As the title says. Looking to set up an S corp with 2 investors. Looking for a good lawyer that is available asap.
My pops can hook you up. I’ll message you.
Not sure of your depth of research but just make sure the type of business you setup makes sense for what you plan on doing and especially if something changes it works for you.
At the moment I have nothing. I lost really every asset I had acquired in the past 4 years of business to the fire. I have 2 customers (that have become close friends over the years) that are in a position to help me out tremendously. But they are going to obviously want a return on there investment. The plan is to setup a corporation that slowly will shift ownership back to me over time so they can make a large return on their investment. I feel it is the only way for me to get back into business. We have sat down and had two meetings that both took 7 hours each. We figured out all the numbers that we are both comfortable with and now need a lawyer to put it all together for us. If all goes well I can have an income again in about 3 months. If not I can’t even really be a base level mechanic anywhere with tools. So I feel this is the best way to get back at it.
I used Paul Notaro. Not sure his availability but he got me in pretty fast when I started up
I second this. Make sure you look at the options. It looks like you have business experience but just make sure if you are grabbing investors, I would talk to the SBDC at Buff State to make sure you set setting up something that meets your needs.
I would go LLC over S Corp. It will be much easier to phase them back that way too. S Corp has board and meeting requirements. LLC has none of the above and can be run by one member after you buy the others out.
S-Corp seems extremely complicated for what you’re trying to achieve.
LLC is member owned tho. Really need to figure out how the investors are doing and how you want to map that into a business plan.
He isn’t starting some million dollar business :lol:
In an llc he would be the managing member and the other members would be issued class c shares. That gives them an ownership interest defined in the operating agreement with no right to make decisions or act on behalf of the company. I promise I know what I am talking about.
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you need more than a corp, you need to draw up the agreement of the changing terms of your arrangement with your investors and establish the contol points of when certain obligations are met that trigger changes in ownership away from them and in to you.
if you get a lawyer to work with you all the way up through this it will cost you many thousands of dollars.
i would recommend that you draw up your agreement as thoroughly as you can between partners, get a draft that has all of the critical terms and then have it reviewed by the lawyer and implemented at the same time as setting up the corp and embedded into the articles of incorp. or if your partners have the means, you could have a lawyer work with you from the start.
This is essentially what we have done. We have figure out the milestones that trigger a change in ownership until it phases their ownership out. Also at what point I would have to buy their final shares, and what the set values would be based on the businesses profits. Many other things have been typed up in the Draft we made. Just need a lawyer to put it together the proper legal way and get the corporation going.