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Thread started 06 May 2016 (Friday) 18:20
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Any gallery owners out there?

 
Lyle ­ Krannichfeld
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May 06, 2016 18:20 |  #1

Aloha,

I'm opening a gallery next month and am wondering if anyone would walk me through how they set up, eg sole proprietor, partnership, LLC, etc.

There are two of us going in on it. Any input appreciated.

Thanks!

Lyle


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mikeinctown
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May 06, 2016 18:40 |  #2

Lyle Krannichfeld wrote in post #17998094 (external link)
Aloha,

I'm opening a gallery next month and am wondering if anyone would walk me through how they set up, eg sole proprietor, partnership, LLC, etc.

There are two of us going in on it. Any input appreciated.

Thanks!

Lyle

Honestly, that should have been one of the first things you did, well before you decided when or where to open a gallery. Have you already had a lawyer draw up the agreement(s) between you and your partner outlining everything? Do you already have an accountant? Those two would be the people to point you in the right direction. Everything legal should have been put in place before spending any of your money on the partnership.




  
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May 07, 2016 09:16 |  #3

#1 be sure you have adequate insurance.
#2 be sure you have in writing with your partner what you are agreeing to, everything.


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AZGeorge
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May 09, 2016 12:22 |  #4

I strongly suggest using a qualified attorney. The appropriate structure will depend on details of your business and laws of your state or the location you choose for organization. You do not, for example, want to form a partnership unless the two of you will have equal responsibility and authority in management. An LLC can often be written to fit particular situations but some states offer more flexibility than others.


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Lyle ­ Krannichfeld
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May 09, 2016 13:42 as a reply to  @ mikeinctown's post |  #5

It IS one of the first things I'm doing, thus the thread. Thanks for the input


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Lyle ­ Krannichfeld
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Post edited over 3 years ago by Lyle Krannichfeld. (2 edits in all)
     
May 09, 2016 13:43 as a reply to  @ AZGeorge's post |  #6

We should be meeting with an attorney soon, just hoping for some feedback from folks.


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Tom ­ Reichner
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May 09, 2016 13:49 |  #7

.

I don't have any firsthand experience, as I have never owned a gallery. But I am quite familiar with the two galleries in my region, both of which are non-profits. Honestly, neither of them would ever survive without their non-profit status, as what keeps them going, financially, are the many donations that they collect from the community. I do realize that there is a huge amount of red tape involved in order to qualify for non-profit status these days, but perhaps it would be worth looking into.

.


"Your" and "you're" are different words with completely different meanings - please use the correct one.
"They're", "their", and "there" are different words with completely different meanings - please use the correct one.
"Fare" and "fair" are different words with completely different meanings - please use the correct one. The proper expression is "moot point", NOT "mute point".

  
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AZGeorge
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May 10, 2016 16:32 as a reply to  @ Lyle Krannichfeld's post |  #8

With structure taken care of with your attorney, there are a few other issues.

Of the two of you, who will make business decisions for the gallery? Will he or she always consult with the other?
Who will make artistic choices? Will he or she always consult with the other?
Who is responsible for marketing? Will he or she always consult with the other?
Who will work eighty hours a week?
Are both partners willing and able to invest more money if startup is slow?
Are you leasing space? If so, how will does the lease cover your needs and eventualities?
Are you buying work to sell or collecting commission?
What is your commission schedule? Is it high enough to pay all bills including your labor?
Who provides your insurance? Does it cover the work of your artists?
What is the exact wording of your artist agreement?
Can you legally serve wine in your location? Can you be covered under another license for openings?
How many artists you respect will be included in your initial showings?
How many openings do you have scheduled for the first six months?
Who are the local movers and shakers? How does your gallery get on their radar?
What financial system will you use? Does it interface easily with your accountant's?


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moose10101
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May 11, 2016 09:37 |  #9

Lyle Krannichfeld wrote in post #18001270 (external link)
It IS one of the first things I'm doing, thus the thread. Thanks for the input

I think the point was that after talking to a lawyer, you might not be opening a gallery next month.




  
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kenwood33
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May 11, 2016 19:20 |  #10

moose10101 wrote in post #18003519 (external link)
I think the point was that after talking to a lawyer, you might not be opening a gallery next month.

I am interpreting the OP's original question differently - she was planning to open a gallery by herself, and is now considering a business partner.


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Tom ­ Reichner
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May 11, 2016 19:42 |  #11

kenwood33 wrote in post #18004032 (external link)
I am interpreting the OP's original question differently - she was planning to open a gallery by herself, and is now considering a business partner.

She? SHE?

There aren't many women that go around calling themselves "Lyle", with full beards, who list their gender as "male" on Facebook.

.


"Your" and "you're" are different words with completely different meanings - please use the correct one.
"They're", "their", and "there" are different words with completely different meanings - please use the correct one.
"Fare" and "fair" are different words with completely different meanings - please use the correct one. The proper expression is "moot point", NOT "mute point".

  
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Dan ­ Marchant
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May 12, 2016 03:51 |  #12

OK so you are opening your own gallery without having gained any experience by working in one previously? Not ideal, you will make mistakes and some of those may have serious impact on your business - but it's still possible to launch and learn as you go along provided that you put in place some very clear management processes.

I spent ten years as a consultant helping start up businesses and one of the biggest killers of new businesses was not actual inexperience, it was an inability to make decisions, an inability for partners to trust each others judgement and a lack of preparedness to handle problems.

1. 50% partnerships are bad - it makes decision making & dispute resolution impossible unless you put in place clear processes for breaking deadlocks. Either one partner is senior and has a casting vote or you take turns to have a casting vote or you draw straws to break a deadlock or whoever holds the conch shell.... whatever the process it needs to be agreed up front, written down and stuck on the wall before you start. Trying to decide how to break a deadlock when you are already in one is never going to work.

2. There is no point in having two partners if you both have to go everywhere together and make every decision together. You need to trust each other to make decisions.

3. Apropos of item 2 you need clearly defined job descriptions and a clear understanding of whose job it is to make decisions related to each area of the business. (This doesn't mean there can't be expensive/key decisions that have to be agreed by both parties).

4. Divorce - Running a business is harder than anyone ever imagines - doubly so if you don't have experience. Nothing kills a friendship/partnership faster than starting a business together. You MUST have a plan in place (shareholders agreement) for what happens if one of you wants to leave that covers issues like sale of shares/price etc.

Good luck and have fun.


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Lyle ­ Krannichfeld
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Jun 27, 2016 20:25 |  #13

Thanks for the posts, though I seem to be getting a good amount of negativity and pessimism. These are all things I've taken into consideration, just wondering how folks did it themselves.

In any case, the space fell through and the search continues. All in due time.

Thanks,

Lyle


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mikeinctown
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Jun 29, 2016 07:38 |  #14

Lyle Krannichfeld wrote in post #18051840 (external link)
Thanks for the posts, though I seem to be getting a good amount of negativity and pessimism. These are all things I've taken into consideration, just wondering how folks did it themselves.

In any case, the space fell through and the search continues. All in due time.

Thanks,

Lyle

How the folks did it themselves... They did exactly what they told you you need to do rather than what it seemed like you were doing. ;-)a Here in America something like 90% of all new businesses fail in the first 5 years. Having a solid business plan and having your business squared away in terms like accounting, legal contracts, and insurances all go toward your success. For new businesses every dollar matters, so having the ability to maximize profits and minimize losses can mean the difference between being the 10%, or the 90%.

Good luck though on finding a new place. Once you do find it, it does seem like you will be in a far better position as you will have gotten a lot more of the partnership lined up.




  
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Jul 14, 2016 21:18 |  #15

I have no experience managing a gallery space, but there are a few small galleries in my area. They all seem to cater to small cliques of artists within the community and they don't do much advertising (that I see). They also work as non-profits, I noticed. Always wondered who they sell to since they seem to keep to themselves.


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