Q: I am 1 of 5 partners in a new LLC and need help reading through a contract before I sign. What type of lawyer do I need
The LLC I will be a part of soon has 5 total partners. I’m a very minority partner and have no real concerns about anything but want to be diligent and have an attorney read through the contract for me.
A: Sounds like all you need is an attorney proficient at contract language review who understands the import and effect of and can interpret/explain the various contract clauses to you in plain language.
Robert Kane agrees with this answer
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A: Well, first question ... what state is the LLC Operating ... is the LLC a "member managed LLC" or a "Member Managed LLC" ... third, will you be a majority holder of LLC interests ... or a manager of the LLC ... Always best to schedule a free initial consultation with at least two business development attorneys ... not necessarily litigation law firms... you would be looking for a business transaction attorney who has experience both as a business owner/business consultant and as a business development attorney ... make sense?
Robert Kane agrees with this answer
A: Your post is refreshing. The majority of minority owners only contact attorneys after things have gone horribly wrong. Most business attorneys will be able to assist you. Contact several to determine who works for you. Some attorneys are affordable and some are not.
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A: For your situation, you'd likely benefit from consulting an attorney with expertise in business law, particularly one who has experience with LLCs and partnership agreements. This type of attorney can review the contract, help you understand your rights and obligations as a minority partner, and potentially identify any terms that could be problematic. Doing so can offer you the diligence and peace of mind you're seeking before entering into this business arrangement.
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