Career Questions and Answers
I was offered a partnership 20% in a new resturant where i am the chef. this is a no brainer answer?
Asked by S
not sure of the legal details that i may need to ask for.
A:
Best Answer:
If the ownership is in addition to your salary, OK.
Make sure that you will not have any personal liability if things go wrong. If the restaurant is in a LLC, and your are a shareholder, you should be safe
A:
I would not take the offer,,, be the chef only you can make more money.....
Answered by raysmithson1
A:
Is this a corporation?
Is there stock, and if so will I have 20% of the common stock, and are they voting or non-voting shares?
Will I receive stock dividends and/or stock options? Will my shares be common stock, prefered stock, or both?
If the directors sell more stock, how will I maintain my 20% stock? In most states, possession of at least 10% of common voting stock is required to request a special shareholder meeting.
What is my salary?
What are my benefits, retirement, medical, dental, vision?
What are my duties? Will I hold more than 1 position?
Will I be paid for each position? (Director, Treasurer, Chef, etc...)
How often will I be paid?
Answered by Feeling Mutual
A:
you're doing all the cooking, that is a big responsibility. is the 20% before or after expenses, in other words, they deduct the rent, food, overhead, the balance is suppose to be the profit ,is that the 20% you will get? or are you getting 20% off the top of what they made that day? without any deductions.
if you are in a great location and the business is great might be worth it. you should be careful which porcentage they will agree to give you, the first or the last; if they cut the 20% off what they make during the day, that is great; but if they give you the one where they deduct all the expenses, like food, utility, rent, overhead, there is not much left, so that means your portion will be subsancialy less.
ask them, if you can see the books, so you can see if they are giving you the 20%
sometimes you're better off going for your salary, that way you eliminate lots of headaches. good luck
Answered by COCO
A:
It's only a no brainer if the business is an unqualified success. Over half of new restaurants fail within the first six months and you could be personally responsible for 20% of these losses.
Do not sign anything without benefit of counsel. This is a binding business agreement and you need at least one day to evalate it.You may want to contact the BBB for a referral list of local incorporation attorneys. Ask how much they would charge to review and discuss an impending offer if you drop in immediately after receiving it.
Unlike many who post here, you are already off to a good start. You are requesting advice before anything is signed, not after. Good Luck.
Answered by john c
A:
It can be good if the restaurant is sold but get everything in writing or you could work 80 hours a week for years and come out with nothing.
Answered by fairbetsy
Best Answers are selected by the person who asked the question or other Yahoo! users.
Find out more at
Yahoo! Answers
