Good day all,
I really need your advice.
I am working at a small company that is starting a new exporting/importing venture.
In January, the Owner and I had a meeting regarding my salary and future prospects, etc.
We provisionally agreed that I would stick with the minimum salary to cover my expenses, but would receive a 8% profit sharing from the new venture. I am really confident that the new venture could start soon and be really profitable.
My question is this, how am I protected in a profit sharing scheme if the owner decides to sell the company, dies, or to retrench me to not pay the 8% anymore.
Also, most importantly, how am I guaranteed my 8% profit sharing if the funds are paid from an overseas company. The proposed business plan is that we have a separate company in say Malta that will buy the material at cost price from Namibia/South Africa and then sell it again immediately to the overseas company. The actual profits are then stored in Malta and never show in the origin country. The company in the origin country will only be breaking even.
I really need your advice.
I am working at a small company that is starting a new exporting/importing venture.
In January, the Owner and I had a meeting regarding my salary and future prospects, etc.
We provisionally agreed that I would stick with the minimum salary to cover my expenses, but would receive a 8% profit sharing from the new venture. I am really confident that the new venture could start soon and be really profitable.
My question is this, how am I protected in a profit sharing scheme if the owner decides to sell the company, dies, or to retrench me to not pay the 8% anymore.
Also, most importantly, how am I guaranteed my 8% profit sharing if the funds are paid from an overseas company. The proposed business plan is that we have a separate company in say Malta that will buy the material at cost price from Namibia/South Africa and then sell it again immediately to the overseas company. The actual profits are then stored in Malta and never show in the origin country. The company in the origin country will only be breaking even.
