Re: [newtech-1] Partnership Question

From: Miles R.
Sent on: Saturday, February 2, 2013 2:24 PM
get an attorney, be prepared to spend a few thousand dollars in legal time to see if this is a good opportunity and to negotiate the deal. your negotiation ability is based on how well you do with this new product, if you deliver the sky, you should ask for the stars. at minimum you will need an employment agreement and a shareholders agreement. Whatever it is you do get into the habit of getting it all in writing before you put real skin in the game  BTW as an officer you have certain liabilities, you want to make sure that prior obligations have bee paid, you dont want any surprises.

Miles

On Sat, Feb 2, 2013 at 2:08 PM, Ben Reeves <[address removed]> wrote:
Hi Everyone,

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!

Best,

Ben




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