Legal Question in Business Law in New York

Without more information it's impossible to advise you.

There is a fundamental and important legal difference between a partnership and a corporation. You need to be clear about what it is you are getting into.

As Mr. Browde says, it's tough to advise you without more information, but I will say this: I'd be very interested in looking at liabilities in a partnership.

You need to make an appointment with an attorney local to you who regularly practices business law (this is not your wills and estates attorney or your divorce attorney; this is a **business** attorney you need to speak with). Take with you all the papers (any formation papers, minutes, etc. from the business entity) for the business as well as the proposed partnership agreement between the business and you and have that attorney advise you.

Is it a partnership or a corporation, or is it a partnership with a corporation.

More information is needed to provide the proper support and answer to your question and there are significant differences in the business structures.