Legal Question in Business Law in New Hampshire
I helped someone start a new business and was not compensated for the first two years and then became a contract worker for the next year at a limited income. I have now been asked to be a partner in the business. Do I need to contribute monetarily to the business in order to be considered a partner given I worked for two years free and limited compensation for the next year. Can time worked be considered equity? Thank you.
2 Answers from Attorneys
Any attorney will say it depends on what the partnership agreement says and what the partners agree on. You need to show the partnership agreement and any other documents to an attorney in your area for specifics.
Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise
Franchise Attorney
You have used the term "partner." That word may have a different meaning to a lawyer. Is the business a true partnership? Is it an LLC? Is it a corporation? Is it a sole proprietorship? There are often ways to achive the goal you have set if everyone else involved in the business is in agreement. The methods may differ, but with cooperation, just about anything is possible.
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