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Message
re: Expenses in starting a LLC...
Posted on 6/20/12 at 12:57 pm to Mr. Wayne
Posted on 6/20/12 at 12:57 pm to Mr. Wayne
There is so much fail in this.
Do they have any sort of track record with their products?
Do the "partners" have any sort of agreement?
With the amount of planning you've conveyed, it's not a matter of if they fail, but when.
If the loans are in her name, how are the "partners" liable? I surely wouldn't let your wife sign a lease with this crew.
Do they have any sort of track record with their products?
Do the "partners" have any sort of agreement?
With the amount of planning you've conveyed, it's not a matter of if they fail, but when.
quote:
Sister B in her own name which is all fine and dandy. My issue is them getting into an expensive lease and the business failing almost immediately due to lack of funds and a proper business plan. That would be on the partnership, not Sister B who is pushing so hard for the store front.
If the loans are in her name, how are the "partners" liable? I surely wouldn't let your wife sign a lease with this crew.
This post was edited on 6/20/12 at 1:01 pm
2
Posted on 6/20/12 at 1:08 pm to CoolHand
quote:
If the loans are in her name, how are the "partners" liable? I surely wouldn't let your wife sign a lease with this crew.
Based on this alone it sounds like they're doing this crazy wrong. Is sister B going to take out the loan and then loan those proceeds to the LLC? Would she invest it in the LLC as equity? what kind of collateral is she using to take out the loan?
Posted on 6/20/12 at 1:08 pm to CoolHand
quote:
If the loans are in her name, how are the "partners" liable? I surely wouldn't let your wife sign a lease with this crew.
Exactly what I was wondering. Is she loaning it to the partnership or is she making a capital investment? How do they share the profits and losses? Who will make the next "loan" when the time arises? All these things need to be figured out BEFORE you get a loan.
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