I have just received an offer to join an online media company as their executive editor and an equity partner. However, I am new to how these arrangements work, and I was wondering if anyone could offer any advice on negotiating a partnership relationship. The company is an LLC, and there are currently two partners: a principle shareholder (and founder) and the CEO. I would be the third partner.
They aren't asking me to contribute any money at this time because they're doing a soft-launch of a new product which I will oversee, but there is a strong probability that my role in the company (and my financial stake) may grow in the next six months to a year.
Anyway, I would really appreciate any advice you might have for someone just starting out in the business world. Do I need to have an attorney review the agreement? How much negotiating room do I likely have? Are there any specific arrangements I should avoid?
Thanks so much!