New Jersey basketball fans may be familiar with San Antonio Spurs superstar Tim Duncan. Basketball is not the only thing on Duncan's plate. He now has a new position to add to his resume: businessman. The avid car fan is in the process of opening up a new business -- an automobile customization shop.
BlackJack Speed Shop is expected to open in San Antonio in January 2013. The shop, which Duncan owns with his business associate, Jason Pena, will focus on performance accessories, as well as tires, wheels and suspension.
Duncan said the idea of an automobile shop has been five years in the making. Duncan is a hands-on owner and has been involved in every aspect of the business thus far, he said. He even expects to be getting down and dirty by working on cars at the shop when he has downtime from the NBA season.
Duncan says he has always had a passion for cars. He said he hopes to not only be a successful businessman, but also do his part to help the community of San Antonio. For that reason, he says the shop will sponsor various car shows in the local area and wants everyone to come by and feel welcome in his business.
As Duncan now knows, business formation takes a lot of time and planning, and a lot of work must be done even before a new business can open. When starting a new business, there are many things to keep in mind, and an experienced business law attorney can help keep all of these issues straight.
There are several types of businesses that one can form, including a sole proprietorship, partnership, corporation, limited liability company and nonprofit. Each of these types of businesses has different rules that must be followed as well as various steps that must be completed. Organizational documents may need to be completed, which is another way a business law attorney can help.
A business like Duncan's may grow out of a hobby or an idea that people thought about in spare time. But with the right plan and a lot of work, it can grow into something great.
Source: WOAI.com, "Tim Duncan's new business, 'BlackJack,' sure to be a winning hand," Jeff Garcia, Oct. 23, 2012