Opened a Bar

Thremp · #1 09-18-2007, 07:21 PM

All,

Thanks for the advice and everything that you provided. I've decided to go forward on this deal.

I now need advice of a different matter (as a side note I'd like to thank everyone for their thoughtful ideas and actually shared some of them with my partner. The bar scene isn't very evolved here and possibly in there future we might roll some profits into a fancier clubbish type place. But first to get this place open and making money).

1) We're going to set up this company as a LLC with S-Corp taxation and each of use owning 50/50 with a split of duties. I think for taxation in our state we're just a passthrough, but we have to file some random papers that indicate existence. If anyone has experience, how does pulling out of the partnership work with this vs. a regular partnership?

2) Ingenious ways to tell my friends that they, in fact, can not drink for free/get in for free/otherwise abuse our friendship since I didn't open a party lounge for myself and instead want to make actual dollars on my investment. I basic idea that was mentioned to me was to just pay for all my own drinks/covers and then pull the money from the drawers at the end. I'd rarely be in there and it'd be fine with my partner and I think it'd simplify the process. Thoughts?

As an aside, if there is interest in this subject I might throw up a blog detailing the stuff and timetable that we are looking at for various activities.

Jimbo · #2 09-19-2007, 01:20 AM

Congratulations Thremp, evern man shoud own a bar at least )once in his like.

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2) Ingenious ways to tell my friends that they, in fact, can not drink for free/get in for free/otherwise abuse our friendship since I didn't open a party lounge for myself and instead want to make actual dollars on my investment. I basic idea that was mentioned to me was to just pay for all my own drinks/covers and then pull the money from the drawers at the end. I'd rarely be in there and it'd be fine with my partner and I think it'd simplify the process. Thoughts?

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Not sure about how the liquor taxes or audits work in your State but using your method you will be paying sales and liquor taxes by ringing up your drinks. Personally I ran a tab for myself (Only person who had a tab was me, period) If you want to know why feel free to ask. It does solve your problem both with your friends and taxes (other than consuption audits.

If you are interested I tried literally hundreds of different promotions throughout the years and would be glad to share both the good and bad ones with you. I'll give you my best and cheapest Promo now, free steamed hotdogs during Monday night football. This increased my Monday night sales by 25% and I used cheap rodeo dogs with no complaints. Buy a used commercial hot dog/bun steamer and all hot dogs taste great!! [img]/images/graemlins/smile.gif[/img]

One question for you; Do you own your own vending rights?
Jimbo

Thremp · #3 09-19-2007, 01:40 AM

Jimbo,

No vending rights. I think right now our crowd will be college kids and a dance clubby type atmosphere w/ bands DJs etc. I'm not for sure though on what all will go one. Though you do make a good point about the taxes. I'm sure there is some complicated and laborious process to go through for that.

spex x · #4 09-19-2007, 09:02 AM

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As an aside, if there is interest in this subject I might throw up a blog detailing the stuff and timetable that we are looking at for various activities.

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I might not read a blog, but I'd like you to keep us posted on what is happening and how things are coming along.

thing85 · #5 09-19-2007, 09:28 AM

Thremp,

Where is this bar located (general area)? Also, congratulations.

scott1 · #6 09-19-2007, 10:05 AM

Good luck with this. It's going to be a lot of work up front. I'd like the hear how it goes as well.

I worked at a deli through college that was not too far from a bar. We did most of our business to the post-bar crowd between midnight and 3 AM. The place was always packed and we had a bouncer. The owner and his wife always paid full price when they came in. In the years I worked there, he never wavered.

This will help with your friends, but also with your employees. "If the boss pays full price and makes his friends pay for drinks, how can I justify giving my friends a free round?"

thing85 · #7 09-19-2007, 10:16 AM

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I worked at a deli through college that was not too far from a bar. We did most of our business to the post-bar crowd between midnight and 3 AM. The place was always packed and we had a bouncer.

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A bouncer at a deli? That's hilarious.

James282 · #8 09-19-2007, 12:04 PM

Thremp,

Awesome. What are the liquor license costs like where you set this place up, and do you have one already?

James

Thremp · #9 09-19-2007, 01:39 PM

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Thremp,

Awesome. What are the liquor license costs like where you set this place up, and do you have one already?

James

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I don't. ~1500. Other guy is taking care of that. He has one currently with no marks and went through the process.

All,

I just do the numbers side and have capital. I'm closer to a blind partner than a real partner (like 99% of the way there). I just do basic auditing/financial stuff to make sure we/I aren't being robbed.

Thremp · #10 09-19-2007, 01:41 PM

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Thremp,

Where is this bar located (general area)? Also, congratulations.

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Gulf Coast.