Starting a company is a pain in the butt. What structure will you use? Sole proprietorship, partnership, LLC, S-Corp, or C-Corp? Accrual or Cash based accounting system? What will you call your company? Is that name available?
What about your web presence? What .com domain name is available? Don’t forget about Facebook, Twitter, and instagram.
It all matters. And all of this is before you have a single dollar of revenue.
What you figure out is while the paperwork is semi-expensive and a major league pain, it’s for your protection. You reduces the chance you’ll lose your stuff. For instance, an LLC is a limited liability corporation. The reason you need one is right there in the name, it limits your liability in the event something horrible happens. Your personal assets like your house and retirement accounts are shielded from any judgements declared against you.
Because our society has become so litigious Protection has become the number goal of any business instead of making a positive impact on the world and making money.
I’m writing this because we’ve starting down this path with Modern Southern Gentleman and A Guy’s Guide to a Good Life. Both entities are going to be owned by the same company called 72 East which My wife and I will own.
Modern Southern Gentleman is a lifestyle company focused on great products that celebrate the South. T-shirts, caps, coffee mugs, croakies, koozies and of course stickers. In addition we’ll continue to produce The Modern Southern Gentleman podcast where we talk to successful southern men and any man with a great story. My wife Susan is going to head up the merchandising for MSG. She has a great eye of products that people will want to purchase.
A Guy’s Guide to a Good Life is all about exactly what you’d expect when you hear the name. I’ll be sharing strategies, processes, and tips to help motivated men win at life. We’ve got some great products coming to help you leverage your time and resources in ways you’ve never thought of. We’ll also gather a few times a year as a group to get to know each other and learn from each other. I’m working on the book, A Guy’s Guide to a Good Life And finally, there will be an opportunity for all of us to gather in a private place online to vent and support one another.
But before we can do any of this cool stuff, we have to do boring crap like setup bank accounts, file for Federal ID numbers and other adult stuff. I’m banking on the advice I’ve been given that the better job we do on the front end setting up the infrastructure and systems, the smoother life will be in the future. Undoing a mess is way more expensive in terms of time and money than taking the extra day to get it right the first time.
All that being said, it still ticks me off that I live in a world so devoid of common sense that I have worry about this kind of crap. <sigh>