anyone know how to go about structuring a partnership with an existing office. in specific, what percentage of ownership is granted to someone partnering with an existing sole proprieter architect, to carry out a project that was won as a collaborative competition submittal? is there a buy in amount to cover half of office supplies and computers etc.
It depends on several things:
1. what state you are planning to do this in
2. what kind of liability you are willing to subscribe to
3. whether you want any type of decision making power
typically, you can incorporate yourself as a general partnership, a limited partnership (LP), a limited liability partnership (LLP), or limited liability company (LLC)
You can also incorporate as a corporation, but you would have to ask for "Subchaper S" status under the income tax code.
Never ever ever enter into a simple partnership. You can easily become liable for debts incurred by your partner that you don't even know about. If it is a one project deal, make have him or her hire you as an employee with a profit sharing agreement.
Mar 19, 05 10:30 am ·
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partnering up
anyone know how to go about structuring a partnership with an existing office. in specific, what percentage of ownership is granted to someone partnering with an existing sole proprieter architect, to carry out a project that was won as a collaborative competition submittal? is there a buy in amount to cover half of office supplies and computers etc.
how does this work?
a partnership? sure...don't do it
in general it isn't recommended
Never, never do it......you will remember these words.
It depends on several things:
1. what state you are planning to do this in
2. what kind of liability you are willing to subscribe to
3. whether you want any type of decision making power
typically, you can incorporate yourself as a general partnership, a limited partnership (LP), a limited liability partnership (LLP), or limited liability company (LLC)
You can also incorporate as a corporation, but you would have to ask for "Subchaper S" status under the income tax code.
uhhh .... I went to law school
Never ever ever enter into a simple partnership. You can easily become liable for debts incurred by your partner that you don't even know about. If it is a one project deal, make have him or her hire you as an employee with a profit sharing agreement.
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