Partnership Agreement - Roles and Titles?
June 17, 2013 3:05 PM Subscribe
Looking for some suggestions for roles/job titles for myself and a partner in a two person LLC. Details inside.
Hi all,
Looking for a bit of help in defining roles and assigning titles for a newly formed LLC. What has happened so far: I defined the target market and developed the product. Pitched product idea to partner, who has sales experience in the field and equal capital to contribute. Just finished getting prototypes approved and manufacturing agreement in place. We have formed an LLC and will be drafting a partnership agreement soon to define roles and titles. Neither of us are too caught up in the whole title thing, just want it to make sense.
My Responsibilities:
-Product Development
-Supply Chain Management
-Quality/Regulatory Compliance
-Website Development and Maintenance
Partner Responsibilities:
-Sales Strategy Development & Execution
-Customer Relations
-Distribution
-Tax/Finance Records, Business Filings, etc.
-Market Research
There will most likely be some crossover in how this work is actually executed, and we will have some sort of clause that disagreements will be solved through mediation. We will also specify our overall goals, what to do in the event of blank, etc. Any suggestions for logical titles for the two of us, or other helpful advice you have in regards to partnership agreements, would be greatly appreciated!
Hi all,
Looking for a bit of help in defining roles and assigning titles for a newly formed LLC. What has happened so far: I defined the target market and developed the product. Pitched product idea to partner, who has sales experience in the field and equal capital to contribute. Just finished getting prototypes approved and manufacturing agreement in place. We have formed an LLC and will be drafting a partnership agreement soon to define roles and titles. Neither of us are too caught up in the whole title thing, just want it to make sense.
My Responsibilities:
-Product Development
-Supply Chain Management
-Quality/Regulatory Compliance
-Website Development and Maintenance
Partner Responsibilities:
-Sales Strategy Development & Execution
-Customer Relations
-Distribution
-Tax/Finance Records, Business Filings, etc.
-Market Research
There will most likely be some crossover in how this work is actually executed, and we will have some sort of clause that disagreements will be solved through mediation. We will also specify our overall goals, what to do in the event of blank, etc. Any suggestions for logical titles for the two of us, or other helpful advice you have in regards to partnership agreements, would be greatly appreciated!
The Operating Agreement (not partnership agreement) for an LLC is intended to control how it is governed, how new members may be added, how needs for new capital are to be met, etc. The definitions of jobs and titles is really something that the two of you work out between you, as a matter of day to day work, with perhaps a memorandum of what you decide.
posted by yclipse at 5:02 PM on June 17, 2013
posted by yclipse at 5:02 PM on June 17, 2013
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posted by sherlockt at 4:51 PM on June 17, 2013