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Forums » People: Hiring, Partnering, Mentoring

Adding A New Partner To An Existing Relationship

    • 1 posts
    January 22, 2007 8:13 PM EST

    Hey Everyone.

    I could swear I read this somewhere and I just can`t find it.

    Say for instance you and another person have worked to develop a business but have reached a point where you need someones expertise. Your budget is small but the idea has tons of potential and that person wants to become a partner. What is the best way of adding the person to your business and making sure that he/she will perform at the level promised. We currently have an LLC and would have to restructure our shares...is there a clause we can insert saying that they must meet certain goals before they can receive shares (is it fair if the person is not receiving any salary?)

    What is the best way of handling this situation?

    Any help will be appreciated.