Glut-Max Gym
You plan to open GlutMax!, a full-service gym with solarium, health and beauty expertise, and personal trainers. You currently have $50,000 available. You estimate you will need $100,000 to start and operate the gym for 1 year. You also estimate you will need $25,000 a year for re-investment, assuming no growth. You plan on being the sole owner if possible, and having two managers: one for the technical side and one for the business side. You are well-known in the community and could obtain a loan since you have successfully been in business before. You could also find people to invest in your gym, but you don't like the idea of losing control. You have already started finding suppliers and buying equipment for your new venture. Your friend, Flicka, has agreed to do much of the footwork, in terms of applications and filings with the state, for a fee. So far, all has gone well except that last week Flicka forgot to set the brake on her van while dropping off a check to the printing firm that's doing the marketing materials for your new venture. Flicka's van rolled down a hill and crashed through six feet of redwood fence fronting a local real estate company run by an old friend of yours, Josh. Josh's told you that, because of Flicka, you have really put him in a bind, as now he has to pay to fix the fence and business has been terrible for the last few months. Now, with a shabby-looking front fence, he fears he'll get fewer walk-in customers. He's asking you to pay for the fence damage.
Use the above fact scenario to answer the following questions:
1) What form of business should you choose for GlutMax! And why? Justify your choice in relation to the other reasonable alternatives available to you.
The author of this report...
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