Already a co/owner in an LLC business involving a Martial Art School(family owned). Father/Mother/Son in connecticut

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Already a co/owner in an LLC business involving a Martial Art School(family owned). Father/Mother/Son in connecticut

Looking to start a sport competITon programthat one ofthe co/owners (son) will fully take charge of wIT his wife to be assisting him wIT the program The name ofthe programwIT be eventually trade marked Should this be formed as a separate LLC or could ITbe kept under the school name but certain paper work filed to separate ownership ofIT The programwill be financed by the school. Also a clothing line (tee shirts) wIT a specific name is being made by a co/owner ofthe school should this be formed on IT own to avoid an issues. what paperwork is needed.

Asked on June 17, 2009 under Business Law, Connecticut

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

There are too many things to consider here, for a snap answer;  you'll want to go through all of the details with an attorney in your area, for advice you can rely on.  One place to find a lawyer who can help you with this is our website, http://attorneypages.com

You don't have to create a separate business entity right away, you can do that later and "spin off" the competition program, if it catches on.

One thing that you should take a close look at is your insurance situation.  I'd be very surprised if adding the competition program left your school's premiums unchanged, and you'll have to find out if it makes more sense to separate the two businesses to save money on insurance.


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