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
Lyle Krannichfeld Senior Member More info | May 06, 2016 18:20 | #1 Aloha, Fine Art Landscape/Wildlife Photographer on Maui: INSTAGRAM
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mikeinctown Goldmember 2,109 posts Likes: 232 Joined May 2012 Location: Cleveland, Ohio More info | May 06, 2016 18:40 | #2 Lyle Krannichfeld wrote in post #17998094 ![]() 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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windpig Chopped liver ![]() More info | May 07, 2016 09:16 | #3 #1 be sure you have adequate insurance. Would you like to buy a vowel?
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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. George
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It IS one of the first things I'm doing, thus the thread. Thanks for the input Fine Art Landscape/Wildlife Photographer on Maui: INSTAGRAM
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Lyle Krannichfeld THREAD STARTER Senior Member More info Post edited over 3 years ago by Lyle Krannichfeld. (2 edits in all) | We should be meeting with an attorney soon, just hoping for some feedback from folks. Fine Art Landscape/Wildlife Photographer on Maui: INSTAGRAM
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Tom Reichner "I am a little creepy" ![]() 14,008 posts Gallery: 149 photos Best ofs: 1 Likes: 4117 Joined Dec 2008 Location: Omak, in north-central Washington state, USA More info | May 09, 2016 13:49 | #7 . "Your" and "you're" are different words with completely different meanings - please use the correct one.
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With structure taken care of with your attorney, there are a few other issues. George
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moose10101 registered smartass More info | May 11, 2016 09:37 | #9 Lyle Krannichfeld wrote in post #18001270 ![]() 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 Goldmember 2,607 posts Likes: 25 Joined Jul 2005 More info | May 11, 2016 19:20 | #10 moose10101 wrote in post #18003519 ![]() 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 "I am a little creepy" ![]() 14,008 posts Gallery: 149 photos Best ofs: 1 Likes: 4117 Joined Dec 2008 Location: Omak, in north-central Washington state, USA More info Post edited over 3 years ago by Tom Reichner. | May 11, 2016 19:42 | #11 kenwood33 wrote in post #18004032 ![]() 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? "Your" and "you're" are different words with completely different meanings - please use the correct one.
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Dan Marchant Do people actually believe in the Title Fairy? ![]() 5,424 posts Gallery: 19 photos Likes: 1767 Joined Oct 2011 Location: Where I'm from is unimportant, it's where I'm going that counts. More info | 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. Dan Marchant
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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. Fine Art Landscape/Wildlife Photographer on Maui: INSTAGRAM
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mikeinctown Goldmember 2,109 posts Likes: 232 Joined May 2012 Location: Cleveland, Ohio More info | Jun 29, 2016 07:38 | #14 Lyle Krannichfeld wrote in post #18051840 ![]() 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.
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-Duck- my head is usually in the way ![]() More info | 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. "If you didn't learn something new today, you wasted a day."
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