I truly hope this was placed in the right category, and if not, I'm sure it may be moved.
So, one day a few weeks ago a partner and I probe into a local market, take a poll with a local community, and we come up with the fantastic idea of opening a 24/7 gym near my house.
Me, an avid gym-goer for a decade with a sense for business and entrepreneurship. She, an owner operator of five locations hours from her home, built successfully (per my research) from the ground up.
We negotiate and plan, pin down the location, essentials, inventory, everything.
Though I've known my partner for years growing up, and know that she has an outstanding business and community reputation, I have to look out for my own hide at the end of the day. Not wanting to miss any details, I sit down and type "LLC" into The Fastlane Forum and...zero, zilch, nada.
I was appalled. I couldn't believe it. Thus, I spent a few hours searching LLC on Google and reading whatever tips, tricks, and samples I could find. Then I discussed multiple scenarios with somewhat of an older more experienced mentor.
Currently, I'm waiting on renovations for my location to finish and then launching pre-sales in a few weeks. Tax ID, city business license, everything with our bank has been taken care of.
I'd like to hear some of your experiences, dos and don'ts of taking on an LLC.
I wouldn't know where to tell you to begin. Company percentages, who brings more value, investments of time, and of course all the negative things that could affect the LLC itself and it's reputation in the local community (or nationally if you grow).
Thank You As Always.
So, one day a few weeks ago a partner and I probe into a local market, take a poll with a local community, and we come up with the fantastic idea of opening a 24/7 gym near my house.
Me, an avid gym-goer for a decade with a sense for business and entrepreneurship. She, an owner operator of five locations hours from her home, built successfully (per my research) from the ground up.
We negotiate and plan, pin down the location, essentials, inventory, everything.
Though I've known my partner for years growing up, and know that she has an outstanding business and community reputation, I have to look out for my own hide at the end of the day. Not wanting to miss any details, I sit down and type "LLC" into The Fastlane Forum and...zero, zilch, nada.
I was appalled. I couldn't believe it. Thus, I spent a few hours searching LLC on Google and reading whatever tips, tricks, and samples I could find. Then I discussed multiple scenarios with somewhat of an older more experienced mentor.
Currently, I'm waiting on renovations for my location to finish and then launching pre-sales in a few weeks. Tax ID, city business license, everything with our bank has been taken care of.
I'd like to hear some of your experiences, dos and don'ts of taking on an LLC.
I wouldn't know where to tell you to begin. Company percentages, who brings more value, investments of time, and of course all the negative things that could affect the LLC itself and it's reputation in the local community (or nationally if you grow).
Thank You As Always.
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