setting up shop

What is the name of your state? FL

My parents, my wife and I are stating up a childrens motor skill development franchise. We are going to be equal 25% partners. We will be getting an SBA loan for @ $150k. We have $20k equity in our home and our parents own their house out right. I mention this because my Parents biggest concern is in the case of defalt they want to protect their personal assets.

What is the best legal structure for our business?

I know the SBA is the guarantor of the loan what does that actually mean?

It depends on the loan and what type of entity the SBA will allow under the loan provisions.

This is not so much a legal question but one the SBA should be answering for you. I do know that certain loans require personal responsibility for the debt which precludes corporate entity formation other than Sub-Chapter S corporations.

Thanks.
I will direct the question to my loan officer.

As for the general set up, we are going to be working with children in a gymnastics environment so the possibility of injury is there. I have been told that LLC is the best for general protection.

adenbug said:

Thanks.
I will direct the question to my loan officer.

As for the general set up, we are going to be working with children in a gymnastics environment so the possibility of injury is there. I have been told that LLC is the best for general protection.

Click to expand...

**A: Insurance is best for general protection.

And for late night work, a condom

Is the morning after pill legal in Florida?

I belive it's covered under the landlord/tenent laws just below Condom-inums

Ok, tanks.