RC-Monster Forums - View Single Post - thinking of starting up my own coffee shop

TexasSP · 04.29.2010, 03:06 PM

Also you must understand partnering in a business is a lot like marriage. There are good and bad and it takes work and compromise. You definitely need a contract/agreement before pursuing this. Running your own business like said takes a lot of time and effort, and if you have employees things get more complicated.

Take your time and do your research. Most small businesses fail because of the following:

1. Lack of funding
2. Poor management

I have a business partner myself and it takes a lot of effort to keep things smooth. We must both realize everything is a compromise. It works well but not all do.

It sure seems to me you invested a lot in the X-Box business to just shut it down so quick. Did you even make any money or at least break even?

How do you plan to file this new business? Corporation, LLC, LP, LLP, they all have very different and very substantial tax and structural implications. Despite what people say it's very wise to get a lawyer and CPA to advise you. Yes it costs money but screwing up because you failed to get good advice costs much more.

Good luck either way.

	(#5)
TexasSP Something, anything, nothing Offline Posts: 2,747 Join Date: Mar 2006 Location: Houston, TX	04.29.2010, 03:06 PM Also you must understand partnering in a business is a lot like marriage. There are good and bad and it takes work and compromise. You definitely need a contract/agreement before pursuing this. Running your own business like said takes a lot of time and effort, and if you have employees things get more complicated. Take your time and do your research. Most small businesses fail because of the following: 1. Lack of funding 2. Poor management I have a business partner myself and it takes a lot of effort to keep things smooth. We must both realize everything is a compromise. It works well but not all do. It sure seems to me you invested a lot in the X-Box business to just shut it down so quick. Did you even make any money or at least break even? How do you plan to file this new business? Corporation, LLC, LP, LLP, they all have very different and very substantial tax and structural implications. Despite what people say it's very wise to get a lawyer and CPA to advise you. Yes it costs money but screwing up because you failed to get good advice costs much more. Good luck either way. www.cubicle101.com A friends comic strip website.