Topic: Who's Formed and LLC and running a team?
We have run almost 2 years now with a 5 member team splitting everything pretty much evenly amongst us. I somehow became team craptain, guessing because this whole thing was my idea. We have all been friends for well over 15 years, if not more.
Early season we will have a team meeting, decide on the goals, and budget for the truck and team. I'll start a new spread sheet after every race, and pretty much account for every nut, bolt, registrations, etc...I normally layout all the funds and keep a running tally of who has paid, or not. By the time the race comes, everyone will have paid their part, usually. Race weekend the same thing will happen, new spread sheet, divide it up, pay by the end of the weekend.
So far it has worked out fine, no real issues. But I have heard and seen some teams starting LLC's. Whats the reason for doing this? Any advantages? What do other teams do for as far as running them?
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