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W W W. M A I N E B I Z . B I Z 7 J U LY 8 , 2 0 2 4 Education in Farmington, Mano en Mano in Milbridge and the town of Stonington, $1.8 million each; Houlton Band of Maliseet Indians, $1.2 million; Seniors Plus, Lewiston, $900,000; St. George Municipal School Unit, Tenants Harbor, $684,715; YWCA Central Maine, Lewiston, $651,928; Indian Township Tribal Government, $545,612; Aroostook Agency on Aging, Presque Isle, $400,989; Hope Association, Rumford, $279,112; and Bridgton Public Library, $250,000. Thomas College in Waterville an- nounced the addition of an Artificial Intelligence Implications for Cybersecurity course to its Master of Science in Cybersecurity program. The course is the first graduate-level AI course of its kind offered in the state. The Department of Secretary of State's Division of Corporations, UCC and Commissions moved to Ballard Center at 6 East Chestnut St. in Augusta. Bath Savings said it committed $1.25 million to Evernorth's HNE Fund V, a financial resource for the region's affordable housing needs. The fund totals $61 million in equity commit- ted by 15 community, regional and national banks. Bar Harbor Bank & Trust awarded a to- tal of $10,000 through its 2024 Career & Technical Education Scholarship to 10 recent high school graduates who attended a technical career program as part of their high school curriculum and are planning to attend a college or technical school in the academic year immediately following graduation. Northern Light Health in Brewer an- nounced that it was accepted into the America Is All In Clean Energy Academy, led by the Rocky Mountain Institute, as it seeks to halve its emissions by 2030 and achieve net zero emissions by 2050. The hospi- tal committed to the Health Sector Pledge and completed a Climate Resiliency Plan to address opera- tional risks and vulnerabilities related to extreme weather events and the changing disease burden. | e4harchitecture.com @e4harchitecture A S K AC E A n s w e r e d b y C a r r i e G r e e n Y a r d l e y , Y a r d l e y E s q . P L L C The Association for Consulting Expertise (ACE) is a nonprofit association of independent consultants who value "Success through Collaboration." The public is welcome to attend its regular meetings to share best practices and engage with industry experts. For more information go to www.consultexpertise.com. Q: I'm partnering with another entrepreneur on a project. How should we set up the partnership? ACE advises: You do not have to get married to go to the movies. The answer depends on whether your project is a collaboration expected to end when you achieve a common goal, or whether it is intended to become an ongoing business. The first — a date — would usually be referred to as a "joint venture," which might or might not be a partnership. The sec- ond — a marriage — involves a business structure selected by investors as the best way to run a continuing commercial enterprise, which also might or might not be a partnership. Since you call it a "project" it sounds like a joint venture. Above all you want to avoid creating a partnership by accident before you start incurring debt. Neither joint ven- tures nor partnerships require written documents; if you tell third parties you are a joint venture or a partnership they can believe you. Partners in a general partnership are personally liable for the partnership's debts. Without written documents, courts treat a joint venture as a partnership, which again means personal liability. Before you start your project, and before you start draft- ing documents, you need to be very clear on: The project's goal, and how you will know it has been accomplished Each member's con- tribution (cash, goods and services) Each member's pay-out How long it will take to complete the project If the project fails, how you will limit your personal liability What other risks might be involved (property, liability and so on) and how you would insure them. The final documents might a be few simple agreements and a conversation with your insurer, or they might involve a master joint venture agreement, a new limited liability entity, milestone performance equity benchmarks and contracts with each of the founders covering their performance obligations. Carrie Green Yardley, vice president of ACE, founded Yardley Esq. PLLC in 2015. The firm works with small businesses and owners on governance and transac- tions, from startup to exit. She can be reached at carrie@yardleyesq.com N O T E W O R T H Y M I D C O A S T & D O W N E A S T M I D C O A S T & D O W N E A S T N O T E W O R T H Y N O R T H E R N & E A S T E R N N O R T H E R N & E A S T E R N N O T E W O R T H Y C E N T R A L & W E S T E R N C E N T R A L & W E S T E R N

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