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51% of equity? Why such an odd number?...
The 1% makes a big difference legally. The partner becomes the majority owner and manager of the company with all the responsibilities that come with it.
I understand the 51% ownership part - I'm curious why the OP didn't use the correct term. An equity share is not the same as an ownership share.
Every corporation I've ever bought into has a different share class for investors and owners. I guess it could be different where he/she comes from. I take back that question, but still ask the OP to prove claims he has made.