BBB is nothing but a national membership drive. Like Angie's list. Anyone can report on any company. Anyone can check on any company. It's that simple
Hire an attorney to draw up all the paperwork including salaries, profit splits, liability share, etc.
About time someone noticed.Originally Posted by Triple Threat 33T
Only advise I have is sounds like you need another engineer on board. Let me know if you need any help in NC, SC or TN
Doesn't sound good to me. I practiced as a PE and RLS for 30 years. I owned my own firm all that time. Every time I tried to bring in a partner, he tried to steal my accounts. Whether real or not, it will always be in the mind of the controlling interest.
If you are a Registered Professional and good at what you do, it's time to start your own firm. Grab your balls, and walk down to your bank. They may surprise you!
He has a point. When I first opened my pest control company, I had a partner. I was the one with the license, so it was 51/49, but thankfully no stocks issued from our chapter S corp. Within the first year I started to figure out he was taking customers and doing the biz on the side. Stupid idiot dint realize I could, and did remove him from the company. First I opened a new bank account without his name on it. I took the funds from the old account and transferred them over to the new. With zero funds the account automatically closed in 30 days. Then I held a private meeting with the shareholders (me) and fired him. I immediately filed the papers to remove him off the S-corp. Once that was done, I closed his company cell phone account.
He thought we had problems with just the phone, but I think he soon figgered it out and tried to withdraw funds from the bank. Thats when I got the phone call from him... him "WTF??". Me... you steal, you bye-bye".
My point is if you aren't in control, you aren't in control. A majority shareholder can eliminate you in one day, in every possible way (I know, I did it). Equal partners have equal say. Its really best for a partnership, especially a new venture.
Good luck man, I hope it works out.
And have a vesting structure with a 1 year cliff...
Hire an attorney, hire a CPA.
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Having owned both Engineering company and surveying company, I have a question.
Why the Engineer? looks like the surveying is the main business. Do you have survey license inyour state? If so,form your own company and sub to the Engineer on an as needed basis.
Or does your state allow Civil Engineers to do surveying?