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Catering, Vending and Cooking For The Masses. this forum is OnTopic. A resource to help with catering, vending and just cooking for large parties. Topics to include Getting Started, Ethics, Marketing, Catering resources, Formulas and recipes for cooking for large groups.


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Unread 09-05-2012, 02:42 AM   #16
wyocurt
On the road to being a farker

 
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Sounds as if you are helping them more than them you. My asvice is to run the other way on this deal. I have tried bussiness with friends, family, and others andfind that my only true partner is my wife. RUN AND DON'T LOOK BACK.
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Unread 09-05-2012, 02:22 PM   #17
landarc
somebody shut me the fark up.

 
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As a person who was in a small corporation for years, and I still view it as a positive, here is how I see it.

1. We each had different skill sets, and those sets complemented each of us. One of us was older and had a great deal of management experience, I was better with technology and money, the third guy was a marketing whiz. Between the three of us, we were stronger as a group than individuals.

2. Three people can simply do more work than one or two. Yes, you would be splitting with them, but, they would be splitting with you as well. You seem to be under the assumption that you are most certainly going to be flowing the bulk of the profit. Are you sure of this? Hot dog carts can be amazingly profitable.

3. If there are 5 of you, and either you or your husband cannot work, or you get a vend that is much larger than two can handle, the other partners are available and have a vested interest to assist you. This can be a real asset.

4. LLC's are a great option, and for a food business, they are even better. But, a corporation that is making money can be truly a asset to you as well. Only an attorney familiar with your exact situation can advise you. Mine suggested that the C-corp was the way to go, but, we were not doing food.

Now, the negative side, a corporation is very much like a marriage, except that there are usually more than two people. You must trust your partners, and you clearly do not. Either you need to do more discovery, or you already know you cannot trust them, that is a recipe for disaster. I trusted my partners back then, I trust them now, and I do mean, that I can hand them my check book with trust that they will not do me wrong.
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Unread 09-05-2012, 10:29 PM   #18
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Mine set up an S Corp for me $1000 and no partners. I will admit that it would be nice to have a partner sometimes, but I can not see it being profitable under my current situation if partners were getting a hand out.

Under your situation if your partners wanted a take of your barbecue gig then you and your husband should be paid as employees for your time working the event and then any profit made at the event is split between partners. By the time the 2 of you get paid $10 an hour each for ordering food, making all arrangements, prepping, cooking and clean up your partners will have to go to the bank and get a loan just to make payroll LOL
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