Legal Question in Business Law in Maryland

Hello, I have the opportunity to join a growing company with a lot of potential.

I have a background that is specific to this industry that will be valuable for the owner. My expertise could be key to the strategic growth of the company. The owner runs multiple businesses and has made allusions to "growth potential" within the organization.

At the current time, the only benefit that he has spelled out so far are sales commisions. We are trying to structure something more concrete, but obviously he also wouldn't want to give guarantees to someone unknown as well.

I'd like more concrete possibilities spelled out at least verbally and signatures in some type of limited partnership agreement.

How should I tread without setting myself up in a situation where i work like crazy later leading to misunderstandings and disappointment?


Asked on 1/16/13, 3:00 pm

1 Answer from Attorneys
Cedulie Laumann Arden Law Firm, LLC

A limited partnership agreement would be unusual in this type of situation. More common would be some kind of contract specifying the rights to commission and/or the right to acquire certain shares of the company. It could be a hybrid employment contract and stock option agreement, depending on the needs/desires of the parties. Depending on the type of structure (LLC, Corporation, etc.), this would take slightly different shape.

You are encouraged to seek legal advice and talk to a lawyer about the specifics of your situation.

Read more
Answered on 1/22/13, 11:10 am


Related Questions & Answers

More Business Law questions and answers in Maryland