A couple of questions, and seeking advice. Firstly what should I do if I am nervous to ask help from friends in school because it may seem weird? Additionally how to I let my parents know that this is serious and I want to spend time working on this? For setting it up, how do I register it to the U.S. Government to make it official? Is it possible to create? Such a Business at this age?
This is probably unnecessary. But I created an LLC in my state and defined ownership among majority managing member partner and minority members. At this time, there is still unclaimed ownership reserved for additional investment and recruitment. So I have been carrying “unspent” ownership percentages that can be used to bring people in for years.
The single member who holds 51% can’t be outvoted. So never put yourself less than 51%. You can refuse to buy out anybody who wants to cash out their ownership, but it is a smart move to say they can’t sell their percentage for 5 years. You have 49% ownership to bring in talent and investment. And you will always be the boss.
You friends will have a legal recourse if you try to cheat them, so a piece of ownership is a good way to give them confidence you are not just trying to cheat them out of their labor.