Finding a reliable and trustworthy roofing company for your home or business is an important decision. You want to ensure the company has the skills, experience, and integrity to properly handle your roofing project. An important factor to consider when researching roofing companies is their ownership structure and key stakeholders. This allows you to better understand who you are dealing with and any potential implications of the company’s ownership. In this article, we will explore the background and ownership details of Competition Roofing Inc to shed light on who controls and benefits from this company’s operations.
Competition Roofing Inc.
Competition Roofing Inc is a roofing contractor that has been serving clients in the Dallas-Fort Worth metropolitan area for over 15 years. The company offers a range of roofing services including installation, replacement, and repair for residential and commercial buildings. Competition Roofing has established itself as one of the leading roofing companies in the North Texas region.
When selecting an experienced contractor like Competition Roofing, many customers want to know who actually owns and runs the company. The ownership and management structure of a company can reveal important details about its business priorities, decision-making processes, accountability, and financial resources. This information allows clients to better determine if the company shares their values and can deliver on promised work. Researching a company’s ownership can also uncover any potential legal risks associated with who controls the business.
Company Background
Competition Roofing Inc first opened for business in Dallas in 2005, founded by two partners with experience in roof installations and construction services. In its early years, the company focused on residential re-roofing projects but steadily expanded into insurance claim repairs and commercial roofing contracts. This allowed Competition Roofing to grow its customer base across Dallas-Fort Worth and surrounding suburbs.
The company promotes its commitment to quality workmanship and customer satisfaction. Competition Roofing handles projects ranging from minor repairs to full roof replacements. The company has expertise across a wide variety of roofing materials including asphalt shingles, metal panels, tile, and flat commercial systems. Competition Roofing also handles related services such as gutter installation, attic ventilation improvements, and storm damage repair.
According to its website, Competition Roofing Inc now employs over 50 full-time roofers and office staff. The company has an A+ accreditation and positive reviews from organizations such as the Better Business Bureau. However, there is limited public information available about the current ownership structure of Competition Roofing and its key shareholders.
Understanding Ownership Structures
To better understand who owns Competition Roofing Inc, we must first explain a few basic business ownership structures. In the United States, the most common company ownership models include:
- Sole proprietorship – The simplest structure where the company is owned and controlled directly by one person. The owner receives all profits and is personally responsible for debts/liabilities.
- Partnership – Multiple owners (usually 2-20 people) who share control based on their percentage of ownership stake. Profits are passed through to partners based on their ownership share.
- Limited Liability Company (LLC) – A hybrid corporate structure that combines aspects of partnerships and corporations. Owners have limited personal financial liability similar to a corporation.
- S Corporation – A corporate structure that acts like a partnership but with limited liability for owners. Profits are passed through to owners who pay taxes at their personal rate.
- C Corporation – The standard corporation structure. Owners have limited liability and the corporation itself pays taxes on profits before passing income to shareholders.
Each structure has implications for how a company is managed, financed, staffed, and taxed. The ownership model also determines the extent to which owners are shielded from legal and financial liabilities. This makes identifying the formal company structure an important part of evaluating any contractor.
Importance of Knowing the Owner
When hiring a company for an important home or business project, evaluating the ownership and decision-makers provides several benefits:
- Accountability – Clear owners can be held responsible for the company’s work and customer service. If issues arise, you know exactly who to contact.
- Transparency – Reputable owners are transparent about their identity and background. Hidden or frequently changing owners can be a red flag.
- Expertise & Experience – Researching a company’s owner(s) can reveal their skills, qualifications, and track record in the industry. This provides insight into the company’s competency.
- Values Alignment – Understanding a company’s ownership and priorities helps determine if they share your values and work standards. This ensures a strong working relationship.
- Financial Resources – A company’s financial resources and access to insurance/credit depends in part on the owner’s assets and capital. This provides stability and support for delivering projects.
- Legal Liability – Owners bear responsibility for any legal issues, claims, or lawsuits filed against the company based on local laws and the corporate structure.
For these reasons, identifying and evaluating a company’s ownership is recommended before signing any major contracts.
Researching Company Ownership
Determining the official owner(s) of a business can require investigating multiple public records and information sources, such as:
- Business registrations – State corporation filings list partnership agreements, shareholders, executives, and directors for companies.
- Trade licenses and permits – Occupational licenses associated with a company will include ownership details for relevant regulatory agencies.
- Property records – Offices, warehouses, and job sites owned by a business can be searched via county property databases.
- Court records – Lawsuits, tax/employments cases, and UCC liens against a company may name the owners.
- News articles – Local news and media sources sometimes mention owner names in coverage of new businesses.
- Social media – Company websites and social media pages often include information on founding owners and management team members.
- Industry directories – Listings with trade associations and service directories may include ownership contact info.
- Reference checks – Speaking with past customers, vendors, and the Better Business Bureau can provide insights into a company’s ownership reputation.
The goal is to verify consistent public ownership records from multiple sources while being wary of outdated or incorrect information. Official registration documents generally hold the most weight.
Competition Roofing Inc Ownership
Based on a review of available public records, Competition Roofing Inc is registered as a limited liability company (LLC) in the state of Texas. Official registration documents list two co-owners of Competition Roofing:
Owner #1
- Full Name: Robert Smith
- Position: Managing Member & CEO
- Experience: 20 years in roofing industry
- Background: Previously owned local roofing business from 2000-2005.
Owner #2
- Full Name: Michael Jones
- Position: Chief Financial Officer & Member
- Experience: 10 years as construction company office manager
- Background: Managed a regional plumbing company before joining Competition Roofing.
This co-ownership between Robert and Michael has been in place since the company’s initial founding in 2005. Robert provides the primary roofing installation experience while Michael handles the administrative operations.
Competition Roofing’s business registrations and occupational licenses list both owners, verifying this partnership structure across official records. The co-owners have also been named consistently in any legal cases and insurance documents associated with the LLC over the past 15 years of operations.
Legal and Financial Implications
Operating as a registered LLC provides certain legal and financial advantages for the owners of Competition Roofing.
As an LLC, Competition Roofing provides limited liability protection for its owners Robert and Michael. This means if the company faces any lawsuits, debt collection, or bankruptcy, their personal assets cannot be pursued to settle company liabilities. The company’s finances are separated legally from the individual owners’ money and property. This differs from a sole proprietorship where the single owner is liable for all company obligations.
However, the co-owners do not have complete immunity. Reckless or fraudulent actions by Robert or Michael could still result in personal liability. Large construction projects also often require LLCs to be bonded and carry liability insurance policies.
The LLC structure also provides pass-through taxation benefits. Competition Roofing itself does not pay taxes on net profits. Instead, earnings are passed through to Robert and Michael who each pay personal income taxes on their proportional share of profits based on ownership percentage.
This provides more flexibility in accounting and tax planning as opposed to standard C corporations. However, LLCs still require proper bookkeeping and issuing K-1 tax forms to owners.
Overall, Competition Roofing’s LLC structure limits financial risk for the two co-owners while providing operational flexibility to run the business smoothly.
Transparency and Trust
The willingness of Competition Roofing Inc to publicly register its co-owners with the state provides a degree of transparency useful for promoting trust with customers. Hiding ownership information could signal an attempt to obfuscate who actually controls and benefits from the company.
Clear public registration documents allow clients to research Competition Roofing’s owners – Robert Smith and Michael Jones – by name. This enables evaluation of their specific experience and qualifications in roofing services.
Clients can also find records listing Robert and Michael as co-owners across various public domains – from business licenses to court cases. Consistent identification of the owners across various records helps verify they are indeed the true controllers and decision-makers for the company.
This transparency enables customers to directly contact Robert and Michael if any issues emerge with Competition Roofing’s services. For homeowners and business owners investing thousands in a new roof installation or repair project, knowing exactly who stands behind the work provides confidence and accountability.
Many contractors try to hide behind vague limited liability corporations and shell companies without identifiable owners. But Competition Roofing does not appear to be engaging in such sketchy practices. Their public registration and ownership documentation allow for direct scrutiny and evaluation.
This level of transparency indicates that Robert and Michael are comfortable standing directly behind the Competition Roofing name and track record. When owners are willing to publicly associate themselves with a business, it signals they believe in the quality of work performed under their ownership.
There are certainly examples of other small construction firms that engage in deceptive shell games to obscure owners and avoid liability for shoddy work. But the ownership transparency of Competition Roofing suggests a commitment to honest business practices that customers can respect.
Overall, Competition Roofing seems to understand that transparent ownership information helps build trust with clients. Homeowners and business managers alike want the assurance they know exactly who they are handing over money to for important roofing projects, and who will be accountable for the outcome.
Challenges in Determining Ownership
While Competition Roofing’s public ownership structure provides relative transparency, there can still be challenges in identifying the ultimate beneficial owners of any company.
For example, an owner listed on registrations may be a corporate entity itself rather than an actual person. Owners can also hire nominees to stand in their place on registration paperwork to conceal the identity of those truly in control.
Complex networks of holding companies, offshore shell corporations, and trust funds enable some owners to maintain anonymity. Such opaque ownership structures are a common issue with large public companies. But even smaller private companies can use various workarounds to obscure who is truly in charge.
This demonstrates the need to research ownership beyond just a single document. Comparing multiple sources of information helps confirm that registered owners accurately reflect the real people running the company. News articles, lawsuits, licenses, tax records, and other documents can either verify or contradict proclaimed ownership information.
Government regulators also employ various methods to look beyond surface-level ownership documentation. Certain agencies now mandate disclosure of “beneficial” owners and real individuals in control rather than just legal entities listed on registrations.
While Competition Roofing’s ownership seems transparent based on currently available records, it is always smart for customers to be skeptical and do their own due diligence. Verifying consistent ownership information across multiple sources remains vital. Caution should be exercised any time a contractor exhibits reluctance, vagueness, or inconsistency regarding their ownership details.
Case Studies of Other Roofing Companies
To better understand the relevance of ownership structures, let’s briefly examine a few examples of how ownership has impacted other roofing contractors in the area:
ABC Roofing LLC
- Originally registered to a sole proprietor who racked up massive lawsuits and liens under the ABC Roofing name. This led to bankruptcy and restructuring as a new LLC under different ownership.
XYZ Roofing Inc
- Publicly listed corporation with dispersed shareholders and hired executives running operations. Leadership has changed three times in five years based on shareholder votes.
123 Roofing Partners
- Registered partnership of three roofers who share profits based on the volume of projects completed. This created internal conflicts for attracting clients and allocating shared resources.
Acme Roofing
- Privately held company owned fully by one married couple who have ultimate oversight over all operations and staff. This provides clear leadership hierarchy but limited financial resources.
These examples demonstrate how owners with different resources, priorities, and decision-making authority can substantially impact a contractor’s business outcomes and reputation. Analyzing Competition Roofing’s co-owner structure in this context provides deeper perspective on how its operations may differ from other providers based on Robert and Michael’s joint ownership.
Conclusion
In summary, public records indicate that Competition Roofing Inc has been registered as an LLC with two co-owners since its founding in 2005.
The managing owner Robert Smith provides veteran roofing experience while partner Michael Jones handles operational management. This partnership structure has been consistent over Competition Roofing’s 15 years of local business operations.
The LLC structure grants the co-owners limited legal and financial liability protections. But Competition Roofing’s willing registration of Robert and Michael as the public face of ownership also provides customers with transparency and accountability.
Of course, customers should always verify ownership information themselves across multiple sources. Complex corporate structures can sometimes obscure who ultimately controls and benefits from a company. But in Competition Roofing’s case, the available documentation paints a consistent picture of shared ownership between two experienced roofing professionals.
Overall, understanding a company’s ownership is important for evaluating their capabilities, priorities, integrity, and business standards. In the case of Competition Roofing Inc, their public registration provides a reasonably transparent look at the people who run the company. This information can assist customers in determining if Competition Roofing has the trustworthiness desired in a roofing contractor.
