) and that he is the original innovator of the business concept? With these facts included, wouldn't it be possible to sell a lesser percent of the company even though in terms of dollars it may be more?
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I am not sure on this one. I do know that if he wants to get away from selling part of his business, he can finance the $9,000 in terms of debt. This will leave him/her with a set amount to pay back, but it will allow them to keep complete ownership of the venture to himself. Or, they can mix debt with equity and sell part of the business, and use debt to finance the rest.
I agree with Steven Mac on the importance of both a CPA and Lawyer. If funds are tight at first, they can be used just to review work that you write up. In the long run, you will be money ahead.