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4 Replies Latest reply: Aug 28, 2010 2:20 PM by GoodBizCoach RSS

3 partners

sinasta1 Newbie
Currently Being Moderated
We need help in try`n to figure out what is the best way to start this small business.Can a LLC have 3 partners?
What's a normal quote on insurance?We have the work we can handle we just need to get the legal side of it right.
  • Re: 3 partners
    LUCKIEST Master
    Currently Being Moderated
    3 partners

    Who r u?? It sounds like you need both an accountant and a lawyer.

    Do you know about SCORE?? SCORE is FREE
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    • Re: 3 partners
      sinasta1 Newbie
      Currently Being Moderated
      Who am I?I'm a guy who needs all the help i can get.cant afford a lawyer or accountent.as far as i know u don't NEED either to start . i have the work i just need the liscense and insurence,and some info about witch rout to take
      • Re: 3 partners
        Uncle Leon Apprentice
        Currently Being Moderated
        Sinasta, I don't mean to be just throwing out smart-alec comments here. But it seems the most direct way to tell you something you need to know. First; I'm neither a lawyer nor an accountant....just a businessman, leader, and biz counselor for over 30 years.

        You're correct in saying that you don't "NEED" an accountat or a lawyer to start a business. But I always advise someone starting a business that if they won't afford an accountant to STAY HOME. If you can't afford an accountant, you certainly can't afford to go int business.

        The lawyer is especially necessary for you because of the business agreement that you MUST have with your partners. I use the word "must", not because it's legally necessary, but because it's plain foolish not to have one. There are many considerations to include in the relationship agreement that you have with your partners. Far too much to address here.

        Perhaps, contacting your local SCORE office will be a good start and n awakening for you. Business counseling from SCORE is free to you.

        An LLC can have multiple "Members".
  • Re: 3 partners
    GoodBizCoach Newbie
    Currently Being Moderated
    Hi,

    Depending on your state and your income level, there may be free or low cost resources available for legal assistance. In Chicago, University of Chicago and Northwestern University have legal clinics that offer low cost services. There is also a pro bono non profit called Community Economic Development Law Project that offers assistance for a nominal application fee ($25 or so). I'm not sure where you are located, but I'm sure that wherever you are has something comparable.

    There may also be some groups, in addition to SCORE that can offer services. I have worked with a number of clients who have positive and negative things to say about the counseling from SCORE. Be sure to engage your Small Business Development Center (SBDC). I will be honest, as someone who has worked for an SBDC, we could not turn away any clients, however, the ones who had their ideas a bit more fleshed out were easier to work with. The type of question that you asked in the forum was basic and shows that you haven't done your due diligence. If you don't have the due diligence to find the answers to the questions that you just posed, then your struggle to be successful in your business is going to be a long hard one.

    If you want an insurance quote, call an agent and get one. There is nothing stopping you from doing that yourself. Its hard to give you an estimate because it varied from business to business and your personal situation. If you are a home owner, there are some policies that would be an extension of your homeowner's insurance. Your quote is also going to vary depending on type of coverage and coverage amounts.

    As a business owner, be prepared to take more control over your destiny. Its not going to be easy but you have to be diligent in finding your answers.

    Good Luck

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