Kithani
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This is a thing in my part of the Deep South. I feel like the county/city didn’t do a good enough job to sit out in the yard lots of summers.
I am being given a business
- Thread starter Brad2770
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Brad2770
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Update:
So, I know a guy that owns a landscaping business. We are pretty good friends. He wants to partner with me. So I am changing my LLC name after the 4th. I’m going to do my own DBA off of that and do one of those pet waste removal businesses. It’s lucrative here in Fort Worth. It should be running by the end of August. The guy I’m talking to said we will have our lawn business up and running by spring of 2024 and then we will add pest control to it too.
I’ll give more details as it unfolds. Mainly trying to avoid conflict of interest shit so I don’t get fired again. No way I can afford that hit again.
So, I know a guy that owns a landscaping business. We are pretty good friends. He wants to partner with me. So I am changing my LLC name after the 4th. I’m going to do my own DBA off of that and do one of those pet waste removal businesses. It’s lucrative here in Fort Worth. It should be running by the end of August. The guy I’m talking to said we will have our lawn business up and running by spring of 2024 and then we will add pest control to it too.
I’ll give more details as it unfolds. Mainly trying to avoid conflict of interest shit so I don’t get fired again. No way I can afford that hit again.
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Well, sounds like a conflict of interest to me.
I kid. Congrats man, that sounds like a really good set up if this guy is to be trusted.
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Brad2770
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He can. He knows my previous boss. He knows about me living in my car to start my business. He knows I would work 7 days a week, 12 hours a day to get shit done. He wants to get into the chemical lawn treatments and pest control, so it works out for both of us. I also have contacts that could land decent commercial work and 2024 puts me out of my non compete.
Sanrith Descartes
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Brad2770
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So, we are wanting to form a partnership. I’m looking into it snd I'm only finding that you have an established LLC and then have a separate partnership agreement. He is telling me that you can have an actual partnership that is similar to an LLC or an LLC, but the partnership portion is woven into the business. Can someone help me out with this? At least point me in the correct direction.
Sanrith Descartes
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Not being an asshat when I tell you to have a lawyer assist with this. Yes it will cost money. Yes you will not be unhappy you paid the amount down the road.
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Cad
scientia potentia est
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*rubs hands together in anticipation of lucrative fees*
Yes, you guys need to consult a business formation lawyer to draw up these kind of agreements. The penalty for not doing so is when the relationship inevitably goes south and you are relying on the documents you guys create yourselves to define the partnership, someone is going to get fucked. Might be you, might not, but the outcome will be random since y'all don't know what you're doing.
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Control
Bronze Baronet of the Realm
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Obligatory IANAL, but The specifics are going to vary from state to state, which is another reason to at least have a consultation with a local lawyer. I would say that before entering into any partnership, both of you and a lawyer should discuss basically anything that could be a point of contention:
How are you funding the costs? and how are you each getting paid by the business? and how much will be retained/reinvested?
Under what conditions can you remove the other person from the partnership? and what is that process? (What happens when one of you just stops showing up... Can you boot the other person? or can they sit back and cash paychecks while you do all the work?)
How can you remove yourself from the partnership? and what liabilities will you incur?
Will it be possible to add someone else in the future?
Can you sell your share to someone else? Could you sell a partial share? How would it be valued? Would the other partner get right of first refusal?
Can either of you enter agreements on behalf of the company, or do both of you need to sign? (Can the other person take on debt, or sign a lease in the company name that you would then be liable for repaying?)
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Cad
scientia potentia est
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Can't answer that without a bunch of specific business questions... you use different structures when you need different things.
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Lawn gnome, it's clever and would make for good marketing graphics, plus it'll just generate positive associations with the business. You can have a little graphic of a gnome running a lawn mower sticking his hands up in the air looking Goofy. And it's not going to alienate any new potential customer base.
Another option might be The Lawn Rangers. You can probably come up with a pretty decent slogan, but that might be more Texas if that's what you're gunning for.
I'd steer clear of the others, despite the fact that they're funny.
Another option might be The Lawn Rangers. You can probably come up with a pretty decent slogan, but that might be more Texas if that's what you're gunning for.
I'd steer clear of the others, despite the fact that they're funny.
