Not sure which way to go

[nailtech]

What is the name of your state? Texas...

Ok there were 8 of us girls working in a salon, one being the owner, all of us contract workers, paying her station rent by the month and abiding by cosmetology rules and regulations, also IRS rules.... well the owner decided she and one of the other girls are going out on their own, leaving the other 6 either SOL looking for other jobs but offered us the chance to work with present landlord paying him rent, being a small town, were looking at taking over the present shop working with the present landlord until we can relocate and renovate....but, were trying to figure out which possible way to go partnership wise to make the shop run,.... in which we can keep our own money made like we have been but paying a portion of the rent and upkeep to keep the present shop and flowing into the future shop and keeping it running?? Anyone have any ideas?? We’re lost. And only have about 6 weeks until the owner bails out...

 

[loku]

The simplest way would be to form an equal partnership between all of you. That way the business would have to pay expenses, then all of you would split the profits. However, if there is a chance of personal liability, for most small businesses, the best and easiest way to limit personal liability is with a Limited Liability Company (LLC). It protects you as well as a corporation would, but with much less formality. It is also much easier to form and maintain.

At any rate, before starting a business, I would highly recommend you read the FreeAdvice material at http://business-law.freeadvice.com/starting_a_business/ , and then go to the excellent Small Business Administration sit on Starting Your Business at http://www.sba.gov/starting/ . Particularly see their “Startup Kit.”

 

[nailtech]

ok the thing is, we are all contract workers, paying her (the owner) rent, and keeping the rest of the money as our profits, and paying our own taxes now....
we want to be able to keep our profits now and just pay like dues or some how rent to the business for the expenses equally, is that possible??

some make more money then others, like one girl who has been in the business for 20 years versus the girl who has only been there 2 years, the difference in income is great, the one who has been in the business and has an established clintel doesnt want to take a pay cut and go from say 50K to 30K and make the one who has only been there making 10K up to like 30K... (i just used fictious numbers)...

Is this even possible?? would a LLC enable us to do that?? or is there another method??