Trickling Springs Creamery Business Collapse

[Josh]

When your senior partner is also your tax accountant and financial advisor, he has legal and ethical obligations to you, and sending you a tax bill for $10,000 of self employment tax is it an ethical thing to do after he profits from getting you into such an arrangement. I always assumed plain people doing that stuff were all exempt.

Normally a partnership would not withhold income taxes on payments to partners, whether or not FICA/Medicare exemption is involved. So this could very well present a year-end surprise if quarterly estimated taxes haven't been paid.

The partnership I was part of could optionally do this, so I did that instead of bothering with quarterly taxes.

[Biblical Anabaptist]

Also, Riehl was at one point funding house flippers. One individual told me he had contacted him for funding. The terms were like 10% interest on the money plus half the profit. He would allow the flipper an allowance for the time he put into it.

I wonder if he would he sued or foreclosed someone who couldn’t pay up.

I am sure he would not have. I don't know that he financed anyone outside the Amish / Mennonite circles.

[AnthonyMartin]

Also, Riehl was at one point funding house flippers. One individual told me he had contacted him for funding. The terms were like 10% interest on the money plus half the profit. He would allow the flipper an allowance for the time he put into it.

I wonder if he would he sued or foreclosed someone who couldn’t pay up.

I am sure he would not have. I don't know that he financed anyone outside the Amish / Mennonite circles.

The heirs of lost estates may not be Amish or Mennonite any more though...

I'm curious how many posting here know him personally?

[steve-in-kville]

I wonder if he would he sued or foreclosed someone who couldn’t pay up.

I am sure he would not have. I don't know that he financed anyone outside the Amish / Mennonite circles.

The heirs of lost estates may not be Amish or Mennonite any more though...

I'm curious how many posting here know him personally?

I talked to him on the phone many years ago. Was looking for a loan to buy a house. I wasn't Mennonite enough to qualify. IIRC, he wanted two co-signers, which struck me as odd.

[DrWojo]

I am sure he would not have. I don't know that he financed anyone outside the Amish / Mennonite circles.

The heirs of lost estates may not be Amish or Mennonite any more though...

I'm curious how many posting here know him personally?

I talked to him on the phone many years ago. Was looking for a loan to buy a house. I wasn't Mennonite enough to qualify. IIRC, he wanted two co-signers, which struck me as odd.

Your post gave me Deja Poo; I recall crap like that from when I tried to get a loan from an Anabaptist Financial Board member. Only that ordained Washington-Franklin County farce of an Anabaptist was wanting to lend to me personally, charge an ungodly interest rate and get me to sign Power-of-Attorney over to a “secular lawyer who could sheriff sale my house if I default so he could get reimbursement without violating his nonresistance principles.” At that point I told him he should “Take off his black hat and suspenders because in his heart and practice he didn’t live out the principles he claimed to stand for.”

[Signtist]

I'm curious how many posting here know him personally?

Stayed at his house a few times. Ate some grilled lamb chops and played a bit of volleyball in the back yard. Probably interacted with him, briefly, at least a dozen times. I know some of his boys much better.

[steve-in-kville]

Your post gave me Deja Poo; I recall crap like that from when I tried to get a loan from an Anabaptist Financial Board member. Only that ordained Washington-Franklin County farce of an Anabaptist was wanting to lend to me personally, charge an ungodly interest rate and get me to sign Power-of-Attorney over to a “secular lawyer who could sheriff sale my house if I default so he could get reimbursement without violating his nonresistance principles.” At that point I told him he should “Take off his black hat and suspenders because in his heart and practice he didn’t live out the principles he claimed to stand for.”

That's a whole new level of shady to me.

When I worked at the above referenced employer, the managing partner came around with a clipboard and said the bank needed all our signatures. Said it was for a "line of credit." Found out later it was for something else that most of us wouldn't have agreed to in a million years.

[Josh]

Your post gave me Deja Poo; I recall crap like that from when I tried to get a loan from an Anabaptist Financial Board member. Only that ordained Washington-Franklin County farce of an Anabaptist was wanting to lend to me personally, charge an ungodly interest rate and get me to sign Power-of-Attorney over to a “secular lawyer who could sheriff sale my house if I default so he could get reimbursement without violating his nonresistance principles.” At that point I told him he should “Take off his black hat and suspenders because in his heart and practice he didn’t live out the principles he claimed to stand for.”

That's a whole new level of shady to me.

When I worked at the above referenced employer, the managing partner came around with a clipboard and said the bank needed all our signatures. Said it was for a "line of credit." Found out later it was for something else that most of us wouldn't have agreed to in a million years.

What

[mike]

Your post gave me Deja Poo; I recall crap like that from when I tried to get a loan from an Anabaptist Financial Board member. Only that ordained Washington-Franklin County farce of an Anabaptist was wanting to lend to me personally, charge an ungodly interest rate and get me to sign Power-of-Attorney over to a “secular lawyer who could sheriff sale my house if I default so he could get reimbursement without violating his nonresistance principles.” At that point I told him he should “Take off his black hat and suspenders because in his heart and practice he didn’t live out the principles he claimed to stand for.”

That's a whole new level of shady to me.

When I worked at the above referenced employer, the managing partner came around with a clipboard and said the bank needed all our signatures. Said it was for a "line of credit." Found out later it was for something else that most of us wouldn't have agreed to in a million years.

Actual dishonest and illegal business practices typically catch up with the perpetrator sooner or later. I know of one conservative Mennonite business owner who has been caught cheating on his employee's time cards, shifting hours from one pay period to the next to avoid paying overtime, among other unfair and unjust practices. Now, it is apparently so difficult for that business to find employees that they have to transport them in from nearly an hour away, because local people will not work for him. There's a very real cost for people who act like this, and it is not unsatisfying to observe chickens coming home to roost in some of these instances, I must confess.

[Josh]

Mike,

Sounds like we’ve both heard the same story... the most egregious one I can think of was an employer who informed minors under 18 that he doesn’t have to pay them overtime.

!!!