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Bevo

Can the US Treasury put a lein on your business for a personal debt

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3 hours ago, Chewbacca said:

I wouldn't touch this guy with a 10 foot pole.  He made an agreement with the federal government that they would educate him for free in exchange for military service.  He refused the military service and is now refusing to repay the government for the services rendered (his education).  He knew the terms very well on the front end.  This was not a bait and switch.

Wait until he gets in a tough spot with you and he'll likely see your partnership agreement as optional as well.  

This 100%. You know damn well what you're getting into up front.

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6 hours ago, Bevo said:

I am providing the funds. I think he would be happy to pay based on income. Not many people with student loan debt can afford to write a $300K check.

Well I must say I am shocked.... so very shocked that this is the case.  OF COURSE you are putting up the money.  THe United States of America has a message for you regarding payment in your inbox.

This thread is a joke right?

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10 hours ago, horn4life said:

 

That Government money is gonna get paid back somehow, and you do NOT was to be associated with that debt in any way, shape or form.  I might make the options for ownership conditional upon having the debt cleared up.  I would at the minimum have them make full disclosure and include the documentation of the disclosure in the founding paperwork.  With the penalty for misrepresentation of key facts surrounding the debt, especially any omission, ground for reversion of all ownership shares to you.If they balk at this then you saved yourself a lot of time and money.

This is true and good advice. 
 

10 hours ago, horn4life said:

 I get a Medical career paid for by the military and then I fail to fulfill the ONLY obligation I had to receive the education for my medical career?  That's basically fraud.  I would probably not go into partnership with a guy whose career was created by a fraud.  but that's just me.

This is, well, it’s something. 

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I'm saying based on a guy who stole an education from the US Military.  Partnerships in general are usually screwed up in one of a couple ways  1) Greed - the company does well and the buyouts and compensation were not CLEARLY spelled out in the founding documents. 2) The flip side of the same coin. The company doesn't do well and one partner is basically left holding the bag, and the costs of not being successful were not clearly defined in founding papers. 3) The usual way they go bad is one person ends up doing a lot more work than the other partner for similar compensation. Again usually due to not clearly specified responsibilities and remedies in the founding papers.
I would be EXTREMELY hesitant to give any ownership position to a person owing the government a large debt.  Especially if you ever plan to sell the business.
A friend of ours got involved with an old friend who had made a fortune on wall street and wanted to flip houses.  The wall street partner bought the house and my friend renovated it on her dime and they were going to spit the profits.  Well when it came time to sell, she couldn't because the wall street person had some IRS issues that were unbeknownst to my friend.  The rich wall street partner wasn't too worried and said it would get cleaned up shortly.  Well my friend who had put her money into the house for the renovation along with her time was none too pleased. The house did sell, but that was the end of the business relationship and sort of the friendship as the wall street partner simply didn't take seriously the concerns of the other partner (not as rich) who had most of her savings invested in the remodel.
Had the rich friend not taken care of the tax issue, or been UNABLE to, my friend would have been screwed.  That Government money is gonna get paid back somehow, and you do NOT was to be associated with that debt in any way, shape or form.  I might make the options for ownership conditional upon having the debt cleared up.  I would at the minimum have them make full disclosure and include the documentation of the disclosure in the founding paperwork.  With the penalty for misrepresentation of key facts surrounding the debt, especially any omission, ground for reversion of all ownership shares to you.If they balk at this then you saved yourself a lot of time and money.
I still go back to my initial thought that ultimately this guy is gonna screw you.  I get a Medical career paid for by the military and then I fail to fulfill the ONLY obligation I had to receive the education for my medical career?  That's basically fraud.  I would probably not go into partnership with a guy whose career was created by a fraud.  but that's just me.
I'm guessing OP has not lived through a bad partnership before. Some learn from the mistakes of others. And some have to experience it themselves.

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Posted (edited)
On 8/25/2020 at 11:17 AM, Bevo said:

Literally, there could be tons of reasons that could cause him to be a conscientious objector.

He was going to be a doctor, literally one of the only jobs in the military where you help people heal instead of help kill them. What is he objecting to? This screams dumb ideology, and the fact he is sideways with his (military) family is another red flag. Has he told you specifics as to his reasoning why he flaked out? It seems there are large chunks missing as to his thought process, if there was any. If you won't miss the cash, sure, roll the dice, but it seems like a gamble with bad odds. Good luck.

Edited by MagicSoccerSpray

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On 8/22/2020 at 4:28 PM, Bevo said:

I don't know about that. I've known him a number of years. His dad is a career military officer and they have been on bad terms since he got out. A few years ago, I kind of joked about it (with pretty much the same attitude as yours) and he kind of jumped on me. It sounded pretty believable. He was somewhat concerned about being deployed but was more concerned about having to shoot someone. As a doctor, I think the odds of that happening would be close to zero, but he said he couldn't do it. That it was immoral...

 

Whether the govt comes after the business or not is irrelevant. If they are putting pressure on him on the personal side you will feel it directly or indirectly being in business w him

As someone who has now been fucked over twice in deals w physicians who were in precarious personal financial straits unbeknownst to me, I would not enter into any type of business relationship w someone in his position

 

eta if you choose to go ahead w the deal there’s a pretty good chance you’ll be back here in 2-5 years to let us know about how you caught him stealing from the practice or that he (hopefully only he) has been indicted for healthcare fraud. 

Edited by Sawbonz

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46 minutes ago, Sawbonz said:

Whether the govt comes after the business or not is irrelevant. If they are putting pressure on him on the personal side you will feel it directly or indirectly being in business w him

As someone who has now been fucked over twice in deals w physicians who were in precarious personal financial straits unbeknownst to me, I would not enter into any type of business relationship w someone in his position

 

eta if you choose to go ahead w the deal there’s a pretty good chance you’ll be back here in 2-5 years to let us know about how you caught him stealing from the practice or that he (hopefully only he) has been indicted for healthcare fraud. 

Yep.  Sawbonz, I've recruited plenty of busy, skilled surgeons for our surgery centers, only to find out that their financials were such a disaster that we couldn't offer them membership.  

As I'm sure you know, Doc's can have ego issues, particularly surgeons.  When you tell one he doesn't qualify to purchase interest, well, it's not a fun time. 

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1 hour ago, Gil Bang said:

Yep.  Sawbonz, I've recruited plenty of busy, skilled surgeons for our surgery centers, only to find out that their financials were such a disaster that we couldn't offer them membership.  

As I'm sure you know, Doc's can have ego issues, particularly surgeons.  When you tell one he doesn't qualify to purchase interest, well, it's not a fun time. 

Does he whip out his scalpel, and cut a bitch ?

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^^^^exactly all of  this.  He’ll conscientiously object to your contract at some point.  

Edited by Reagan1k

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On 8/25/2020 at 7:56 PM, horn4life said:

Well I must say I am shocked.... so very shocked that this is the case.  OF COURSE you are putting up the money.  THe United States of America has a message for you regarding payment in your inbox.

This thread is a joke right?

Classic Shaggy/Surly...

  1. Have a shady friend who needs a business partner...in California
  2. I put up half a $MIL and shady friend puts up nothing
  3. Shady friend owes the US Government money
  4. Go to Surly Horns for business/legal/financial advice
  5. ????????
  6. Profit

What could possibly go wrong?

If this thread isn't a joke, I think the bigger question here is, how is someone like the OP even in a position to put up that kind of money for something to begin with?  Had to have inherited it, right?

Hey, @Bevo, I know a guy in Jarrell who needs a partner for a BBQ concept.  I'll tell him to PM you.

Edited by Landomatic

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Do many people really go into partnerships where they put in all the money and the partner puts in nothing? I understand that the $0 person my have the idea, the contacts and know-how, but it would seem that their equity stake should be added over time as they add value. On Day 1, the only value is the $ investment.

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I would ask why this person over another? Why can you only find shady people to partner with if this deal is such a slam dunk?

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Doesn't sound like this is a guy you want to be in a fox hole with, I guess unless you're all shot up, but I'd say he'd probably have bugged out when the shooting started.

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8 minutes ago, Onboard 2.0 said:

Doesn't sound like this is a guy you want to be in a fox hole with, I guess unless you're all shot up, but I'd say he'd probably have bugged out when the shooting started.

This exact scene was in MASH where Col. Potter and Alan Alda were trapped in a crater and basically All the Colonel wanted Alda to do was make some noise with his .45 to keep the Chicoms from rushing them. Rather than fire his pistol even into the fucking air, Alan Alda commenced one of his superior Alan Alda speeches.

Eventually they were rescued by some non-superior redneck American Infantry. I don't remember if fucking yammer-jaw Alan Alda said "thank you" or not.

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1 hour ago, RDCanecutter said:

This exact scene was in MASH where Col. Potter and Alan Alda were trapped in a crater and basically All the Colonel wanted Alda to do was make some noise with his .45 to keep the Chicoms from rushing them. Rather than fire his pistol even into the fucking air, Alan Alda commenced one of his superior Alan Alda speeches.

Eventually they were rescued by some non-superior redneck American Infantry. I don't remember if fucking yammer-jaw Alan Alda said "thank you" or not.

Oh yeah, but he didn't bug out on 'ol Sherm.

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3 hours ago, immamac said:

I would ask why this person over another? Why can you only find shady people to partner with if this deal is such a slam dunk?

I'm out here, tanned, rested, and ready

 

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