Looks like it's full steam ahead again.
Thursday, November 19, 2009
Just as I suspected
The account details my accountant received were my mate's personal accounts. The 'large' debt is the home loan, and all his other bits and pieces.
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3 comments:
So would you be asumming the debt from your buddy or could that be something written out of the contract?
I guess it depends on how the company is structured. if its a corporation LLC then you can keep his personal stuff out of it.
Your doing good to investigate before you get involved.
The business I'm buying into has nothing to do with his personal stuff. From what I've read with partnerships, it's a love triangle. We both have registered businesses, both those businesses own the one (other) business. So, in fact there are three business names. Mine, his, and the business I'm buying into.
His accountant sent my accountant his business details, which has nothing to do with the business I'm buying into. Confused? lol.
I own business A, he owns business B and business B owns business C. By me coming in an part owner, business C will now be owned by business B and A (mine). Instead of his accountant sending over business C's financial details, he sent business B's. Which is why there were large debts (like a home loan and a vehicle loan).
The way he structured it is that business C get's paid by business B, and business C, while a registered business, is really his personal living, much in the same way mine is with my current business and will be when (or if) I head into this partnership.
I get it. ok no problem
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