Phil and his best friend, John, verbally agreed to start website as a partnership and split everything 50/50. The business really took off and was generating over $1,000 a month in income from Google ads.
John’s father saw how successful the business had become and claimed the business was solely John’s business and not a partnership. Phil ended up discussing the matter with an attorney and eventually walked away from the business, but he gained a lot of wisdom and caution. He and John are no longer best friends, as you can imagine.
Later, Phil started his own micro business as a sole proprietorship, wiser and phenomenally successful
Learn more by watching his story as I presented it at a recent convention:
Have you ever had a great idea and thought about starting a micro business? If so, you should check out my book series, Micro Business for Teens. In my books, you’ll gain valuable insight for starting a micro business.
A micro business is a small, simple and fast to start up, sole-proprietor business that usually consists of one worker, the owner. Micro Businesses are usually low-risk and easy enough for a teenager to manage along with schoolwork and other extracurricular activities.
Carol Topp CPA