Need on new business and business plan help!

[replicatebilly]

Hi everyone, I'm starting a new business in my town particularly a Retail/Guided Outfitting Business. my business is in the Hunting, Fly Fishing and Fly tying, fire arms, ammunition, outdoors retail. where I'm located is in the great state of Montana, and there is absolutely no competition whats so ever for at least a 100 miles in either direction, we all ways get people passing through asking if we have a store like the one I'm describing in my town, and sadly we tell them they have to go a 100+ miles either west, south, east or north into Canada. so I'm jumping on the ball and going to provide these services to the locals and tourism people alike not to mention I'm only 20 minutes away from Glacier National Park:cool: but my question is on the business plan, i need help with choosing a good legal structure and whats the best legal structure for a retail business in that field.... any advise or suggestions would help!

[Harold Mansfield]

How you structure your business legally has more to do with your needs, than it is what kind of business it is.

How many people/owners are involved?
Are you using your own money or taking out a loan?
What kind of liability protection do you need? Are you renting equipment or is this just retail sales?

Those are the kinds of questions that will help others make suggestions.

[stevenfies]

It's worth asking an attorney or accountant, but I'm a big fan of LLCs. In fact, I once wrote an article (http://stevenfies.com/why-an-llc-is-right-for-you/) about why LLCs are great for new business owners.

Generally speaking they are easy to operate, taxes are simple (and you only get taxed once, vs. twice with a corporation), less required paperwork (beginning and ongoing), and yet you still get plenty of liability protection. With more than one partner by default you'll be classified as a partnership for tax purposes, and can file easily enough with TurboTax or HRBlock when the time comes. Just a couple extra forms to submit along with your regular personal tax docs.

[unscriptedincome.com]

It's 3 years later, I am wondering how your business is doing in Montana? Hope it's BOOMING. -If not hustle harder and get back in it! Fishing is an industry that is crazy wide-spread and provides endless possibilities for a low startup. This is more of a help in promotion and keeps going response since I'm sure you've already handled your name and legal paperwork.

You're into fly tying, awesome! Get the supplies, make a ton of elk caddis or whatever catches fish out there and allow other anglers to promote your products.

I really hope your biz is doing well! We're not technically competing since you do flies and I do spinnerbaits, nevertheless...

Get yourself some Pro-Staffers, we recently signed up 3 for the new year and they are rocking on social media for us! They'll promote while we work deals with companies and partners, we have a custom rod builder in Montana come to think of it.

Again, fishing retail offers great opportunity, if you've failed, start again... Anglers will reach out to you if you have a great product, they will sell for you if you're honest and care about them.

As Always Tight Lines,
Parker

[HumaneHosting]

It's worth asking an attorney or accountant, but I'm a big fan of LLCs. In fact, I once wrote an article (http://stevenfies.com/why-an-llc-is-right-for-you/) about why LLCs are great for new business owners.

Generally speaking they are easy to operate, taxes are simple (and you only get taxed once, vs. twice with a corporation), less required paperwork (beginning and ongoing), and yet you still get plenty of liability protection. With more than one partner by default you'll be classified as a partnership for tax purposes, and can file easily enough with TurboTax or HRBlock when the time comes. Just a couple extra forms to submit along with your regular personal tax docs.

Under ONE condition...

You has to keep business and personal assets separate or else the law (say a judge) will deny your protection.

Examples...

Say if you own a car and you drive it around for personal things (see the doctor, going shopping, and etc) AND business needs (say making deliveries or picking up things for your shop). Guess what? Unless you clearly demonstrates to the law that your separating expenses your car will only deemed as a personal instead of under your LLC.

Another example is living and "work space". Unless you clearly "partition off" what you use (say you have a 1,200 SFT house and you only use 200 SFT for "work space"). The same applies here.

Why is this important? Say if your LLC exhausted your business assets for a lawsuit (say food poisoning, someone got injury, etc) and your not keeping what I mentioned (or others like that) separated/clearly "demonstrated" as such, you could be left without a house, a car, and/or even worst.

[businessexpert]

I have some marketing tips so people will know that you exist. This tip helped one of my members and she starts getting phone calls after she did this.
https://youtu.be/mA7Aud9p0t8