F and R Auto Repair
Company Summary
The company will be a partnership with John Ford and Michael Ronald each owning 50% of the company. The company will be a limited liability company registered in the state of Washington. The firm will have facilities on 1312 1st Ave NW in Ballard, a neighborhood of Seattle. The facilities will contain a two-bay garage, office space and storage space for tools, parts, etc.
The company is seeking a loan in order to finance the start of operations for the company. Each of the owners will be putting up some of their own capital as equity.
2.1 Start-up Summary
The data obtained for the start-up comes from research done in the Seattle area with other small mechanic shops who have started their own business. Inflation has been taken into account between the estimates of these fellow business owners (and when they started) and the current prices for expensed items.
Much of the equipment to go into the facilities such as tools, air compressors, etc., are currently owned by the two partners.
| Start-up | |
| Requirements | |
| Start-up Expenses | |
| Legal | $500 |
| Stationery etc. | $200 |
| Advertising | $600 |
| Phone | $200 |
| Insurance | $800 |
| Rent | $4,000 |
| Utilities | $200 |
| Computer | $2,000 |
| Other | $600 |
| Total Start-up Expenses | $9,100 |
| Start-up Assets | |
| Cash Required | $2,900 |
| Start-up Inventory | $0 |
| Other Current Assets | $0 |
| Long-term Assets | $20,000 |
| Total Assets | $22,900 |
| Total Requirements | $32,000 |
| Start-up Funding | |
| Start-up Expenses to Fund | $9,100 |
| Start-up Assets to Fund | $22,900 |
| Total Funding Required | $32,000 |
| Assets | |
| Non-cash Assets from Start-up | $20,000 |
| Cash Requirements from Start-up | $2,900 |
| Additional Cash Raised | $0 |
| Cash Balance on Starting Date | $2,900 |
| Total Assets | $22,900 |
| Liabilities and Capital | |
| Liabilities | |
| Current Borrowing | $0 |
| Long-term Liabilities | $20,000 |
| Accounts Payable (Outstanding Bills) | $0 |
| Other Current Liabilities (interest-free) | $0 |
| Total Liabilities | $20,000 |
| Capital | |
| Planned Investment | |
| John Ford | $6,000 |
| Michael Ronald | $6,000 |
| Other | $0 |
| Additional Investment Requirement | $0 |
| Total Planned Investment | $12,000 |
| Loss at Start-up (Start-up Expenses) | ($9,100) |
| Total Capital | $2,900 |
| Total Capital and Liabilities | $22,900 |
| Total Funding | $32,000 |
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