Contracts in Taiwan - worth the paper they're printed on?

[engerim]

Hi everyone,

Without wanting to go into details, I am a partner in a business and, at the moment, everything has been done on a nod and a handshake so to speak. This has left me feeling a bit on the insecure side, I suppose, and I would like to do something to put me in a bit of a more secure position.

The business is a buxiban.Having my name on the licenses could be a bit of a pain and lead to unnecessary pains in the ass later. I was thinking about having a contract drawn up that basically states that I am a partner without needing my name on the licenses. Is this possible? Would it stand up to any scrutiny or would it just be a piece of paper if push came to shove? Are there any extra steps that are needed to make it legal in Taiwan, or is it a case of "once it's signed, it's binding" as it would be in the west?

Thanks for any help,

Rob

[headhonchoII]

You should be listed as a shareholder or director in the business I would say. However it may be better to leave your (Taiwanese?) business partner to be 'fu ze ren'- responsible person.

[Feiren]

If you have more than NT$100,000 at stake or will spend that much in sweat equity, I think you need to talk to a lawyer.

Of course contracts are enforceable in Taiwan. Not having her name on a contract is probably how Karen Hess got screwed out of the franchise that bears her name as did Connie [?] Jordan years before that.

Why don't you at least write out an agreement stating what the terms of your busines deal are and have everyone sign it at a public notary?

Good luck. I don't mean to be a jerk, but I think you are going to need it.

[robinhood5000]

Hey!

Thanks for the replies.

Going through the grinder to get myself named as a shareholder seems a bit too much to take on for me right now. Also I think it may not sit well with the person that currently holds all the cards.

How do you go about finding a notary in Taiwan? Also, what exactly is their involvement in the process? Are they really necessary?

Thanks again guys for the info.

Good luck. I don't mean to be a jerk, but I think you are going to need it.

Ha ha, you may well be right!

[Feiren]

They can be found near any court. They can witness your agreement so that people can't try to claim later that no agreement was made. It doesn't mean your agreement is valid or enforceable though.

Nothig is realy necessary if you are investing but are not a shareholder. You just have to trust that "the one who holds the cards" treats you right.

It might work out.

[headhonchoII]

How can you invest without being a shareholder?
Still some signed agreements are better than nothing, try to cover your back in multiple ways.

[baberenglish]

When a buxiban is set up, there is a director and an investor, foreigners can be the investor(and director if you have aprc)....

[pgdaddy1]

Did you pay your partner the money already ?