Hey I actually have time to post! Cool che? OK well, what a day! First we met the president of the Ventura County bar association... apparently he is going to be our corporate council. We decided to issue 100,000 shares, 30,000 of which are going to be mineeeeee all mineee. Which gives me 30% stake and vote in the company. Then we went on to deciding roles. I would have said heyyy CEO, that sounds fun, lemme do it. But right now, no. I think its better that I handle the position of CFO, and have Charles be the CEO until we get to the point where he can concentrate solely on sales. Plus, he is the perfect image of a CEO. It's like hiring a model, you might be doing the work, but their image helps A LOT (no he's not a model, but he has the traditional CEO look and the matching Type-A personality).
We are going to have everything set by the first, so that our fiscal year matches with the calendar year. Then we're gonna have something I am sooooo looking forward to: our first Board of Directors meeting. The attorney will be there as well to guide us in our first meeting. Vahe is the Secretary of the company, which is actually a very big role. He is in charge of making sure all the documents are in place and that the minutes of the meetings are documented. This is how, as I learned, limited liability is acheived. See when someone sues the company, they are also going to sue the individual executives as well. To get out of being personally part of that, we have to be able to show minutes of meetings and full documentation of *everything* so that only the company is liable. Nifty eh? CFO... Chief Financial Officer. It has a nice ring to it huh? Ohh and some useful information for all you people who plan on starting your own C Corp. Since the corporation is seen as a seperate person, double taxation occurs. Which means that the business gets taxed on the profits it makes, and then the shareholders get taxed when they get their percentage. Buuuuut there is a way around that! Instead of giving pay through distributing profits, which is called a dividend, treat those shareholders (which are usually going to be the officers and those on the Board of Directors) as employees and give the money as a salary. Salaries are tax deductible for the company, so only the shareholders get taxed. Pretty niffty huh?
Ok afterwards, we met up with Duke, of Duke Design. Now this guy was IMPRESSIVE! He showed us 10 different corporate identity logo designs, so that we can pick one that we liked and have a choice. All of them were VERY beautiful, but the last one was especially beautiful. We got the ball rolling on that, and we should have the business card design as soon as Monday.
Now I have to tell you, there is A LOT to do! On top of all this, Chris just bought 50% of another business, which deals with managing Trucks, which I am also now a part of. So that makes... 4 businesses: The Restaurant Network, Inc., Trans-Gas Propane, eLuni Candles, and the truck thing whose name I completely forgot. I'm going to be one BUSY bee, but its all worth it. The money is going to be great, and I'm also going to have a heck of a resume to show USC. Too bad there are only 24 hours in a day.
Now I'm trying to find information on becoming a partner with Microsoft, which is the path we decided on. Problem... I don't like any of Microsoft's product offerings, and none really match what we are doing. You might have noticed that I have never discussed, in depth, what the company actually does. That's because none of the people that are reading this have signed a Non-Disclosure Agreement! Sign one and I'll be happy to tell you what we do heheheh. Anyways, Microsoft has nothing we can really use, plus the fees are outrageous... buuut we want the name. Going in and say we're partnered with Microsoft makes it so much easier to make a sale.
Wow what a long post. Notice there was not much personal stuff? That's because work is my life for now heheh. I really see it as a multi-million dollar opportunity, especially now that the business model has evolved so much. It's worth it...
The Search for Innocence...
We are going to have everything set by the first, so that our fiscal year matches with the calendar year. Then we're gonna have something I am sooooo looking forward to: our first Board of Directors meeting. The attorney will be there as well to guide us in our first meeting. Vahe is the Secretary of the company, which is actually a very big role. He is in charge of making sure all the documents are in place and that the minutes of the meetings are documented. This is how, as I learned, limited liability is acheived. See when someone sues the company, they are also going to sue the individual executives as well. To get out of being personally part of that, we have to be able to show minutes of meetings and full documentation of *everything* so that only the company is liable. Nifty eh? CFO... Chief Financial Officer. It has a nice ring to it huh? Ohh and some useful information for all you people who plan on starting your own C Corp. Since the corporation is seen as a seperate person, double taxation occurs. Which means that the business gets taxed on the profits it makes, and then the shareholders get taxed when they get their percentage. Buuuuut there is a way around that! Instead of giving pay through distributing profits, which is called a dividend, treat those shareholders (which are usually going to be the officers and those on the Board of Directors) as employees and give the money as a salary. Salaries are tax deductible for the company, so only the shareholders get taxed. Pretty niffty huh?
Ok afterwards, we met up with Duke, of Duke Design. Now this guy was IMPRESSIVE! He showed us 10 different corporate identity logo designs, so that we can pick one that we liked and have a choice. All of them were VERY beautiful, but the last one was especially beautiful. We got the ball rolling on that, and we should have the business card design as soon as Monday.
Now I have to tell you, there is A LOT to do! On top of all this, Chris just bought 50% of another business, which deals with managing Trucks, which I am also now a part of. So that makes... 4 businesses: The Restaurant Network, Inc., Trans-Gas Propane, eLuni Candles, and the truck thing whose name I completely forgot. I'm going to be one BUSY bee, but its all worth it. The money is going to be great, and I'm also going to have a heck of a resume to show USC. Too bad there are only 24 hours in a day.
Now I'm trying to find information on becoming a partner with Microsoft, which is the path we decided on. Problem... I don't like any of Microsoft's product offerings, and none really match what we are doing. You might have noticed that I have never discussed, in depth, what the company actually does. That's because none of the people that are reading this have signed a Non-Disclosure Agreement! Sign one and I'll be happy to tell you what we do heheheh. Anyways, Microsoft has nothing we can really use, plus the fees are outrageous... buuut we want the name. Going in and say we're partnered with Microsoft makes it so much easier to make a sale.
Wow what a long post. Notice there was not much personal stuff? That's because work is my life for now heheh. I really see it as a multi-million dollar opportunity, especially now that the business model has evolved so much. It's worth it...
The Search for Innocence...
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