Business Partnership/Franchising?
I enjoy a small business (sole proprietorship) for 2 years presently, few customers, and hold someone interested to be my partner. The article is I hold the experience beside the product, Marketing and operation so I am wondering the best path to start this partnership. What I already own -and payed for: training/knowledge (perishable product, importantly creative), a catchy signature and brand, a resourcefully designed network site, logo and other mkt materials, few customers, small amount of supplies. This party will come up near money basically- we necessitate to enjoy a store front. I am thinking in maintain my sole proprietorship and own him to begin a LLC as a franchisee. All I own presently will be used for us, I will be working in "his" premises.. This is in recent times a creative means of access to solve some issues... Is that a dutiful belief? In this valise can I charge him an amount upfront as franchisers do? How can I know how much is adequate? After this first question I would hold more... Thanks!
Answers:
Franchise is not the style to dance.
You be right beside your instinct of forming an LLC.
You hold things separate approaching that, and you are relating your partner from the get-go that you do not trust them. That is NOT a able-bodied channel to start a business relationship...
You inevitability to check near an attorney first and the law of your state. Franchising is something that have to be file through the FTC and it's a detailed process to start and carry on a franchise. It specifically can be done, but it may not be the best substitute for your business if you are with the sole purpose looking at have one more location. Look into license agreements surrounded by your state. Again, depending upon the law of your state, it might be a better channel to dance.
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Answers:
Franchise is not the style to dance.
You be right beside your instinct of forming an LLC.
You hold things separate approaching that, and you are relating your partner from the get-go that you do not trust them. That is NOT a able-bodied channel to start a business relationship...
You inevitability to check near an attorney first and the law of your state. Franchising is something that have to be file through the FTC and it's a detailed process to start and carry on a franchise. It specifically can be done, but it may not be the best substitute for your business if you are with the sole purpose looking at have one more location. Look into license agreements surrounded by your state. Again, depending upon the law of your state, it might be a better channel to dance.