Progress Report
Lauren has made some big decisions in the past week:
(If you don’t know Lauren’s story, check last week’s post about her)
- She’s invited a partner, her friend Annie, to open the sewing lounge with her.
- They’ve decided on a name: Stitch L.A.
- Their business structure is an LLC and Lauren is the managing member.
- The lease will be in the name of the corporation.
- They are still negotiating terms with the landlady.
My questions/comments for Lauren:
- Congrats on your progress!
- Love the name!
- Why did you decide on an LLC?
- Have you and Annie discussed your thoughts about partnership in detail? Check out my blog post, “Howdy Partner” for a comprehensive list of issues.
Have you or are you interested in starting a small business? What are your questions and tips for Lauren? Can I help you?
Tags: business, businesswomen, sewing lounge, small business, start a business, start up, women
January 13, 2009 at 4:31 am
Thanks, Roberta! We decided on LLC status because it affords us much of the protection of a corporation, yet it’s easier and cheaper to set up. We didn’t want to do a general partnership because we would be held personally liable if the business tanked, for instance, or if we were sued for any reason.
Annie and I have started talking about our partnership agreement but haven’t drawn anything official up yet. We both agree on the necessity of this, though, and will do it post haste! I’m glad you reminded me of your blog post, “Howdy Partner”. I kept looking for it in the articles.