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Answer :
Scott, Mark, and Joe should consider forming an LLC or a corporation to raise the necessary liquid assets, as these business structures limit personal liability. To gather funds, they can tap into their savings, seek angel investors, take out loans, or use crowdfunding. They can also issue stocks or bonds if they form a corporation.
Scott, Mark, and Joe are interested in opening a restaurant franchise but currently lack the required liquid assets. Given their professional backgrounds as an accountant, restaurant manager, and attorney, respectively, forming a limited liability company (LLC) or a corporation would likely be advantageous because these business structures can facilitate raising capital while limiting personal liability for the business debts.
To solve their money issues, they might explore several options. They could pool their own savings, but if this is insufficient, they could seek out angel investors, who provide capital to start-ups in exchange for ownership equity. Additionally, traditional bank loans, crowdfunding platforms, partnerships with established companies in the industry, or issuing stocks or bonds (if a corporation) could be viable avenues for raising the necessary funds.
Once they have secured the necessary capital, Scott, Mark, and Joe will be able to focus on researching potential locations, estimating the space required, and planning for other startup expenses such as building an operational supply chain and ensuring optimal site selection.
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Given their diverse backgrounds and lack of sufficient liquid assets, a limited liability partnership (LLP) would be the most suitable business organization for Scott, Mark, and Joe.
This type of partnership allows for individual liability protection while still allowing for shared profits and management responsibilities. To address their money problem, the group can explore various options. One option would be to seek out investors who are willing to contribute the necessary funds in exchange for a percentage of ownership and profits.
Another option would be to secure a loan from a financial institution or private lender. In order to increase their chances of approval, they can develop a comprehensive business plan that outlines their strategies for success and projected financial performance.
Additionally, Scott, Mark, and Joe could also consider alternative means of financing such as crowdfunding or seeking out grants or subsidies from government agencies or non-profit organizations. It may also be beneficial for them to seek guidance and advice from a financial advisor or business consultant to help them make informed decisions and develop a strong financial plan for their franchise venture.
To learn more about limited liability partnerships
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