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?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 6 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption