Like the splitting up of once head-over-heels newlyweds, the parting of ways in business is often tricky, sad and more than a little complicated. Add in the complexities of an all-star cheer business, and breaking up can get downright sticky. So what happens when one of the partners of an all-star gym wants to retire or pursue other passions? Legal experts advise not waiting until one person is ready to retire—or wants out—to discuss what will happen with your beloved gym.
Considering getting incorporated? We asked legal expert Trippe Fried to give us the skinny on several types of corporations that may work well for gym owners: Subchapter S-corporations (“S-corp”): Profits and losses flow through to the owners. There are some requirements to qualify, the key one being that all of the owners must be U.S. more »
As a new gym owner, looming legal and business matters can flummox you—among them the decision whether to file as an LLC or corporation. Infiniti Elite Athletics owner Cari Ann Bulzone says filing as an S-corp was one of the first things she did when she took over the program from its previous owner in 2012—and it was a learning experience every step of the way. “It’s not something to take lightly; gym owners should definitely do their homework,” says Bulzone, who used LegalZoom as a resource and to facilitate filing.
Need a legal leg to stand on when it comes to others copying your gym? One attorney says that your imitator may be liable of “causing confusion.” “There’s no reason in the world why a gym cannot have a trademark in its name [or] its logo. And there’s no reason that a gym can have more »
You’ve worked hard to establish your own gym, creating a unique identity with colors, logo and uniforms. A few years later, having built a solid reputation, you’re at an event when in swaggers a brand-new team—wearing colors very similar to yours, a logo that looks awfully close to yours and (wait for it) practically the same name as yours, just with a different spelling.
Is this a scenario for yet another Bring It On movie? Unfortunately, no. It’s an all-too-common occurrence for many all-star cheer programs.