Franchise fitness center Planet Fitness offers reasonably priced gym memberships to people who desire to lead healthy lifestyles. Michael and Marc Grondahl, two brothers who were passionate about fitness and wanted to build a gym that was pleasant and non-intimidating to people who were new to working out, launched the business in 1992. Today, there are more than 2,000 Planet Fitness facilities spread out over the United States, Canada, and the Dominican Republic. Nike: Is It an LLC?
Nike is not an LLC, sorry. Nike is a publicly traded business that was established in accordance with Oregonian law. The business was established in 1964 by Phil Knight and Bill Bowerman, and it is today among the biggest producers of athletic clothing, accessories, and footwear worldwide. The ticker sign NKE is used to trade Nike shares on the New York Stock Exchange. What is the name of the LLC’s owner?
A member of an LLC is referred to as the owner. An LLC is not obliged to have a board of directors or executives, unlike a corporation. An LLC’s members, on the other hand, are in charge of running its affairs. The members may decide to run the LLC themselves or appoint a qualified management to take care of day-to-day operations depending on the size and complexity of the LLC. Cons and Advantages of an LLC
An LLC offers its members limited liability protection, which is one of its key benefits. This indicates that an LLC’s members are not held personally responsible for the debts and liabilities of the business. The fact that an LLC is an adaptable corporate structure that can be customized to match the unique demands of the owners is another benefit. The income of the firm can be passed through to the members and taxed at their individual tax rates, for instance, if an LLC is taxed as a partnership.
However, compared to other business structures, such as a sole proprietorship or partnership, an LLC may be more expensive to establish and maintain. Additionally, depending on the state in which the LLC is founded, it may be necessary for an LLC to comply with state-specific laws and procedures. Do I require an LLC if I work as a contractor?
You are not necessary to create an LLC if you are a freelancer, but depending on your unique situation, it can be a smart idea. Creating an LLC can insulate you from limited responsibility and even boost your credibility with clients. An LLC may also make it simpler to get business financing or credit and may offer tax benefits. Prior to making a decision, it’s crucial to examine the benefits and drawbacks of creating an LLC because doing so can be costly and time-consuming.
An LLC can generate income in a number of ways, including by renting out real estate, leasing goods, or buying stocks and bonds. A franchise fitness center like Planet Fitness might be able to make money from membership fees, personal training sessions, and the selling of products like gym wear and nutritional supplements. Franchisees that run their own Planet Fitness sites under the company’s name and business model may also pay royalties or other fees to the LLC.