Re: Chris's restaurant

Chris,

Corporations (whether S or C), LLCs, and Limited Partnerships are all limited liability entities; BUT, any lender, whether SBA or otherwise, will demand a personal guaranty which means all your personal assets, including your home, are at risk. In today's commercial world restaurants lead the list of failed ventures and few lenders are even willing to look at them. Follow David's advice and do it slowly with your own capital, or forget it.

Josh




----- Original Message ----- From: "A A HODGES" <hodgesaa@earthlink.net>
To: <gardenchat@hort.net>
Sent: Thursday, July 14, 2005 6:26 PM
Subject: Re: [CHAT] Chris's restaurant


No, you can go in as sole proprietor or form a corporation. Corporations
(LLC's) keep you from having personal liability should the business fail or
someone gets injured. Typically, there is more than one person but I don't
think you HAVE to have more than one person.

Who out there knows?

Andrea H
Beaufort, SC


[Original Message]
From: Christopher P. Lindsey <lindsey@mallorn.com>
To: <gardenchat@hort.net>
Date: 7/13/2005 10:51:03 PM
Subject: Re: [CHAT] Chris's restaurant

> Small business loan. BUT, you have to have a really good business plan

to
> get one. I had to do one for my advanced nursery mgmt class. And, there
> were several chapters in there about having coffee shops in nurseries,
> always located at the rear of the nursery so the customer had to walk
> through to get to it. Suggested selling ice cream and popscicles as > well
> for those hot days. Sounded like a good idea to me.

Hi Andrea,

How does a small business loan work? Do I have to put my house up
as collateral or anything? If the business fails, do I lose
everything?

Chris (who may know useless trivia, but knows nothing about this!)

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