Re-think your whole strategy and start again.
You would need to set up either a Limited Liability Company or an S Corporation, which both entities would allow you to have multiple members.
Ownership will be determined by the equity invested in the company.
If you are building a company around the invention, you have to be careful that you are not selling rights to the invention.
If you don't understand intellectual property law, I advise you to talk to an Intellectual Property Lawyer, to secure your invention before you bring in partners.
If your invention isn't patented, anyone can copy your idea without compensation. If you show your invention and you haven't patented it, someone can circumvent you and patent your idea, and lock you out of your own invention.
You have an invention and you think that building a company around it is the way to go, when you have no experience to actually accomplish this.
You need to consult the Small Business Administration and talk to someone from SCORE, and join a Small Business Incubation program to build your business properly...
And if your idea is not protected...
STOP SHOWING PEOPLE YOUR IDEA!
I planned to start a company, I have invented something and I m planning to add one partner to invest in my company, so we will share each person 50% of profit. So we can assume we both have 50% shares in my company, but when we are changing into public limited what is the procedure to adding share holders and how to calculate shares of the company, for instance steve jobs and his friend stats a company, then how they converted it as a public limited after convert the public limited steve jobs hold the 40% of shares in his own, give me some guidelines…
Actually my plan is add one partner for now after some months I l get huge amount in my company so how to calculate the shares for each.
