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re: Expenses in starting a LLC...
Posted on 6/20/12 at 1:22 pm to Mr. Wayne
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.
1
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?
Posted on 6/20/12 at 1:27 pm to Mr. Wayne
quote:
Everything Sister B and her husband touch turns to gold
seems like they would have some start up cash then
Posted on 6/20/12 at 1:28 pm to CoolHand
quote:
Otherwise, eventually no one will be on speaking terms.
I'm seeing this as a real possibility. I know examples to where it has worked before, but the times it hasn't are more common. If Sister B can't be convinced, I am going to have my wife step away and just offer to help out.
Posted on 6/20/12 at 2:33 pm to Mr. Wayne
quote:
in the baby boutique classification
There is a great demand for these!!
Posted on 6/20/12 at 2:46 pm to 81Tiger
quote:
There is a great demand for these!!
City where she wants to open, no... City where I would like to open, not a single one.
Posted on 6/20/12 at 5:22 pm to Mr. Wayne
quote:
LLC Partnership
does not compute. LLC's can be wholly owned or divied up in a partnership, but they are not a technical partnership.
Do not create the biz as a partnership, all kinds of red tape if someone wants to sell a portion, get out, or really do anything that the other partners do not wholly agree on.
Posted on 6/20/12 at 11:43 pm to yellowfin
quote:Exactly. I would be extremely weary of this.
seems like they would have some start up cash then
Posted on 6/21/12 at 9:14 am to yellowfin
quote:
seems like they would have some start up cash then
why use personal cash for a start up partnership LLC when you can get a bank loan?
Posted on 6/21/12 at 9:55 am to Chad504boy
quote:
why use personal cash for a start up partnership LLC when you can get a bank loan?
bank is going to want collateral
Posted on 6/21/12 at 11:52 am to yellowfin
Who cares what city its in...Have you done any marketing by finding out about Census related info like how many live births there are in the area they want to open up? What kind of customer base they have?
Just because they opened up a vending machine business in the past or are successful with a few tax preparation services doesn't mean a baby boutique is gonna succeed.
Their luckiness in business isn't a guarantee of success. Without proper marketing research of your potential customer base you are making a blindfolded leap into a pool that you haven't been told is filled with water or not as of yet.
Just because they opened up a vending machine business in the past or are successful with a few tax preparation services doesn't mean a baby boutique is gonna succeed.
Their luckiness in business isn't a guarantee of success. Without proper marketing research of your potential customer base you are making a blindfolded leap into a pool that you haven't been told is filled with water or not as of yet.
Posted on 6/21/12 at 12:17 pm to reb13
quote:
The lease agreement should be in the LLC's name.
And will probably require a personal guarantee.
Posted on 6/21/12 at 1:23 pm to MandevilleLSUTiger
this sounds like it is going to be a disaster.
OP, please keep us updated.
OP, please keep us updated.
Posted on 6/21/12 at 2:38 pm to slim thug
I'm in banking and have seen a LOT of dumb business plans destin to fail.
The scenario you present above has successfully blown every single one of these out the door.
If they are arguing and disagreeing on these items before the business even opens (or the LLC even filed), then this is going to get ugly really really fast.
Do your family a favor and tell them to ditch the whole idea and save themself a lot of money, headache's and heartburn.
The scenario you present above has successfully blown every single one of these out the door.
If they are arguing and disagreeing on these items before the business even opens (or the LLC even filed), then this is going to get ugly really really fast.
Do your family a favor and tell them to ditch the whole idea and save themself a lot of money, headache's and heartburn.
Posted on 6/21/12 at 5:24 pm to Im4datigers
The only way this succeeds is if they have a film crew recording everything everyone does. That way, when it all goes up in flames, they have a solid reality show. Profit.
Posted on 6/21/12 at 7:56 pm to Captain Want
Ive seen enough! Where can i send my check for the initial investment?
Posted on 6/21/12 at 8:51 pm to CtotheVrzrbck
quote:
quote: LLC Partnership
Beyond comprehension. This doesn't exist.
You need to be wary because a partnership can be formed by a mutual agreement among individuals to make money.
An LLC will at least protect you from personal liability if you don't personally guarantee something.
Posted on 6/21/12 at 11:13 pm to FalseProphet
(no message)
This post was edited on 4/6/13 at 1:57 pm
Posted on 6/22/12 at 7:44 am to bigblake
quote:
"who thought that that dumb idea would work?"
bored housewives
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