Posted By Plumb Bill on 8/16/2008 at 11:43 AM
am seriously considering buying into an established surveying firm.
They have done 40 jobs per year average for the past 15 years. The
problem is that it has been severely mismanaged, and one of the current
partners is leaving for a W2 position with a coal company.
used to have about 12 employees that all worked out of town during the
week. The work for this client is gone, but the 40 boundary jobs per
year are still there. I was wanting to come on board as a partner and
develop business in areas previously neglected by this firm (oil, gas,
My question is this. I know I can work amicably
with the remaining partner (I have before), but I am trying to decide
on a business structure should I pursue this endeavor. I will talk to a
lawyer, of course, but I like to get initial information and already be
forming opinions. Any help/advice would be appreciated. Here are my
1. Business structure
2. How does a new
business entity borrow if it is an LLC, LLP or Corporation, and can it
if it is brand new without personal liability. I know about D&B
numbers, but how soon would we be able to borrow?
3. Does anyone know of a good website that would help compute an NLM? (yes, I will eventually consult an accountant).
Buying into a company
August 18, 2008