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re: Expenses in starting a LLC...
Posted on 6/20/12 at 1:19 pm to reb13
Posted on 6/20/12 at 1:19 pm to reb13
quote:
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?
The lease agreement would be in all 3 sisters names, do not want. She is taking out the loan for initial funds. Loan payment would be taken out of income first, then they have a profit share set up based on amount of hours being worked. (Profit share is the only plan that I think is well thought out, but there won't be any profit so it's a moot point) I am trying to encourage them to run the business out of our homes for now, selling the products they make as they are getting good feedback on them. My wife graduates in December and then can invest all her time to the business. I am suggesting they wait at least until that time so they can be getting their name out there, research into additional products (whether they are making them or buy/resell), put some cash aside, put together a well thought out business plan, and possibly attract an investor or two.
3
Posted on 6/20/12 at 1:22 pm to Mr. Wayne
The thing is, I think they can do well with this if they handle it correctly. Everything Sister B and her husband touch turns to gold and they all have worked together without consequence in the past. They have a good idea IMO, I just think lack of planning will cause it to fail and fail quickly.
Posted on 6/20/12 at 1:23 pm to Mr. Wayne
Other than the investor part, I think your plan is good. I would shy away from the partnership, though. One person should own the company with the others as employees. Otherwise, eventually no one will be on speaking terms.
Posted on 6/20/12 at 1:26 pm to Mr. Wayne
The lease agreement should be in the LLC's name. Also what happens when they have no revenue or not enough revenue to cover the cost of the loan payment? How are they going to "count" hours?
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