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Hey People!
I'm Sarthak Misal, Currently a student who's about to finish his degree in Business Administration with Specialization in Finance.
Previously I've worked as a Partnership Associate and I've also got little experience in CRM, Business Development, Monitoring Industry Trends, Project management, Operations management.
Currently trying to secure a job before college ends, would be grateful for all the help :)
www.linkedin.com/in/sarthak-misal-a8843a190/
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If the rental is done legally (aka reporting income, maintaining your primary residence, etc.) then I don’t think it’s illegal or unethical. However, it is probably against company policy, but again, not for being illegal. Partners are extremely risk adverse to begin with and certainly in this type of situation. Perception is reality and imagine having to explain the situation to the client, even if it doesn’t impact or even improves their bottom line. There are too many potential risks and potential conflicts of inters and absolutely no need or benefit for your company to assume them or your client to okay them. Did you charge yourself market rent? What about cleaning fees? What about “surge like pricing if there is a big event in town? What do you do if you want to in lieu one weekend? Companies probably started discussing these issues when Uber blew up and drafted company policies to eliminate all the extra effort and risks that would come from these scenarios.
Thanks for spelling this out. Perception is reality, and that’s the main reason this is a bad idea. I will not pursue the idea.
To everyone (half this thread) saying “I don’t see anything illegal or unethical here,” it’s a conflict of interest. That means either apparent or even the appearance of a conflict of interest. Are you only taking this project because you’re staffed in that location? Are you going to stay longer because of your Airbnb? Then you and EY are not providing the best service to your client for their money because EY is staffing (or you’re choosing to be staffed) based on something that’s not at the best interest. Think about if everyone at some firm tried to pull this. That’d be a shady ass firm, and if I had to choose between that firm and another one, I definitely would not choose that firm. Thinking of it that way it feels like a developing economy damn, where all business deals are based on backdoor relationships (e.g., this partner’s staff only takes projects in x city because he owns the city block).
?
Airbnb was founded 2008.
To do this first set up to shell corporations 1 owning 100% direct ownership in the next. Put both in your cats name and your dog on the board of directors. Then have the one company pay the other company as dividends distributions than you charge company 2 an advisory fee, on independence just mark that you are do a little consulting on the side for a pet company... works every time
To be approved for an Airbnb, the PPEDs have to sign off on it. In order to convince Airbnb you have a “work” place you have to meet that criteria too.
You used the word, “savvy.” I’d replace it with ethical and ask again
It’s not illegal, I doubt you’re breaking any laws. It’s probably against some firm policy in the fine print somewhere though. You’d probably be able to get away with it, for what it’s worth. But also realize that if someone on the controller side looks into it, you’ll get fired.
If you are truly charging fair market rent, you don’t need yourself as a customer for this to make sense.
Ish. By OP only renting to themselves their returns on the investment go up and time requirements go down. No cleaning costs, limits repair costs as they take better care of it, no time needing to manage bookings or pay for third party to manage, no electronic lockbox subscription fees, no worrying about negative reviews, no time needed to file claims with renters or Airbnb, etc.
I think the real question here is how is a ~$625/ night hotel in policy?
Lol I’m just asking for advice. No reason to dish out any BS. The few numbers I did give are accurate, and I don’t want to disclose much more tbh. Believe whatever you want, irdc
Where the F Are you traveling that your bills are so high?!?!?!
In what city is a hotel room $600/night, but s nice apt sells for $150K?
Downtown SF or NY regularly see these kinds of rates
True strategy consulting right there
Not illegal nor unethical. But if you want to do this, be completely above board about it. Check in with your PM / EM and your boss and make sure they are on board with you doing this.
The reasons for openness is to avoid any accusation of deceit. What everyone has agree to cannot be unethical
Did the client agree ? Do the tax authorities agree ?
Does the firm agree not just the project partner ?
It’s definitely a conflict of interest
You can’t say we’re you staying what city?
That’s what corporate housing is for, but I imagine you are not interested in that.
You should put together a plan to share with the partner on the project which details that if you bought this property for yourself it would save X% aka Xk over the course of your time on this project.
I don’t see how if the firm wins, the employee wins and the project wins what they could gripe about.
If you’re going to commit fraud you may as well put it in a friend/relatives name. Our firm is full of auditors, use the resources and you can find a way around it. I believe in you!
I mean, forget about all the compliance related issues for a second...it’s just a bad look in general.
I know someone who worked at Booz and worked out an arrangement like this with his firm - he was able to keep his stuff at his second place and company/client saved hotel bills. He left the firm and rents the house to other consultants who still work at the company. Not sure about b4 restrictions, but worth exploring for sure. If doing with full disclosure, what’s the harm in exploring?
A simple litmus test is to have an open discussion about this with your partners and see how that goes. It’s steeped in questionable behavior and even if you were “good” about it, it can very quickly turn foul
I was once staffed on a long term project and the engagement got axed 2 months into it. If I had purchased a property this would have been devastating. Just prepare your finances in case the engagement doesn’t work out.
But I’m all for exploiting loopholes, go for it
Yes.
Just do private accommodation in expense sheet.