Please answer the partnership questions. Thanks!

I have a friend who wants to become a partner of a senior guy who is going to retire in 1-2 years. The senior guy is currently the only member of the LLC. My friend is very interested in becoming a partner of this senior guy. But my friend worries about the senior guy's bank debt which is very significant (about 250K). If my friend takes over the firm (LLC type), will my friend have to assume all the debt the LLC owes the local bank? Is there any way my friend can avoid to take any debt?

What about the guy's retiring money? 401K? Medical insurance?

If my friend becomes an equal partner, can he fire some employees even if the senior guy does not agree to fire those people? Currently, the company does not function too well in terms of profit.

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• it's a LLC, thus debt is only limited to -tank- ♂ (308 bytes) () 10/19/2007 postreply 06:14:37