August 13, 2017
Oh yes, there’s more. So it’s not enough that I didn’t know the business, that I was fronting the money, and that we couldn’t agree on basic decisions. Amazing how blind we can become whether the prospect of “easy profits” lays tantalizingly before us. Here was the final straw: The needs of one partner were going to create major financial and tax complications for the business. I had several lengthy conversations with my accountants about the form of business we should choose. But the real sticking point was Grace’s inability to “go public” with being an owner because of her work situation. We tried jumping through all kinds of hoops to figure out how to account for Grace’s payments to the business. But the real problem would be how to account for the company’s payments to her (for, in the ideal world, there would be profits). Sure, we could work out a “consulting” arrangement . . . but what company forks over 50% of its net profits to a consultant? And if I were audited,…
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I know first-hand that running a knowledge-based service business has unique challenges. It’s so much easier when you have an advocate in your corner. Over the past 25 years, I’ve worked with thousands of New York business professionals who want a legal advisor to guide and support them as they navigate the business world.
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