Partnerships---please help

[gessele7]

What is the name of your state? Washington State

I am 24yrs old and have been working for a franchised comapany for 3 years. My boss (the business owner) has recently approached me about going into a partnership. I am really excited about the possibility as it would help me to ensure that I could put my wife through college....the problem is my boss has alot of the company funds tied up in personal stuff and I am afraid as the P&L reports never look good ...but I know that he is eating off of the fat cow...I just don't know how. My boss has been meeting with his lawyer to discuss writing a contract...there is none at this time... my boss has advised that I seek leagal representaion at the signing. What kind of questions should I be asking and what do I need to do to protect my intrests. I want his proposal to mean more than just to keep me away from the competition...I want to profit from it as well...what do I need to know? Any inout would be helpful.

[BelizeBreeze]

Originally Posted by gessele7

What is the name of your state? Washington State

I am 24yrs old and have been working for a franchised comapany for 3 years. My boss (the business owner) has recently approached me about going into a partnership. I am really excited about the possibility as it would help me to ensure that I could put my wife through college....the problem is my boss has alot of the company funds tied up in personal stuff and I am afraid as the P&L reports never look good ...but I know that he is eating off of the fat cow...I just don't know how. My boss has been meeting with his lawyer to discuss writing a contract...there is none at this time... my boss has advised that I seek leagal representaion at the signing. What kind of questions should I be asking and what do I need to do to protect my intrests. I want his proposal to mean more than just to keep me away from the competition...I want to profit from it as well...what do I need to know? Any inout would be helpful.

You need an attorney who can read the contract and advise. NOT an internet forum.

[JETX]

Originally Posted by gessele7

What kind of questions should I be asking and what do I need to do to protect my intrests.

You need to do just as your future 'partner' suggested... and get YOURSELF legal counsel. There is no way that anyone here can anticipate all of the pitfalls of your future.

[gessele7]

I was planning on seeking leagl advice. And appreciate the respons'....just wanted another perspective on questions to ask...angles to take ect...thanks for the replies.