All-Star NEW GYM!! Help!!!!

[Mya_adams14]

Hello, i am starting up a new gym! the only problem is what do we put in the contrac? what I mean by that is the place I am renting is a gymnastics facility the owner of the gymnastics facility and I are not 100% percent on what to put in the contract so both parties get the best out of it. What should we put put in it ( what we should give them money wise, gym use,etc)

 

[JayySoFierce]

I hope this doesn't sound crass but based on the state of the sport right now, I would employ some legal help (I know, not always fiscally possible) but at least try to find someone with knowledge of the sport AND legal matters.

It's one thing to start your own company with it's own gym/facility. It's a whole different game when you're creating a separate entity in a facility owned by someone who isn't a part of your immediate business.

 

[catlady]

^^^What @JayySoFierce said. General business lawyers aren't cheap, but, they are knowledgeable in contract law, employment and labor, tax law, and intellectual property rights. Liability and insurance needs will need to be determined, as well.

 

[Mya_adams14]

I hope this doesn't sound crass but based on the state of the sport right now, I would employ some legal help (I know, not always fiscally possible) but at least try to find someone with knowledge of the sport AND legal matters.

It's one thing to start your own company with it's own gym/facility. It's a whole different game when you're creating a separate entity in a facility owned by someone who isn't a part of your immediate business.

Thank you for your response I should mention that it’s a partnership so we will be cornered to their insurance policies along as the POS system, etc.

 

[JayySoFierce]

Thank you for your response I should mention that it’s a partnership so we will be cornered to their insurance policies along as the POS system, etc.

It's great that you'll be able fall under their insurance policy. Sometimes addt'l coverage is needed when cheer is in a gymnastics facility (again, just wanting you to cover all your bases) While it's great that you can use their POS (which I assume is Point of Sales) - I wouldn't shy away from having your own physical book/paper trail. I'm sure there's a partnership type deal where they're taking a certain% but it's crazy how quickly skimming extra off the top adds up.

Yes I've clearly been burned on every single avenue I drive down (granted, i'm a bridge burner )

 

[Mya_adams14]

It's great that you'll be able fall under their insurance policy. Sometimes addt'l coverage is needed when cheer is in a gymnastics facility (again, just wanting you to cover all your bases) While it's great that you can use their POS (which I assume is Point of Sales) - I wouldn't shy away from having your own physical book/paper trail. I'm sure there's a partnership type deal where they're taking a certain% but it's crazy how quickly skimming extra off the top adds up.

Yes I've clearly been burned on every single avenue I drive down (granted, i'm a bridge burner )

Thank you for your response!! We will definitely be keeping paper trail!