Setting up a new Business need advice on a couple of things

thelibertyboy

Hi Guys me and two of my friends are setting up a new fitness centre we will be teaching boxing kickboxing trx and all general fitness classes
My question to you business heads is what business structure should I set up the tree of us will be the owners and im just asking what do you think the best business structure would be any other advice on the business side would be much appreciated

Kevin

YellowSheep

What kind of tree is it? )

Alan Shore

YellowSheep wrote: »

What kind of tree is it? )

That's helpful.

You have two options: a limited company or a partnership.

A limited company is a seperate entity to you, the three of yea would be directors, emplyees and shareholders. Your salary would be deductible from the profits of the company.

A partnership, the three of yea as partners taxed on your share of the profits not what you take out.

Partnership is simpler model but in either case you need either a partnership or shareholder agreement to cater for disagreements down the road.

kkelliher

YellowSheep wrote: »

What kind of tree is it? )

not helful but well spotted ....

As there is a possibility of injury in this type of venture and pissible liability issues insurance will be an important factor and for maximum protection a company may be the best option but this comes with alot more paperwork and requirements. You should discuss with your accountant.

YellowSheep

We do actually have spell check installed. Please use it.

thelibertyboy

thanks for the reply guys really appreciated and @yellowsheep suck my balls!!

iguy

thelibertyboy wrote: »

thanks for the reply guys really appreciated and @yellowsheep suck my balls!!

Grammar Nazi at it, wouldn't of retaliated like yourself though op, and good luck with your company.
Your question and the answer's you received helped me out also.

steffifandler

thelibertyboy wrote: »

thanks for the reply guys really appreciated and @yellowsheep suck my balls!!

If you are going to set up a limited company and in turn become a director - do you think coming out with the above riposte is fitting of a director?

:rolleyes:

thecommander

steffifandler wrote: »

do you think coming out with the above riposte is fitting of a director?

:rolleyes:

I must have overlooked that bit in corporate compliance where it says you have to speak a certain way.

DubTony

:D:D

I love these threads that start out innocently and turn into a mess within 10 posts.

LMAO

Yellow sheep is right to point out silly spelling mistakes. First lesson for the OP in business is to re-read anything he ever mails out and check it for errors. Otherwise you come across as unprofessional. I had to learn the same lesson myself. Spelling mistakes cost me a sale of 225,000 euro a long time ago, so I learned the lesson hard. It is the tree of life yellow sheep!

Back to the question asked, Limited liability company is your only suitable option in my opinion. Partnership setup with more then two people is only going to end in tears when there is a falling out. Usually when money is in the equation fallings out tend to happen a lot more despite great intentions in the beginning. Each person take 33.3% of the share capital, each person take a title/role for the business, decide how profits will be taken out now and how they will be split in the future. My advice is that if someone is doing more work then another person they should be entitled to more of the profits to keep them happy and motivated. Other wise they will get bitter eventually.

Second business lesson for OP is to take a number of deep breaths before insulting people. Im still trying to learn that one myself

thecommander

Deleted User wrote: »

Yellow sheep is right to point out silly spelling mistakes. First lesson for the OP in business is to re-read anything he ever mails out and check it for errors.

It's a posting to a forum to ask for advice, not a quote. Pointing out spelling mistakes makes you look like a tool.

It doesn't matter what the medium is. If your in business or going into business, come across professionally otherwise some people will choose not to do business with you, and that will directly affect your bottom line.
Plenty of businesses/deals have been founded through boards.ie

steffifandler

thecommander wrote: »

I must have overlooked that bit in corporate compliance where it says you have to speak a certain way.

Haha fair enough - I wasnt being overly serious - but if youre looking for a certain level of help youd be best off not "saying suck my balls" - even if the person was being frivolous in the first place...

thecommander

Deleted User wrote: »

It doesn't matter what the medium is. If your in business or going into business, come across professionally otherwise some people will choose not to do business with you, and that will directly affect your bottom line.
Plenty of businesses/deals have been founded through boards.ie

I know what you mean. I have spent months trying to find a kickboxing & TRX instructor and thought I had found the person for it. I then realised he typed in tree instead of three. Deal is off now. The search begins again.

thecommander

thecommander wrote: »

I know what you mean. I have spent months trying to find a kickboxing & TRX instructor and thought I had found the person for it. I then realised he typed in tree instead of three. Deal is off now. The search begins again.

Great glad you understand. Please sign me up for any services, consultancy you offer. Sarcasm is usually the most important thing I look for in an advisor.

thecommander

Deleted User wrote: »

Great glad you understand. Please sign me up for any services, consultancy you offer. Sarcasm is usually the most important thing I look for in an advisor.

Will do.

Peterdalkey

YellowSheep wrote: »

What kind of tree is it? )

I hope all of us here have not lost our sense of humour, it was a little joke. Here is an example on boards which might help some http://www.boards.ie/vbulletin/showthread.php?t=2056830795

Peter