Legal Question in Business Law in Indiana

Minority Partner in LLP

Two of my friends have formed an LLP together, and want me to be their employee. I would like to be a partner, but not a full partner. Is it possible to buy in to a minor partner position by working X number of hours for no pay, or some situation similar to that? If not, what are my options?

Asked on 11/20/07, 12:41 pm

1 Answer from Attorneys

C. David DuMond Law Offices of David DuMond

Re: Minority Partner in LLP

It is impossible to provide a full range of very significant options in an internet inquiry. Take your enthusiasm and your purse and confer with a real lawyer experienced in business law. All kinds of permutations are possible, if all agree, including the one outlined in your query. However, I say cautioningly, a minority shareholder in any enterprise is despised in both fact and law. See if your real lawyer offers a more encouraging opinion. Be minful that unpaid wages can be enforced by the state Labor Board, and unpaid wages are given a priority status in a bankruptcy proceeding. Good luck.

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Answered on 11/20/07, 8:52 pm

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