[Question] Start a maintenance company with my friend

[Cam30]

Good day all i have recently started a maintenance and renovations company with a close friend each of us has 50% of the shares but nothing is on paper yet and i registered the company it was initially only me and then i added him as a director, we both have family responsibilities but this is why i mention it. We are self employed and we havent had big jobs recently and as often as we liked but we recently did a small job that only paid about 2000, that is all we have in this account and now my partner wants to split the money evenly because he hasnt given his baby mama maintenance money in 3 weeks, i am married and also did not take anything home in 3 weeks. We have an up coming job thats going to pay relatively well but we dont have all the necessary equipment so what i suggested is to buy the thing we need which cost like R500 bucks and he is against it saying why can hire the tools buy a guy for R100 a week and will be the third time if we should hire the tool which means we would have spent 300 on a tool we dont own that cost 500 to buy.... and also everytime i suggest that we must save then he says he cant now because of his responsibilities at home but we can save when we do our next job but when the time comes its just the same story.

CAN YOU GUYS PLEASE ADVISE ON HOW I SHOULD HANDLE THIS SITUATION,

[Blurock]

This looks like a bad idea right from the start.

[ians]

3 weeks and you are already having issues ... the tool is not the problem.

I ventured into a partnership many years ago ... 50/50 ... it lasted 4 months ... I packed my stuff and moved on ... my plan was to grow the company and save as much as we could for the first 5 years ... I drew R5000 per month his monthly expenses were around R35k a month ... he was set on company image and felt the need to drive a 4x4 SUV ... I was happy with the an entry level half tonner image

I must add ...he went on to make a lot of money ... but at a cost ... up until now i have not been prepared to sell my soul for money ... this are going to be changing once i reach my goal.

[ians]

same person as renovation and projects ... facebook page shows pics of work in progress and one person ... not a team pic ... I would be a bit cautious.

[adrianh]

same person as renovation and projects ... facebook page shows pics of work in progress and one person ... not a team pic ... I would be a bit cautious.

My contact with this person led me to get subscribed to a suspect tradesmen website. I will send you the link so that you can have a looksee. I sent the link to Dave as well. Its nothing underhand - I just don't like the way the whole thing operates and how there is no transparency or accountability.