Any Law Folks here, or Entrepenaurs(Sp)?

Discussion in 'After Hours Lounge (Off Topic)' started by DeathStar1, May 31, 2006.

  1. DeathStar1

    DeathStar1 Producer

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    Hey all,

    I got to talking to someone on another board about starting a Dating/Friend site with a special tactic, to bring people to our site rather than go to others, that could be pretty cool....

    But if we're going to be running this together, I thought it might be a good idea to do it properly, like other succesfull businesses have done..What's the best way to enter in to an unalterable(recognised by law) agreement that shows each member contributed to the idea?

    Right now we are in the planning stages. It looks like he's going to be doing some, or most of the coding, and I'm coming up with the ideas, going to do moderation....we're also starting to discuss a business plan and cost structure...

    Nothing risked, nothing gained....that's the business motto :0

    Thanks!
     
  2. GordonL

    GordonL Supporting Actor

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    One good resource is http://www.nolo.com

    Read the FAQs on that site for the different kinds of business organizations and pick the one that fits your situation. Sounds like a Limited Liability Company is what you want.
     
  3. SethH

    SethH Cinematographer

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    Yep, an LLC would probably be a good start. Talk to your business partner about it, then put up the money to spend about 2 hours with a lawyer who will help you setup the legal business entity.

    However, you should know that in an LLC, all the partners must decide how profits (etc) are distributed. You would each have an equal vote in things, so it may be worth getting a trusted third party involved who could act as a "tie-breaker" if you think the business may need such.
     
  4. Phil_L

    Phil_L Second Unit

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    First step, consult an attorney. S/he should advise you to form an entity, it could be an LLC, an S corp, etc. This will depend on your individual needs and preferences. If you form an LLC, your lawyer should prepare an Operating Agreement which will govern how the entity you just formed will be managed. If you form some sort of corp. you attorney should help you prepare by-laws, etc.

    This will all depend on what type of entity you form based on the needs and goals of the company and those forming it. A good lawyer can provide advise, help you make good decisions and prepare documents that will protect your interests.
     
  5. Sam Posten

    Sam Posten Moderator
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    Starting a business is no joke, you really want to think it through before you get started. Fortunately, there are few things that have more written about it than this very subject.

    Start here:
    http://www.hud.gov/offices/osdbu/res...al/njersey.cfm
    (Talk to SCORE, they REALLY help)

    http://library.raritanval.edu/Weblio...lbusiness.html
    http://www.state.nj.us/nj/business/
    http://www.njeda.com/entrepreneurialservices.asp
    http://www.njsbdc.com/njcu/njcu060706.pdf
    http://www.njsbdc.com
    http://www.burlco.lib.nj.us/business/?topic=7

    Other states:
    http://www.idahosbdc.org/bizessentials.html
     
  6. DeathStar1

    DeathStar1 Producer

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    What exactly is Score? A Bank of some kind?
     
  7. Sam Posten

    Sam Posten Moderator
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    Existing business people who help others become new business people. Its an awesome all volunteer organization.

    Sam
     

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