A friend and I are starting a new club-type thing?!
Question: that listens to songs looking for "that's what she said" jokes. Would you join?
And, as long as you're here, what do you think of this video?
http://www.videoparodies.com/harrypotter...
Answers: that listens to songs looking for "that's what she said" jokes. Would you join?
And, as long as you're here, what do you think of this video?
http://www.videoparodies.com/harrypotter...
think the video is cool but dont have a clue what kinda club u on about! sorry!
Before you begin a club, as a tax accountant I would suggest you make sure you have a contract for your partnership. The problem with a partnership is you could be personally sued if something should go wrong.
You might want it to be a Limited Liability Corporation as only the club as a Corporation could be sued if something should go wrong.
I'm not saying something will go wrong but you and your friend need to protect yourselves.
Next, you will need to draw up an agreement for your partnership. Maybe you and your friend will want to go 50% each, however you might want to go with how much each partner puts into the partnership. You put in 60% and your friend puts in 40%.
If you are both active as partners you are both general partners. If you are active and your friend only puts in money, you are the general partner and your friend is a limited partner.
The difficulty with clubs is they have a tendency to be similar to fads, so you and your friend will have to be flexible enough to change with the times.
Also, when you draw up an agreement you should include a paragraph to allow another partner if necessary.
Another aspect is if you and your friend have a 50% share each in the partnership, if your friend wants out of the partnership, the partnership is disolved.
To establish the partnership again you may have to obtain a new Employment Identification Number with the Internal Revenue Service.
Keep all of your receipts prior to opening your club's doors as these are considered start-up costs.
If your club is going to serve liquor you will have to obtain a liquor license. I would suggest filing for a liquor license as soon as possible as districts only allow a number of liquor licenses in a district.
If the demographic group for your club is the under-age crowd, a liquor license is not necessary. Still you should hire individuals to insure there are no drugs and no alcoholic drinks as your partnership will be liable for any illegal activities, even without your knowing because it is on the premises of your club.
Do your research before starting any type of business. Find out the legal implications and speak to a tax accountant.
I do not go to clubs nor bars. I like to go to Opera's and to listen to Orchestra's.