1. The legal issues involved in this scenario are:
- Formation of a legally-recognized business entity
- Having a partnership agreement with your partner.
2. The legal options available include:
- Registering the business with your Gen-Z partner
- Disengaging with the undocumented partnership.
3. The advisors can continue with your established relationship unless they do not consider themselves incompetent to handle the new developments.
4. If your friend sues for half of the profits based on your past success, it shows that the relationship should have been formalized before then.
However, it seems that you and your partner had been sharing profits before now in some acceptable ratios.
What are the advantages of a formalized business entity?
Numerous advantages are enjoyed with business formalization, including:
- Unlimited growth
- Increased clientele
- Limited liability protection
- Reduced exposure to government fines
- Better marketing and advertising opportunities
- Improved access to finance, business development services, and technologies.
Thus, having reached this relationship stage with your Gen-Z partner, you should formalize the business.
Learn more about business formalization at https://brainly.com/question/24228745
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