HELP ME! Need professional opinions ASAP by 10 AM!

[Bullpride08]

Either way... I will make a lot of money.

Wrong.

One option opens you up to collateral, law suits, liabilities, etc...

No guarantee that you will make "money" as you say in this possible new venture.

Don't be so blinded by an offer.

As they say, the Devil is in the details...(something which many private owners do not like to disclose).

BINGO!  Gotta go with KL on this (yuck), the ole if it was easy everyone would be doing it.  Thirty-six thousand is not a ton of money to raise for partners, and if this partner indeed wanted out, on what you are presuming to be a lucrative situation, that's curious.  

Be careful and make sure all details are spelled out before you sign a thing Terry.  Don't get blinded by the compensation offer, and presumption that your hard work will pay itself off.  Some situations are far more risky and no level of hard work can make it solvent.  Sometimes opportunities are far more convoluted then one can imagine and behind the scenes you find some serious debt, malfeasance, or mismanagement.   I am not suggesting it is here, but go in with your eyes wide open because a mis-step owning a corporation could be far more detrimental to one's career and financial situation then paying down or foreclosing on a personal mortgage.

I would contact an attorney and bring in some expertise because joining an active corporation as a partner should not be done by one's self.  I would suggest you form an LLC, particularly if the partners want you to be contingently liable for all partnership liabilities, which you would own 100%, and would take the ownership interest they're offering you.  This LLC would insulate you from lawsuits but maintain all financial benefits as 100% of cashflow in the LLC flows to the managing members.  Tell them all past dealings- liabilities, benefits, obligations will be guaranteed if necessary not by you but by your LLC (which shouldn't be a problem unless there IS a problem)...then moving forward any decisions, liabilities, and benefits made/received by the current three partners you would take those obligations personally because you would be able to make those decisions with all the salient facts and understanding.  

JMHO!

[The Sheriff]

Thanks S Bien... I have done considerable research over the previous three months. Obviously at this point, I'm married to the partnership. I have had the books reviewed. I've reviewed my new partner's work to see how comparable it is to my standards. Obviously, the one partner I'm replacing... the whole LDS thing and Utah... that appears to be the main skeleton I cannot place on lockdown. But... I have to look forward at this point and give it my best foot. There's a huge learning curve in front of me. I do my one job well. I can appraise with the best of them. Now... its learning the rest of the business where I'll be challenged.

[Bullpride08]

Thanks S Bien... I have done considerable research over the previous three months. Obviously at this point, I'm married to the partnership. I have had the books reviewed. I've reviewed my new partner's work to see how comparable it is to my standards. Obviously, the one partner I'm replacing... the whole LDS thing and Utah... that appears to be the main skeleton I cannot place on lockdown. But... I have to look forward at this point and give it my best foot. There's a huge learning curve in front of me. I do my one job well. I can appraise with the best of them. Now... its learning the rest of the business where I'll be challenged.

Sorry to be presumptious, sounds as if significant review has been conducted.  Good luck with it, providing there are no large liabilities or the company is not experiencing a down turn, then it should be an opportunity you can prosper at providing you work hard.  Be careful with partners, I have a business endeavor with a partner,  it's best to have lots of patiences when you are partnered- sometimes you may not agree, but a good partner will always respect....sadly those sometimes are hard to comeby (the good partner that is, but fortunately for me I have a great one).

Good luck again, and it's good to hear there's a huge learning curb for you.  Those type of challenges are great because often with huge learning curbs means larger barriers of entry for competition...means you're providing a valued service that isn't homogeneous.

[sdgukhsdgl]

What kind of organization is it that you are joining? Partnership, LP, LLP, LLLP, LLC, etc?

[bulls96go]

1: 45 minutes until the phone call...

USFDAN... you're saying the same thing I was thinking until their ridiculous offer came over. Why wasn't this offered to me earlier is my only hold-up!

biz axiom:

employers pay employee just enough so they do not quit

employees work just hard enough so they do not get fired.  

                                                                          KECH

[USFan]

What kind of organization is it that you are joining? Partnership, LP, LLP, LLLP, LLC, etc?

RT... I really dislike law, seriously.  Too many details... ha.  I actually learned about this the other day in my law course.

I would go with the Limited Liability Company (LLC).  Sheriff, which one is it?

Which one would you pick for this type of organization, RT?

However, it sounds more like an LP... and I certainly hope that it's not just a partnership.  If it is, then be careful sheriff.

[Bullpride08]

What kind of organization is it that you are joining? Partnership, LP, LLP, LLLP, LLC, etc?

RT... I really dislike law, seriously.  Too many details... ha.  I actually learned about this the other day in my law course.

I would go with the Limited Liability Company (LLC).  Sheriff, which one is it?

Which one would you pick for this type of organization, RT?

However, it sounds more like an LP... and I certainly hope that it's not just a partnership.  If it is, then be careful sheriff.

LLC is the best

[nukebull]

Some advice from an accountant or ex-accountant. 1099 is not all it is cracked up to be. Make sure you pay in when you are supposed to and remember you have to pay both sides of SS and Medicare no matter what and 1099 deductions are some of the biggest red flags for audit. Get and use the services of a reputable CPA and an Attorney for all your dealings with the new Partnership. This small outlay of money will pay enormous dividends in the future. Many people including my self have thought they could research the info needed or get free advice and have paid a lot of money because of this. Good Luck.

[sdgukhsdgl]

What kind of organization is it that you are joining? Partnership, LP, LLP, LLLP, LLC, etc?

RT... I really dislike law, seriously.  Too many details... ha.  I actually learned about this the other day in my law course.

I would go with the Limited Liability Company (LLC).  Sheriff, which one is it?

Which one would you pick for this type of organization, RT?

However, it sounds more like an LP... and I certainly hope that it's not just a partnership.  If it is, then be careful sheriff.

LLC is the best

not necessarily, there a ton of different things that could make other forms of entities favorable for his situation, but I don't know what all is going on, so it is impossible to say which is best.  To say the LLC is the best as a blanket statement is bold and I would not necessarily agree with that.  

[E.T.]

The Sheriff will succeed !

Good Luck Brother !