If you are considering a business partnership, please be aware that with all business partnerships we require a majority business partner/shareholder.
For example: if there are two business partners, one partner must hold at least 51% sharehold while the remaining business partner holds the remaining 49%. The majority business partner is legally and operationally responsible for the business. This means that they have a controlling interest in the business and are able to make decisions on behalf of the minority business partner. The majority business partners needs to put in the physical time and energy required to successfully operate the store on a full time basis. This person will be our 'Hand on Hero' and our main point of contact for the application process.
The majority business partner will be required to forgo any other business activities and/or other forms of employment. It's also a requirement that the spouse/defacto of the majority business partner be an Australian permanent resident or citizen. The spouse/defacto of the majority business partner will also need to be present during any face-to-face meetings during the application process.
Please note that all business partners will be required to attend any face-to-face meetings during the application process.
Being a majority business partner is a big commitment and needs to be carefully considered when discussing your business partnership strategy with your prospective business partners.