I need help starting-up a new business/partnership

[kaptnjack]

Ok.....I have been in business of different types for 30 years, I followed the path most traveled and lived by the rules that were passed down as "common knowledge"...that was then...this is now.

So...with this new awakening comes a new dilemma.

How to start on the right foot this time?

Due to events in 2000 and the financial recovery/information discovery of the last 5 years...I am now at the point where I am going to try and start again in a small local, service business.

I have approached a personal friend and proposed the concept; he was enthusiastic and motivated by the idea and wants to move forward in a partnership.

He is an open-minded guy and I can talk to him openly about anything. Over the last 6 months we have been regularly having discussions about the state of things but...he is still operating in the old paradigm.

So...can we (the board) have a discussion on ways/methods to set-up a joint enterprise that will allow for my (and possibly his) progression towards sovereignty or at least protections against intrusions by overzealous political bodies?

Topics would include banking, insurance, bonding, city/county/state licenses, receiving payments from customers for services provided, receiving and dispersing profits/returns to partners, paying wages/compensation to employees/contractors, buying supplies and materials and, other relevant topics. I hope we can discuss imperatives, exclusions, necessities and methods of application of the above.

This new enterprise is a blank canvas in relation to the way it may be set-up.

I appreciate any input; warnings or suggestions from the board that have experience in these matters or contemplating it.

Thanks in advance.

Trusts should own the property of the business partnership, thus reducing your exposure to zero. The beneficial shares could be split up 50/50, with a one hundred percent vote required for the power of direction (which is how a trust is ran).

Just my 2 cents.

Henry Franklin

[Judge Roy Bean]

Originally Posted by kaptnjack

Ok.....I have been in business of different types for 30 years, I followed the path most traveled and lived by the rules that were passed down as "common knowledge"...that was then...this is now.

Sorry, but now is now and it's not a whole lot different than then and common knowledge works pretty well for the millions of small businesses in operation throughout the country.

Originally Posted by kaptnjack

So...with this new awakening comes a new dilemma.

How to start on the right foot this time?

Due to events in 2000 and the financial recovery/information discovery of the last 5 years...I am now at the point where I am going to try and start again in a small local, service business.

I have approached a personal friend and proposed the concept; he was enthusiastic and motivated by the idea and wants to move forward in a partnership.

He is an open-minded guy and I can talk to him openly about anything. Over the last 6 months we have been regularly having discussions about the state of things but...he is still operating in the old paradigm.

So...can we (the board) have a discussion on ways/methods to set-up a joint enterprise that will allow for my (and possibly his) progression towards sovereignty or at least protections against intrusions by overzealous political bodies?

In any situation, you have to examine what the real risks are in order to ascertain what viable strategies to employ to mitigate them.

Risk assessment also involves a serious and realistic discussion about what it is you think you have to protect, what its real value is and what is the threat to it and from whom.

Originally Posted by kaptnjack

Topics would include banking, insurance, bonding, city/county/state licenses, receiving payments from customers for services provided, receiving and dispersing profits/returns to partners, paying wages/compensation to employees/contractors, buying supplies and materials and, other relevant topics. I hope we can discuss imperatives, exclusions, necessities and methods of application of the above.

You've done this for 30 year or so. Everything you list is an imperative in a business that engages in business with others.

Originally Posted by kaptnjack

This new enterprise is a blank canvas in relation to the way it may be set-up.

I appreciate any input; warnings or suggestions from the board that have experience in these matters or contemplating it.

Thanks in advance.

One major suggestion - don't either of you go into debt to make this thing work. If that person is indeed your friend, the quickest way to acrimony is owing someone something. Hint - one lawyer now in forming the entities required will be a lot less expensive than the two each of you will need if you end up as adversaries if something goes wrong.

[Akira]

Originally Posted by Judge Roy Bean

but now is now and it's not a whole lot different than then

But Judge...

Things are more like they are now, then they ever have been before. - Dwight D. Eisenhower, 1955

lol


For HIS Glory,
Akira

[Judge Roy Bean]

Originally Posted by Akira

But Judge...

Things are more like they are now, then they ever have been before. - Dwight D. Eisenhower, 1955

lol


For HIS Glory,
Akira

I love that line....I wish I could recall the movie, but there's another similar one: "I feel more like I do now than I did when I was here before."

Thanks for the laugh!

[kaptnjack]

Thanks for all the replies.

Henry.....fortunately, the model will have less than a couple of thousand in hard assets and the venture is very simple with little liability. The trust, which is a new thing for me, sounds like a good idea depending on the project and subsequent assets and liabilities required to operate and maintain it. I am open to more information about how a trust may be a benefit related to revenues, profits, tax liabilities etc.

Mr. Bean, you have again stated the obvious and I fully agree with every statement made except...that things are the same as they have always been. In my experience, things are quite different than ever...I wish I was wrong. I have followed the heard and all it got me was closer to the shearing shed. I would like to try a new path that uses the laws and procedures available to optimally benefit me/us this time.

I agree that a startup without debt and an agreement for operation and dissolution...upfront...is the best mode for advancement. We had this discussion exactly last week. I am not convinced that an attorney's involvement is necessarily a requirement but agree that it needs to be discussed and agreed in the initial startup. My statement to the prospective partner ...that there is a lot of blue sky in the beginning and while everyone is in a good mood and optimistic...that a plan for dissolution be devised before the possibility of clouds and rain are on the radar.

Thanks to the board for the consideration of the topic and I hope that more points can be brought forward for discussion.

"Make yourselves sheep and the wolves will eat you." - Benjamin
Franklin

[Ice]

HB is on the right track. What you may particularly want to do is reduce your tax liability and protect the assets you have. You can reduce tax liability through the use of properly structured LLC's and Trusts. You can actually own more than one business and reduce taxes. You can get more information on this via a free course offered here.

You might want to contact HB or myself for a little more info. The free course is 17 installments... you'll get them one at a time.

By the way, if "partners" ever have a falling out... this is a good strategy to protect YOUR property.

Ice

[kaptnjack]

thanks Ice,

I do need some help setting up some protections.

I need to start with equity in my home of thirty years....thats a lot of work and money spent in running the property.

We email exchanged a few weeks ago but I got a nasty little critter sent to me that corrupted my mail program and temporarily lost (I hope) my origiunal inbox and all the mail in it.

I am working on it now.

thanks again.

[Ice]

I'm so glad my pc is clean!

Critters is one of the reasons that I use outside email for most everything. It may not give full protection... but it does make me feel safer.

Ice

Originally Posted by kaptnjack

thanks Ice,

I do need some help setting up some protections.

I need to start with equity in my home of thirty years....thats a lot of work and money spent in running the property.

We email exchanged a few weeks ago but I got a nasty little critter sent to me that corrupted my mail program and temporarily lost (I hope) my origiunal inbox and all the mail in it.

I am working on it now.

thanks again.

[brozer5]

Originally Posted by Ice

I'm so glad my pc is clean!

Critters is one of the reasons that I use outside email for most everything. It may not give full protection... but it does make me feel safer.

Ice

to a Multi-Level- Marketing jack-off.