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I'm currently employed with a construction company and have been with them for a decade and my boss is now interested in bringing me on as a 50/50 partner. At the moment, we are in the process of getting the company valuated to determine my buy-in cost. Since this is completely foreign to me (and him), prior to us reaching out to lawyers, I thought I'd reach out to an online community get some general advice first, specifically these two questions that come to mind:
- I've heard that it's highly recommended that we should get our own individual lawyers that will look after our own best interests rather than consulting with one (un-biased) lawyer that reviews all the details of our agreement, roles, responsibilities, what if's, etc. Having our own lawyers sounds time consuming due to the back and forth that will be involved, therefore, expensive and unnecessary. Thoughts?
- I'm naturally frugal yet my boss is quite the opposite; when it comes to expensing things through the business for personal gain (vehicles, tools, etc.), how does the person that expenses less get compensated for the difference compared to their partner? For example, if he purchases a $100k truck and I only want a $60k truck, as a 50/50 partner, how do I get compensated/reimbursed for the $40k?
Thank you very much in advance,