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Air conditioning business???
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<blockquote data-quote="cypressfarms" data-source="post: 679893" data-attributes="member: 2653"><p>He's coming over Sunday to talk to me and the wife. I talked to him a while again this evening. He doesn't want a loan, he wants a partner - even if a silent one. I also have a lot of connections in the area, and he doesn't. I told him Sunday to bring their invoices for the last month and come with a plan of what he wants to do. The previous partner he had was a 50/50 deal - with the partner doing the books, which is how the embezzling came in. He a darned good a/c guy, but his mgt. skills aren't the best - that's why he got took. He trusts me and I'm assuming that he wants someone responsible that he can trust to handle the finances (that would be my wife :lol2: ) I'm guessing we'll put some cash in a business account, and get him a debit card to purchase equipment. The wife and I would have to review the business account frequently online to make sure everything is going o.k. We would have to start some type of LLC, I'm assuming, to protect all parties. We would also have to get our attorney to set up everything as well. I'm guessing a fair split would be 30 to 35% of net profit should be ours, the rest his. I don't care to work on a/c's but it may be a way to help a friend and make a little money on the side.</p></blockquote><p></p>
[QUOTE="cypressfarms, post: 679893, member: 2653"] He's coming over Sunday to talk to me and the wife. I talked to him a while again this evening. He doesn't want a loan, he wants a partner - even if a silent one. I also have a lot of connections in the area, and he doesn't. I told him Sunday to bring their invoices for the last month and come with a plan of what he wants to do. The previous partner he had was a 50/50 deal - with the partner doing the books, which is how the embezzling came in. He a darned good a/c guy, but his mgt. skills aren't the best - that's why he got took. He trusts me and I'm assuming that he wants someone responsible that he can trust to handle the finances (that would be my wife :lol2: ) I'm guessing we'll put some cash in a business account, and get him a debit card to purchase equipment. The wife and I would have to review the business account frequently online to make sure everything is going o.k. We would have to start some type of LLC, I'm assuming, to protect all parties. We would also have to get our attorney to set up everything as well. I'm guessing a fair split would be 30 to 35% of net profit should be ours, the rest his. I don't care to work on a/c's but it may be a way to help a friend and make a little money on the side. [/QUOTE]
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