I'll Get Bashed For This One. - Business - Contractor Talk

I'll Get Bashed For This One.

 
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Old 01-22-2011, 07:12 PM   #1
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I'll Get Bashed For This One.


My fiancÚ does a lot of office work for me while working full time already. In WI, once you get married, what's mine is hers since we are a marital law state, right?

I am thinking of maybe giving her 5-10% of the business. How bad of an idea is this? At least if we split, she can't take 50% of company assets I assume. I bet it sure would be easy to get a business loan though and win some of those minority awarded contracts.
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Old 01-22-2011, 07:19 PM   #2
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Re: I'll Get Bashed For This One.


too slippery of a slope for me to even comment....

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Old 01-22-2011, 07:23 PM   #3
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Re: I'll Get Bashed For This One.


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Originally Posted by CookeCarpentry
too slippery of a slope for me to even comment....
Lol. Either way, I may get in trouble. Of course as of now we will be together forever but we all know everyone has said that before. I'm thinking long term protection and I doubt asking for a prenup would result in anything less than me losing my manparts.
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Old 01-22-2011, 07:24 PM   #4
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Re: I'll Get Bashed For This One.


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Lol. Either way, I may get in trouble. Of course as of now we will be together forever but we all know everyone has said that before. I'm thinking long term protection and I doubt asking for a prenup would result in anything less than me losing my manparts.
I am not sure of the legalities, but I think, that in order for it to be a minority classified business, she has to have a controlling share....therefore 51% or more.....
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Old 01-22-2011, 07:29 PM   #5
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Re: I'll Get Bashed For This One.


I'm not an authority, but I believe she would have to hold 51% of the business to qualify for minority contracts.

I have an old buddy who is a pnuematic fastener dealer and he went that route when he went on his own. I'm not really sure how it worked out for him business wise.

Edit: Sorry Cooke, I just saw your reply. We think alike.
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Old 01-22-2011, 07:32 PM   #6
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Re: I'll Get Bashed For This One.


Sounds like a question for a lawyer.
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Old 01-22-2011, 07:37 PM   #7
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Re: I'll Get Bashed For This One.


Lone, been there, done that. Here she gets half of your assets, half your debts. You get half her assets, half her debts.

If it's the same where you are I would just get married and go with it.

That's half and half during the time of the marriage. She does not get half of what you already own. So, if you want to cover your butt, list your assets before marriage.

For a difinitive answer ask your lawyer.

Ya, she got half MY company, why you think I'm still working.
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Old 01-22-2011, 07:43 PM   #8
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Re: I'll Get Bashed For This One.


Yep - 51% & she must be able to answer questions as she is supposed to be an active particpant
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Old 01-22-2011, 08:01 PM   #9
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Re: I'll Get Bashed For This One.


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Lone, been there, done that. Here she gets half of your assets, half your debts. You get half her assets, half her debts.

If it's the same where you are I would just get married and go with it.

That's half and half during the time of the marriage. She does not get half of what you already own. So, if you want to cover your butt, list your assets before marriage.

For a difinitive answer ask your lawyer.

Ya, she got half MY company, why you think I'm still working.
My wife threatened to take half of my business, so I offered to sign it over to her. She would be 100% and I would be an employee. Then I told her I was going to quit unless she paid me 65K and paid my health insurance.

I kept the business and she kept her state bennys. Paid our debts, sold our house and split what was left, which was lawyers fees.
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Old 01-22-2011, 08:13 PM   #10
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Re: I'll Get Bashed For This One.


screwed either way
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Old 01-22-2011, 08:19 PM   #11
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Re: I'll Get Bashed For This One.


Just say no and don't do it!

Sure hope the wife dosen't check this, or I'll lose my nuts.......
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Old 01-22-2011, 08:20 PM   #12
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Re: I'll Get Bashed For This One.


I was joking about the minority owned thing but serious about the take half of my stuff things.

I will ask a lawyer and for some reason I would think that if she already owned 10% before we got married, that if things ever took a turn for the worse, then she would be back to the 10%
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Old 01-22-2011, 08:27 PM   #13
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Re: I'll Get Bashed For This One.


Hey BamBamm, you're really out stirring the pot today
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Old 01-22-2011, 08:32 PM   #14
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Re: I'll Get Bashed For This One.


I'm getting married in may, and I'm probably naive but sounds like a negative mindset. In the end it's just stuff
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Old 01-22-2011, 08:34 PM   #15
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Re: I'll Get Bashed For This One.


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Originally Posted by griz View Post
Hey BamBamm, you're really out stirring the pot today
You know, sort of laid up. Nothing to do. Its a negative wind chill outside so why not light some fires on here!

To be honest, I am just trying to get to 1000 posts, then I am done for good.
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Old 01-22-2011, 08:38 PM   #16
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I'm getting married in may, and I'm probably naive but sounds like a negative mindset. In the end it's just stuff
Hey Detroit, Ya gotta remember, BamBamm is sitting on his arse, bored out of his mind & enjoying pain killers

Even most guys, when they are normal, get to thinking that things might not always work out & what one might do to minimize damage.
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Old 01-22-2011, 08:39 PM   #17
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Re: I'll Get Bashed For This One.


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Originally Posted by BamBamm5144 View Post
...
To be honest, I am just trying to get to 1000 posts, then I am done for good.
Ya right.
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Old 01-22-2011, 08:44 PM   #18
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Re: I'll Get Bashed For This One.


Quote:
Originally Posted by BamBamm5144 View Post
You know, sort of laid up. Nothing to do. Its a negative wind chill outside so why not light some fires on here!

To be honest, I am just trying to get to 1000 posts, then I am done for good.
Hey, how much do you charge for a good drywall job? Also I've been in business for 25 years but unsure how to make a change order. Do you have any idea's?

So if things don't work out you'll have to buy back 10% of the business you currently own 100% of? Math was never my strong subject tho.
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Old 01-22-2011, 08:55 PM   #19
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Re: I'll Get Bashed For This One.


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Hey, how much do you charge for a good drywall job? Also I've been in business for 25 years but unsure how to make a change order. Do you have any idea's?

So if things don't work out you'll have to buy back 10% of the business you currently own 100% of? Math was never my strong subject tho.

You guys are rowdy bunch.

That makes sense right. I took algebra in high school. Twice.

She could always still work for me. I am also trying not be negative. Things do happen and I am thinking down the road just in case. I suppose it wouldn't be fair as she has helped me with office stuff and just having faith in me and listening to me. And she shaves my back! Probably should have left that one out. Maybe I need to remove myself from all technology for the next 6 weeks
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Old 01-22-2011, 09:12 PM   #20
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Re: I'll Get Bashed For This One.


I started the company after we were married, My wife owns 50% of the

corperation. I figured if something happened she would get half anyway.

She is currently going back to school to get her degree, so when she

is done maybe I can slow down.

I am not advocating anything but I know a guy that was retired he had a

company for years, sold it and chilled out. He decided to leave, she

worked at a University. He sits at home and she pays him support.

If there is a way to buck the system someone so inclined will find a way

to do so.

If you can't think of life with out her and she feels the same, then get

married and focus on building a profitable business and healthy

relationship. Make sure that they growtogether or you will grow

apart.

Good luck Chad

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