Yes, you read the article’s title correctly. I no longer own ryansrally.org!
I had to wait to make this announcement until I got all my legal ducks in a row. Still, be forewarned, I am not a lawyer so the way I describe this might not be technically nor practically correct. It is how I understand it.
Okay, before you panic, be assured that this is a smart move on many levels.
Earlier this month I applied, and was approved, for setting up a Limited Liability Corporation… which I did. Actually, my lawyer handled most of that stuff (on both my and the website’s behalf). A transfer like this has to be clean and undisputable and I was not taking any chances. There is just so, so much technical and administrative legal nuisances. The paperwork, like the Articles of Organization and Business Registration/Certification, is cumbersome and must be worded exactly.
Then there’s all the record changes downstream of its establishment. For example, I had to make modification on the website domain hosting records. I never would have thought of this had I not brought a lawyer into the process! Oversights like that can be catastrophic. Mainly because it can not appear as though I’m personally hiding behind corporate protection. Which, to be clear, I am not. I have great plans for the company, but more on this a bit later in the post.
That’s not to say that this corporate shield in front of my personal assets is not desirable though. Hell, it’s one of the main reasons people forego self-ownership (i.e., sole proprietorship), thereby relinquishing complete personal control and financial implications to corporate-type ownership. For one, if the business fails, gets sued, has creditors after it, or has other undesirable outcomes then there is separation of obligations that dramatically protects the individual member(s) of the business. It takes minimal, but vastly important, steps to make this happen. Again, this is where the lawyer is critical in counseling me and the business.
Here’s just one recent example. Now, I’m not required to but until I can create a business bank account and/or get a corporate credit card, I need to use my own. In the past I would simply buy something for the website (like the monthly hosting and storage fees) and bill it to my personal credit card. Come the following month that charge would be paid from our household bank account and that was the end of it.
Well, not anymore!
If I make a purchase like the one I just told you about above, then a few more things must happen. Even though I believe I understand the process, I’m sure I’m not explaining this exactly right. (Disclaimer: So don’t hold me to the specifics. For that matter, don’t hold me to the generalities either!) For one, I must submit an “expense report” with a valid receipt and documentation supporting it is a legitimate business cost to Ryan’s Rally, LLC. The company must pay me back and journalize the transaction. Otherwise it becomes a journal entry of credit debt and is reflected as such on the financial reports (which now dawns on me, I should pass this function off to an independent accountant… at least to review and file the annual report with the IRS and other regulating agencies). In turn, as a member of the business I can either make a “contribution” to the company that pays off the debt to me or invoke provisions that allow for other remedies. At this early age of the company it’s all a wash (to me, personally) no matter how it’s done. Hopefully this will change soon and the business will be self-sustaining. The key here is to do it right… by and for the company (i.e., Ryan).
By default, this protects me personally.
Anyhow, back to my big plans for this business. Whether I am directly or indirectly involved — or not — in the future, I want to keep Ryan relevant. In turn, the company mission and business plan makes room for unbridled growth. I’m telling you, this could be huge… or a flop. But I’m not one who takes failure easily and I haven’t experienced it much in my life. When I have, it is bitter tasting… and hard to swallow.
No, that’s not me. I don’t allow myself to fail because I didn’t give it my all. I’m a damned hard worker. When I commit to something, like my marriage or the care of Ryan, I’m all-in. This is fact, no one can dispute while keeping a straight face. I believe I’m quite smart. I tad bit of a perfectionist, but not at the cost of efficiency. I’m creative (dare I say “visionary”). Persistent and stubborn as hell. Yes folks, I know it comes as no surprise to you (ye’ of equally fitting smartypants) but I have a high opinion of myself. I can’t help it because I’m pleased with how I live my life, circumstances be damned. People call me egotistical. They say I’m cocky. Those are just negative words for confident and self-assured.
What can I say? I love the sweet taste of success… and don’t mind telling people about it. I love that you accept my “real and raw” openness. That I can just be blatantly honest and not worry about sugar-coating. In return I promise to continue to remain absolutely truthful (at least as I interpret things) and wear my emotions on my sleeve for you to see. I trust you.
So, it was set up as a “for-profit” enterprise. Okay, at this point I don’t see turning a profit for a while, but that’s not uncommon in a start-up business to claim a loss (even for several years). I also wanted it so that if it ever does reach the magnitude I envision, it will allow for others to be a part of the success; through “shares” of the company. I’m not speaking to any financial success, because that all goes to Ryan (make no mistake about that! No one, including myself, should or will get rich off of this), but the benefit to mankind. By the way, it’s just not anyone who can get shares. The Chief Operating Member (and any other regular members) decide through majority vote. To be clear, I am the Chief Operating Member and the Authority Member. I really can’t foresee never having at least 50% of the vote in my family or equally trusted person (unless I die, which there are already provisions for). That’s all we would need is for an undesirable or criminal, say someone like a Vantrease or May contingent, to execute a hostile takeover! Could you flippin’ imagine that?!?
The business that was created is Ryan’s Rally LLC. More specifically, this website — http://ryansrally.org — is within the Articles of Organization. If only I could get the office space to turn this company into so much more! You know what we are? All dressed up and no place to go…
Since I’m on a business and legal topic today, this seems an excellent time to remind you to read this website’s disclaimer. It’s like any other disclaimer in that you give up your first-born if you want to visit the site. Okay, maybe saying giving up your first-born is a bit drastic, but I wouldn’t let your pets out of your sight for long! Seriously though, it’s important information meant to protect this website and yourself from what can be done and used in regards to yourself. It’s written for the worst-case scenarios and you should know I’m not looking for trouble by actively pursuing all that’s available. It’s for those who go too far.