This section of the forum is for discussing the business and finance issues of the t-shirt industry. Which business structure to use (sole proprietor, LLC, S Corp, etc), how to handle billing, where to register your business and get the proper licensing, etc.
I am starting a new clothing line as a partnership with one of my buddies, I have already began putting together a business plan, and we have done lots of searching for the materials we will be printing on.
My questions are as follows.
1a. Do i need to register as a partnership? and How do I do this? and if so...
1b. What do I need to do first, Business license, Resellers permit or Register as a partnership?
2. When I get all of this done, and after I have my trademarks, Do i need any other licenses or permits?
3. Do I need insurance? I am only selling Tshirts and I dont have any emplyees its just me and my buddy. This one gets me.
4 Do I need to set up a corporation eventually? and what are the pro's/con's of the corp?
5. Once I have all this stuff listed above done, what is my next step? I mean should I go by 100 blank Tees and get to printing?
Sorry if this stuff has been asked a million times, but I really need to know, im so afraid of not doing this legally, and I wanna do it the right way the first time. Thnk u!
1a- there is good info on company types,
1b-depends on state , go to your SOS website
2. Dont neccesarily need TM. also some good info out there.
3. You might have to file some paperwork , but their is a waiver of insurance.
4. also info is out there.
5. Are you a retail of backend operation is both. I would make sure to look at your market, get some ideas for advertising and such first. Then get the rest of the ball rolling.
awsome read. I just went over that and got a wealth of info, thanks a ton. im not really sure I understand your first post though, U say there is lots of info out there but im actually hopeing that the people that reply here can lead me (l.ink me) to some good info. Thanks again though *)
Andy a word of advice being partners and friends is a hard thing. I know lots of people who have ended up not liking each other in the end. Good luck ..... JB
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I do have to add that you do have to be careful about partnerships, even ones in family. i dont want to damper yuor business thoughts of glory, which I am sure you will taste, but I grew up seeing my family's business go from thriving to the point where buying a factory was in the plans, to divorce and settlements, not to mention no more spoiled kids. LOL just kidding
So til today I have learned, and grown up in and seen, many many valuable lessons about this.
My main point to those who go ino partnerships is to really communicate to each other about your expectations UPFRONT and agree to stick to them, and I would definitely involve a contract as to 50/50 because if something goes wrong, trust me, it will be messy. I am also now seeing and living through my boyfriend's partnership dissolution between him and his partner. Both are filmmakers and their film is on halt until the messes cease.
Again, not being pessimistic, but just be very professional!
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