Saturday, October 28, 2006

The first step of founding a business

You pitch to the gods and people just happen to be there.
  --Guy Kawasaki

I've had the dream of Rowdy Labs for quite awhile. Now I've taken the first concrete step towards a business to capture the creativity and deep research I put into what I do. Last night I registered my LLC with the State of Georgia. You can do so here.

How could I do that without weeks of backbreaking research on how my company should be structured? You define how to change an LLC's operating agreement when you set it up. "Unanimous written consent of the members" is what I chose (as many LLC's do) for as the amendment criteria. I'm the only member. I can agree (on paper) with myself about how I'd like to change the agreement when the company needs to change in the future.

If I decide later a C or S corp are beneficial to the business, I can form either kind and sell the LLC to it. The purchasing corporation would then be the sole member of the LLC, and could do what it will with the company.

What does Rowdy Labs LLC do?

That is still to be determined. I have several half done business plans. I'm going to finish the most promising of those, and bribe some of my business minded friends with a steak dinner in the hopes they'll acid test those plans.

Of the plans that survive, I'll choose the one with the highest expected value that also can self-fund.

I have a couple small projects that don't merit their own company or collaborators. These will also be showcased here as they go live. These are going to be on the side, and are a "Do it and it's done" type of business (Like writing a textbook, building a building, etc).

I will try to post a business plan that we've decided will not be for me, so others can see how it's done without doing all the research themselves. As of now, the main company website is not up. I will post when it is and will link to it from the sidebar.

      --Michael Langford, Founder of Rowdy Labs LLC


PS: Oh yeah, day job people: I'm not planning on going anywhere until that becomes necessary or I get rich. You've got awhile for either :o). I want to have my cake and eat it too.

Definitions:
Self-Fund- A business that does not require outside investment to start or continue.
Operating Agreement: Document that controls how the LLC works, states the indemdification, specifies how members take profit, specifies who runs the business and specifies it's own modification criteria.
Member: Person with an ownership stake in an LLC

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