MBE status for out-of-state acquisition?

by a searcher from Columbia University

2 years ago

I have an operating company in another state and am seeking to get a MBE (minority-owned business) certification for it. I've run into a few hiccups that my current tax/legal team seems under-equipped to help with. Additionally, as we've gotten a few things done, I'm having some "good" problems around the way we set up the entities and do taxes. I imagine this community might have a few great pros that have dealt with these challenges. I'd love any recs.

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investor

The NMSDC network (https://nmsdc.org/) may have some greater expertise on helping to get around the stat residency issue for your state qualification. The network is national and controlled under 'subchapters' in each state. I would see if the state would accept a national designation as well.

1 year ago | like reply | 0 likes

searcher from Emory University - Goizueta Business School

^Searchfunder member‌, all of the certifications are based on a couple of key concepts that are hard to get around. 1. Is the Minority a citizen, 2. is the minority in "Control" of the business (All decisions made and no other party can change that - Via Operating agreement), and 3. Does the Minority "Own" the business (51% of All Classes of Shares with no investors getting money before the minority). These phrases are iron clad in most state and government regulations. I can go into more detail if required.

2 years ago | like reply | 0 likes

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