Z
zukker
Guest
What is the name of your state? Nebraska
I am about to enter into an agreement as a partner at an architectural firm, but they want me to sign a non-compete form. It basically states that if I leave, I can't work in any architecturally related field within 50 miles from Omaha. If I do, I will have to pay the firm a year’s salary. I would agree to it if it would the agreement would start when I have 15 - 20% ownership. I don't want to be locked in with only starting the partnership at 3%. Once I sign, they could hold me, as I would not be able to work elsewhere, and never offer any more shares of the firm, (they observe the right to offer shares if and whenever they chose) so I will then be stuck wearing the "golden handcuffs". I want to be a partner, but I don't want to sign the agreement.
I was told that a form like that is non-binding, but the problem with that is I would not have the finances to fight them.
Any advice?
I am about to enter into an agreement as a partner at an architectural firm, but they want me to sign a non-compete form. It basically states that if I leave, I can't work in any architecturally related field within 50 miles from Omaha. If I do, I will have to pay the firm a year’s salary. I would agree to it if it would the agreement would start when I have 15 - 20% ownership. I don't want to be locked in with only starting the partnership at 3%. Once I sign, they could hold me, as I would not be able to work elsewhere, and never offer any more shares of the firm, (they observe the right to offer shares if and whenever they chose) so I will then be stuck wearing the "golden handcuffs". I want to be a partner, but I don't want to sign the agreement.
I was told that a form like that is non-binding, but the problem with that is I would not have the finances to fight them.
Any advice?