I spent part of the afternoon visiting different banks. I want to do a comparison of what it costs to open a business checking account. The competition is so stiff that I am finding “free” business checking is available. In a business that will not generate income for 15-18 months because of the way the cruise lines pay commission, I want to be sure what income I have is not eaten away in various fees.
We are going to be infusing our franchise with a personal loan. We want to have a separate account so when it comes tax time, we can show we didn’t try to justify school supplies using business money.
We are planning on having Laura be the majority owner of the business (51% to my 49%). We are finding there are certain advantages in the niches we want to target by having a female owned business. I will still be doing all of the marketing, networking and sales, but Laura is the “owner”. Now should there be a divorce action or separation, this might end up being a fateful decision. I think that if she has not left me as of now, I have it pretty good! It really is hers anyway since she is financing this grand plan.
Soon it will be time to get our tax id, decide if we will be a sole proprietorship, an S-corp or LLC. We may need to do a trademark search to see if anyone has registered The Flagg Agency in the state of GA. I also now have to wait for our attorney to review the franchise agreement and the FDD.