What to do if my future employer asks that I sign a L.C agreement as owner/manager of the new retail store they are opening?
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What to do if my future employer asks that I sign a L.C agreement as owner/manager of the new retail store they are opening?
I will be the manager. Would I be liable or responsible financially in any way by signing this partnership agreement? When I asked why that was necessary, I was told that ownership fostered a better employee and that stock options would do the same. Sounds fishy to me.
Asked on May 23, 2014 under Employment Labor Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
If you are an owner of a business, then yes, you could be liable for some of the costs or debts of the business--particularly if the agreement itself states that you are responsible for some expenses or debts; any agreement or contract by which you assume, guaranty, or otherwise take on debts, obligations, etc. is enforceable, as would be any other contract. You should have the proposed agreement and situation reviewed in depth by an attorney before deciding what to do.
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