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I am a minority who owns a business in the construction

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I am a minority...

I am a minority who owns a business in the construction security supply and rental equipment and has an investor that would like to join my company, However he is not a minority and has 3 other successful businesses. Will his 30% share ownership affect my MBE Certificate or my DBE Certificate?

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

New York

Lawyer's Assistant: Has anything been filed or reported?

No because I have not signed a contract to accept the investors offer yet

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

The two main concerns are the DBE Certificate and the MBE certificate. I was told that an investor that is not a minority cannot have power or control of any bank accounts related to my business and will be difficult becoming a partner, I would like clarity on this. especially with the DBE

Submitted: 1 year ago.Category: Business Law
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Answered in 35 minutes by:
11/7/2016
Business Lawyer: Law Educator, Esq., Attorney replied 1 year ago
Law Educator, Esq.
Category: Business Law
Satisfied Customers: 125,822
Experience: All corporate law, including non-profits and charitable fraternal organizations.
Verified
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
As long as the business is owned at least 51% by minorities, the business is considered a minority business enterprise. So if you are bringing in another partner who is not a minority, you need to make sure that minorities own 51% of the business to retain your MBE certification.
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