Legal Question in Business Law in Arizona

adult strip club

How do I set up an investors group to help me start a new strip club in Phoenix Az. I know of one of the only locations left in Az.

Asked on 7/06/09, 4:54 pm

2 Answers from Attorneys

Donald Scher Donald T. Scher & Associates, P.C.
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Re: adult strip club

Without regard to the type of business you want to do, you should bring your investor(s) group together and make an agreement how you are going to do business, what is your business plan, who is going to do what tasks, what the investors are putting in and how do they get their money back, etc. etc.

Then you will decide upon which legal entity you will form to do business and then you will collect the investors capital and fund the company and carry out your business plan.

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7/06/09, 5:07 pm
Donald W. Hudspeth The Law Offices of Donald W. Hudspeth, P.C.
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Re: adult strip club

Well what you can't do is just put an ad on Craigslist, run an advertisement, etc. In an age where "information is free" clients do not realize that the sale of an interest in a business to an investor is governed by the 1933 and 1934 securities acts as well as various state regulations, subject to exceptions that may not apply in your case. You probably need a Private Placement Memorandum. This disclosure document provides full information about the investment, includes some important disclaimers, and generally helps protect you against investor claims. Strip clubs normally sell for one times gross (i.e. more than $1m) so for this kind of money you need good legal representation. We have worked with clients in the area and are generally familiar with the business. Contact Tom in this office if you want to pursue the matter.

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7/06/09, 6:04 pm

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