So I've managed to get myself an LLC. I have a friend that is giving me $10,000 dollars. I'm giving him 2.5% of the company for an investment of $10,000. That's a valuation of $400,000, right?

We expect to be generating revenue pretty quickly. Does his 2.5% entitle him to 2.5% of the profits, after my partner and I draw salaries? Or does he get a a dividend that is 2.5% of the salaries we are drawing? We'd also like a clause for us to buy out his shares. What's a good price for that?

Googling for "partnership agreement" gives me a lot of results. Are any of these more suited to our situation? Thanks, I really appreciate the help.

I'll let you guys know as soon as we launch. In the meanwhile, I'm not comfortable sharing the idea because with a basic background in the medical/laboratory sciences anyone could duplicate what we're doing.