Ok;When John and i decided to do this, We went to a local bank and est a bank account in both of our names. Since i am retired i set the place up getting the light, utilities, and rent est, its all in my name. We are open to about 6 members right now like i said we have (4), If we are looking to put a new person in we all have a meeting to meet the new photographer (He or She) with their wife or husband. Each of the members do have a key to the location and on the 1st of the month, each of us will put our check in a location i will look and deposit the money in the account, Now the Checking account with all the bills paid deposit slips and check book is left in a secure location that all have access to. Everthing has to be open and above board, Trust is a big factor in a co-op. Lets say Judi wants to see where the money has been spent she can look at the paperwork.Now take in to account that no money is spent out of account unless alll agree we need to purchase something for the co-op. Of course the only money that is taken out of the account is the monthly exp. Everone keeps the most exp stuff with them.
I owned a studio in town for over 11 yrs and a lot of the stuff i have is in the co-op. Each member will put some stuff in the space and eveone uses it. Ever one knows that they can not set up shop in the building The space is really just a space all can use. We have a sign on the front of building that says by appiontment only. We each have a sign in the window showing who is in the co-op. Each photography company John edwards photo, Cliff;s Creative Photography, Judi Reid Created in the image of photography, lol cant rem Scarlets business name. We, all run our business from home phones and cell phones. One thing that just came to mind is what if a member want to leave the co-op, Well, you can just pull your stuff out, and turn the key in, now you say what about the stuff co-op bought we will pull all the invoices on all items and in our case div by four and co-op and buy the person out that wants to leave.
We as a group started out setting the monthly money for each member at 200.00 per month, which is still a good deal for the indv wanting a studio this way co-op will grow with afew extra bucks. After several months the co-op can pay for everone's membership into the state Photo assioc(ours is GPPA), Well, monies got tight so we dropped the fee to 150.00 a month, our exp each month is about 425.00 that is all the exp our co-op has.
I am glad others have started looking at this form of business its a win-win plan for all. This just meens more money in the end, it is costing you less to do what you love.