You don't really provide enough information to answer. Depending on the relationship you might want to set up a formal business entity like a corporation or LLC and assign a specific ownership and management interest to each party. Alternatively you might keep your interests separate but enter into a joint venture or profit sharing agreement. You should certainly consult with an attorney. Do it yourself is a very bad idea in terms of protecting your rights in these types of situations. I can recommend someone in Texas if you wish.
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It sounds like a joint venture would be a good option for you. This way, you can retain a good amount of control. But, you really need a tax attorney to help you choose the best structure. You don't want to be surprised with a big tax bill.
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The business model you describe is not uncommon. However, establishing a business owned by others, while protecting your interests and investment entails several complex and variable legal issues which are poorly suited to online discussion. I strongly urge you to consult with an experienced business attorney to discuss the safest and most effective way to achieve your objectives while avoiding legal entanglements. My firm would be happy to assist you. You can contact me at WFB@BroemerLaw.com.
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