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arrockgirl
Jan 22, 2002, 2:45 PM
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Registered: Nov 26, 2001
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A group of us here in Little Rock are seriously trying to put together a co-op gym. I need some resource contacts from others who have actually done this successfully. I have access to a great small business development center at my university, but I had a few specific starter questions.
1. Is there a preferable type of entity to organize as (e.g. nonprofit, LLC, etc.)?
2. I seem to recall hearing that as a
co-op, you can be freed from having to carry liability insurance. Is this true?
Any other information is greatly appreciated!Thanks in advance for all your help. I really love you guys.....my day wouldn't be complete without checking in on this site!
Jules
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pianomahnn
Jan 22, 2002, 3:30 PM
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Registered: Feb 17, 2001
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A friend of mine, Rob, is in the process of starting one up. He's a member here, tyraidbp, you could message him through rockclimbing.com, or perhaps give him an e-mail at tyraidbp@yahoo.com
He's really busy, so I don't know when he'd get around to getting back to you.
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wigglestick
Jan 22, 2002, 4:05 PM
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Registered: Jul 27, 2001
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arrockgirl-
What type of business entity you want to establish depends on many factors. Such as how and what type of money will be raised. Banks will usually not loan money to LLC's because they have no collateral. Also there are all kinds of tax considerations. If you don't plan on making any money and simply reinvesting all funds into the company then a non-profit may be the way to go. I have no experience wit non-profits so I don't know what it takes to qualify or what the benefits are. www.sba.gov has some good information on starting a small business. I know of a coop gym in wisconsin called "The Barn" that was quite successful. I don't know if it still exists. I knew about it 5 years ago. But it would be worth looking into.
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tyraidbp
Jan 22, 2002, 5:05 PM
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I am actually a member of a co-op that has been running solid now for 5 years or so, and I will get the specifics and get back to you. I also know that the barn has since been burned to the ground, hence the barn burner comp that Boulders rock gym now holds every year. If you have questions, please e-mail me at the address that PianoMahnn put up, as I have AOL and have trouble getting into my private messages from this site. The co-op that I am setting up is somewhat different from the norm, as it will be open to the public also. And instead of being around 1200 sqft, it will be about 10,000 sqft.
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