Need a book? Engineering books recommendations...

Return to index: [Subject] [Thread] [Date] [Author]

Re: Partnership

[Subject Prev][Subject Next][Thread Prev][Thread Next]
Sir,
 
        The word "partner" suggests that you are considering joining a Partnership.  This has very serious implications regarding personal liability for the business actions of others in the partnership.  I would advise you not to even think of doing this without getting the services of a lawyer.
 
        There is nothing to be secretive about.  I should be very surprised if all of the other partners do not have lawyers involved in preparing and reviewing the partnership documents; so should you.
 
        In terms of what should you ask for, you're pretty much on your own.  I might suggest that you be open about your lack of experience in this type of negotiation and request that your future partners prepare the initial documents then have your lawyer review the documents in some detail.  I think (and I am not a lawyer) that the most important clauses in the documents are those that let you get out of the partnership quickly and with as little loss as possible in the event that the business is going in a direction you do not want to follow.  And watch out for non competition clauses which could greatly restrict your ability to work if you do leave the partnership.
 
        Just some thoughts you might want to consider.
 
Regards,
 
H. Daryl Richardson
----- Original Message -----
Sent: Wednesday, April 04, 2007 11:38 AM
Subject: Partnership

Hello all.
I am a new PE in Civil Engineering (Structural Engineering), I was asked to be a partner in a company that deliver architectural plans. I am the only structural engineer  in the company. I am wondering if somebody went through that experience, if he/She can guide what to ask for to provide the structural engineering services. Thank you