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Old 03-03-2012, 11:35 AM
LawnsharkMB LawnsharkMB is offline
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Looking for some advice,

I bought into a friends business about 6 months ago with the intent of going out on my own in a year or two. I stayed under his business name. To make a long story short we have decided that he will take back over the work that I bought from him, he's gonna pay me a salary and buy a company truck for my personal use also. Here's the catch, he wants me to put the truck in my name but he will make the payments. He also wants me to keep the loans for the trailer and mower I purchased in my name but he make the payments. Why would he want to do this and is this in my best interest? It doesn't make sense to me because he can't write off the truck, trailer, and mower if it's in my name right? Just wondering what some of you that have been in the business for a while think about all this.
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Old 03-03-2012, 11:43 AM
kilman kilman is offline
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to write it off it has to be under his name or the business but i would contact a cpa
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Old 03-03-2012, 08:38 PM
agrostis agrostis is offline
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It sound's like your friend has credit problem's.
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Old 03-03-2012, 10:00 PM
TurnGreen1 TurnGreen1 is offline
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I would think he has credit problems as well. I would be careful going down this road. These types of situations tend to ruin a friendship. I would be prepared to get stuck with equipment if his buisness fails.
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Old 03-06-2012, 03:42 PM
samsaira samsaira is offline
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Yep, he has credit issues and your going to be holding the bag if or when the business goes belly up. He is taking advantage of your friendship. Not a good situation to be in.
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Old 03-06-2012, 06:08 PM
jdilliplane1 jdilliplane1 is offline
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Business

A smart friend of mine who I sub for in snow season, said partners are for dancing!! It's great to help one another out and build a working relationship, but if my credit was at stake, I would want a say in those decisions. By becoming an employee, your assuming all the credit risk with no say in those decisions.
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Old 03-08-2012, 02:24 PM
USA Lawn Care USA Lawn Care is offline
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i sat here and reread the original post a few times to try to understand what he's trying to do. Still not sure of his reasoning.
Truck......keep it in his name all the way. Do not go down that road at all!!
If you bought the trailer and mower....I would say they are yours to keep unless he purchases them. If he wants to pay you $$ so you can make your payments, so be it.
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Old 03-08-2012, 03:17 PM
LawnsharkMB LawnsharkMB is offline
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Quote:
Originally Posted by USA Lawn Care View Post
i sat here and reread the original post a few times to try to understand what he's trying to do. Still not sure of his reasoning.
Truck......keep it in his name all the way. Do not go down that road at all!!
If you bought the trailer and mower....I would say they are yours to keep unless he purchases them. If he wants to pay you $$ so you can make your payments, so be it.
The business account will pay for trailer and mower payments, and the truck payments. Taxes, insurance, gas, everything. But all three will still be in my name. I think he has just over extended himself.
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Old 03-08-2012, 03:35 PM
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Patriot Services Patriot Services is online now
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Two questions. Why did he need you to buy in, in the first place? Second why do you need him to take it back over? I think neither one of you are sure how to run this business. This mish mash of who owns and pays for what is not going to work.
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Old 03-08-2012, 04:02 PM
LawnsharkMB LawnsharkMB is offline
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Originally Posted by Patriot Services View Post
Two questions. Why did he need you to buy in, in the first place? Second why do you need him to take it back over? I think neither one of you are sure how to run this business. This mish mash of who owns and pays for what is not going to work.
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He started the residentials on the side and i just blew up.I bought into his business and have been running the residential and small commercial side and he does the big commercial jobs. I'm about to graduate from college and I was planning on going out on my on but we have decided to bring everything together and he will pay me a salary and I will have one of our three routes. I know very little about business and I'm glad to give up that part.
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