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Old 09-18-2018, 07:00 PM   #21
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It looks to me like your shop wants out and is willing to help you into the facility.
Anything worth something is going to be somewhat of a risk.
If you know the place, the GC and the facility folks, it might me a nice segue into a good gig.
If your shop wants to help you transition, go for it.
Me, I would hire a construction experienced accountant and have them suggest the type of entity you should work as.
Also, get setup with some suppliers for some credit.
Get a business credit card to hold you over until you are in business long enough to secure a line of credit.
Make sure you protect your self with notices and take advantage of any help your shops project manager working that facility can offer.
Best wishes on this.
I would jump all over it.
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Old 09-19-2018, 11:35 AM   #22
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My 2 cents
Have 1-2 years backup money.
Go LLC or better.
Don't use your retirement or collage money.
Don't put up your house for any reason.
Do pay your house bills first.
Get 200% buy in from your wife.
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Old 09-26-2018, 12:01 PM   #23
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Thanks, yes wife is all in. We have about 7/8 months of savings, not quite a year yet but that’s the goal
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Old 09-26-2018, 12:05 PM   #24
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Quote:
Originally Posted by Southeast Power View Post
It looks to me like your shop wants out and is willing to help you into the facility.
Anything worth something is going to be somewhat of a risk.
If you know the place, the GC and the facility folks, it might me a nice segue into a good gig.
If your shop wants to help you transition, go for it.
Me, I would hire a construction experienced accountant and have them suggest the type of entity you should work as.
Also, get setup with some suppliers for some credit.
Get a business credit card to hold you over until you are in business long enough to secure a line of credit.
Make sure you protect your self with notices and take advantage of any help your shops project manager working that facility can offer.
Best wishes on this.
I would jump all over it. [IMG class=inlineimg]https://www.electriciantalk.com/images/smilies/smile.png[/IMG]
Thanks for the encouragement. It’s moving forward, my shop even agreed to pay for 1/2 my liability insurance for the next year. Was not expecting that. I’m meeting with an insurance firm that specializes in contracting and real estate today, so will be filing my public works registration with the DIR this week.
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