In the early 1990s, Wayne sold for US$500 the original Apple Partnership Agreement document signed in 1976 by Jobs, Wozniak and himself. In 2011, the contract was auctioned for $1.6 million.  Wayne stated that he regretted the sale.    Any good lawyer will tell you that a partnership structure does not protect the founders if the company fails. The right way to do this is to create an LLC – a limited liability company. Different state rules and tax rates impact different planning needs, which can lead experienced creators to a different structure – perhaps an “S Corp.” or “C Corp.” or other alternatives that best meet their specific needs. Mr. Wayne was not wrong in his assessment of his personal responsibility for the debt of the new partnership. But he was wrong when he started the company in partnership – according to this article, Mr. Wayne cancelled the partnership agreement from memory.
While a partnership is easier to create than a business and easier to maintain, it is rarely a better choice for several reasons. One of them is the issue of personal responsibility for the debts or debts of the company, which Mr. Wayne predicted well. Wayne`s hiring was already risk-averse because of his experience five years earlier with the “very traumatic” failure of his slot machine business, whose debts he had voluntarily repaid for a year.   Jobs secured a line of credit of $US 15,000 to purchase product materials for Apple`s first order, which had been placed by The Byte Shop, whose reputation as a notoriously slow-to-pay seller was wayne very concerned about its future.   From a legal point of view, all members of a partnership are personally liable for any debt incurred by a partner; Unlike Jobs and Wozniak, then 21 and 25 years old, Wayne had personal assets that potential creditors could seize.   In addition, his passion lay in original product development and slot machines, not in documentation systems, which he felt Jobs and Wozniak probably wanted to do for an indefinite period of time at Apple. Thinking he was “in the shadow of the giants” of product design talent and avoiding financial risk, he left the company.  According to some reports, “twelve days after writing the document that Apple formally founded, he returned to the town hall and renounced his role in the company,” thus giving up his own funds on April 12, 1976 in exchange for $800.   However, this period was disputed by Steve Wozniak, who said in an interview that Wayne left the company after a few months.  Mr.
Wayne was right. He was personally responsible for the debt of the new partnership since the partners are in partnership: Steve Wozniak and Steve Jobs would have been too, but Mr. Wayne argued that they had no money, and he did. No one knows what the future will bring us: it`s worth repeating it. . . .