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

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

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 14 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption