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Re: Chris's restaurant

Well, having just done the blasted business quarterly taxes, do think
one of those forms indicated that you can have a LLC with one person;
we have one with 2 people and I expect Gene's is the same - 2 people.

However, as said, when you go to borrow money, lenders don't care
what you are; they want collateral of some sort and if you don't pay
back the loan, they take it:-)  Only lenders who do not do this are
credit cards and they charge through the nose to make up for all the
bad loans they make blanketing the world with credit card offers. 
Banks are the worst; they only want to lend money to people who
really don't need it.  Hate banks.  Bunch of money grubbing *&^%$#s. 
Of course, they're behind most credit cards as well, but they operate
differently with those than when you march in the door with your hand
out.  Never trust a banker.

Since you own your house, which has probably appreciated since you
bought it, you can always get a Home Equity Line of Credit, but if
you don't pay that one back or it's not perpetually revolving, your
house is ON the line.  In Home Equity, there is a difference between
a 'line of credit' and a 'loan'.  The first is revolving for a period
of time, like 10 years or so - you do not have to use the $$; you can
draw as much as you want or as little on your schedule; payment of
money drawn is often interest only tho' you can pay on the principle
if you choose.  After the draw period, the loan is re-examined by the
lender and often can be extended or goes into a fixed payment with no
more draws, depending on what the terms are and what your situation
is.  The second is a loan with a fixed payment for a fixed amount
over a fixed time - more like a 2nd mortgage.  You get the full
amount borrowed at settlement.  Both types mean going to settlement
but it's pretty painless, unlike buying or refinancing.

There a quite a few lenders online with interactive forms you can
fill in online to find out how much you could get given your house
value; amount owed; current mortgage; location, etc. without giving
any personal info.  Google home equity line of credit or refinance
and you'll find them.

You can also refinance and take out equity if you've got it and the
interest makes sense.  If that is possible, it's the absolutely least
risk way to raise some cash - royal pain in the rear to do, but
interest rates are still reasonable, at least around here.  

Tho' I have never done a business plan and we're hanging in there, it
is A VERY GOOD PLAN as Gene says; clears the brain and makes you
focus whether you go to SBA or borrow or wing it.  

Think going to those spots of similar nature recommended is also a
really good idea; meet the owners; talk about the pros and cons. 
Doesn't sound like you're so close to any of them that you'd be
competition, so they shouldn't mind chatting with you.  IMO, when you
start something, you want to find out all the 'cons'.....the pros are
what you're dreaming about, but the cons are what you're gonna come
up against.

If you're thinking of starting a nursery, get Tony Avent's book 'So
You Want to Start a Nursery?' - excellent advice from a pro and good
reading as well.

If you want to start a restaurant, start moonlighting part time in
one to see what it's all about...heh, heh, I KNOW you've got all
sorts of spare time for that one;-)

Marge Talt, zone 7 Maryland
Editor:  Gardening in Shade, Suite101.com
Shadyside Garden Designs
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> From: A A HODGES <hodgesaa@earthlink.net>
> No, you can go in as sole proprietor or form a corporation.
> (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?

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