Borrow My Tools
Company Summary
Borrow My Tools is a CA registered S corporation. Registration took place in January of 2004. The main shareholder is Josh Taylor. Borrow My Tools offers a range of home improvement tools which may be rented for intervals of less than one month and leased for intervals of more than a month. Tools will serve both individuals interested in improving their home as well as handymen.
Start-up Summary
Borrow My Tools will incur a variety of expenses associate with the start up phase of the business. Some expenses will be equipment related, for inventory as well as for operations. Other expenses will be from service providers used to assist in the development of operations. The following is a partial list:
Service providers
- Attorney: Corporate formation.
- Accountant: PeachTree set up including inventory module.
Inventory equipment
Assorted range of all the tools that will be rented. For a current complete list of the available tools please view the Services section.
Computer system
- Three workstations with Microsoft Office licenses
- PeachTree Accounting with network access
- Two laser printers
- Broadband Internet connection
Retail space equipment
- Assorted shelving units
- Three desk-based work areas
- Assorted light fixtures
Repair area
Variety of tools for maintenance and repair of the tool inventory.
| Start-up Funding | |
| Start-up Expenses to Fund | $8,400 |
| Start-up Assets to Fund | $126,600 |
| Total Funding Required | $135,000 |
| Assets | |
| Non-cash Assets from Start-up | $60,000 |
| Cash Requirements from Start-up | $66,600 |
| Additional Cash Raised | $0 |
| Cash Balance on Starting Date | $66,600 |
| Total Assets | $126,600 |
| Liabilities and Capital | |
| Liabilities | |
| Current Borrowing | $0 |
| Long-term Liabilities | $70,000 |
| Accounts Payable (Outstanding Bills) | $0 |
| Other Current Liabilities (interest-free) | $0 |
| Total Liabilities | $70,000 |
| Capital | |
| Planned Investment | |
| Investor 1 | $65,000 |
| Other | $0 |
| Additional Investment Requirement | $0 |
| Total Planned Investment | $65,000 |
| Loss at Start-up (Start-up Expenses) | ($8,400) |
| Total Capital | $56,600 |
| Total Capital and Liabilities | $126,600 |
| Total Funding | $135,000 |
| Start-up | |
| Requirements | |
| Start-up Expenses | |
| Attorney | $3,000 |
| Accountant | $4,000 |
| Brochures | $500 |
| Insurance | $150 |
| Rent | $750 |
| Total Start-up Expenses | $8,400 |
| Start-up Assets | |
| Cash Required | $66,600 |
| Start-up Inventory | $0 |
| Other Current Assets | $0 |
| Long-term Assets | $60,000 |
| Total Assets | $126,600 |
| Total Requirements | $135,000 |
Company Ownership
Borrow My Tools is an S Corp owned primarily by Josh Taylor.
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