64 replies to this topic

[Hydrogen]

I've been keeping this great news to myself for some time now, but I believe we are now ready to tell everyone else! Neocodex has incorporated to its own company! A few months ago, I filed for Neocodex to convert from a sole proprietorship to a limited liability company. There are various motivations behind this move and I'd like to explain those to all of you in this post.

What are the differences between a sole proprietorship and a limited liability company
Previously, Neocodex was held in a sole proprietorship. A sole proprietorship, like its name suggests, is owned and run (from the government's perspective) by a single individual. There is no distinction between the individual (me) and the business entity. The owner pays all taxes for the business' profits and has unlimited liability for all of the business' losses. This means that if anyone were to come after Neocodex, they could also come after me personally, because there was no difference between Neocodex and me from a legal perspective.

Now, Neocodex is held in a limited liability company. A limited liability company offers many benefits to the owners. For example, business assets and finances are separated from shareholder assets and finances. In addition, shareholders are protected against any liabilities created by the business; the business is held responsible for its own liabilities. This means that Neocodex is now its own legal entity and must pay its own taxes. It also means that should anyone try to go after Neocodex, the admins will be personally protected from legal matters.

What does it mean for Neocodex?
As far as members are concerned, you won't notice a change at all. However, the admins get to use a shiny new Neocodex bank account and a Neocodex company credit card . While we mostly purchase web hosting, neocash cards, and other business related things, we might actually now be able to furnish our yacht!

The incorporation of Neocodex just means that we are under a different business structure with the United States Federal Government. It doesn't have any effect on the operations of Neocodex.

Why now and not earlier?
As I grow older, I am starting to acquire assets that I want make sure are protected. I am thinking of starting a family some day and would like to be able to support them by saving as much of my earnings as I can now. I don't want to wake up tomorrow with a lawsuit that also goes after my personal property and accounts . While I'm not expecting any kind of legal action against Neocodex (we don't do anything illegal anyway), I'm just trying to be cautious. Neocodex is a micro-business and by incorporating it, lawyers can only go after it itself. I don't think we have enough money to be worth the lawyer's time .

More questions?
If you have any further questions, please feel free to post them in this thread . I'll be happy to answer any of them for you.

[Waser Lave]

Do we have company headed paper now then?

[Hydrogen]

Do we have company headed paper now then?

Nope . I'm sure we can acquire some though

[ShadowLink64]

Having limited liability is wise for any business. At any rate, this shows that Neocodex has definitely grown over the last few years. In January, we will be celebrating our 9th anniversary of being online. A year after that, an entire decade online. Simply incredible.

[Cript]

The Corp is gonna be HQd outside the states, right?

[Waser Lave]

At any rate, this shows that Neocodex has definitely grown over the last few years. In January, we will be celebrating our 9th anniversary of being online. A year after that, an entire decade online. Simply incredible.

It seems strange to think that Abrosia and the Item Database have only existed for just over 3 of those years too, what were we doing for those other years?

[Romy]

Where do we buy shares? xD

[Hydrogen]

Where do we buy shares? xD

They aren't available to members at this time . I wasn't aware that people were interested in that so haven't thought much about how that all would work .

[Romy]

They aren't available to members at this time . I wasn't aware that people were interested in that so haven't thought much about how that all would work .

Bummer D:
Think it over.
I'm sure quite a few of us would be very interested.

[ShadowLink64]

It seems strange to think that Abrosia and the Item Database have only existed for just over 3 of those years too, what were we doing for those other years?

Not sure, but we still have lots of potential left in us I think. The fall in Neopets' traffic seems to have levelled out:



...and we're still growing by the month for the most part.

As for new services to announce, I have the one thing pretty much done, and you have your thing pretty much done, and I'm working on two other things right now, so it should be good. I'm being purposefully vague.

[Random]

I read the title and thought you actually incorporated with a regular C or S-Corp and came in to ask why you didn't form an LLC instead.
I left happy with the decision

Great idea though, congrats.

[ElBastardoVerde]

I'd like to be chairman of the jackass department.

Hydro plz

[Waser Lave]

I'd like to be chairman of the jackass department.

Hydro plz

Myself and Sweeney have joint chairmanship in that department.

[ElBastardoVerde]

Myself and Sweeney have joint chairmanship in that department.

Can I be the regional manager, then?

[Sweeney]

Can I be the regional manager, then?

No,

[ShadowLink64]

Can I be the regional manager, then?

Sure. You're now the Regional Manager for our Guam operations. Si Yu'us ma'åse'.

Your job's future will depend on how many more users from Guam we get visiting our site. I recommend acquiring a plane somehow (since we're too poor for that) and dropping leaflets on the island.

[ElBastardoVerde]

Sure. You're now the Regional Manager for our Guam operations. Si Yu'us ma'åse'.

Your job's future will depend on how many more users from Guam we get visiting our site. I recommend acquiring a plane somehow (since we're too poor for that) and dropping leaflets on the island.

You can count on me, SL.

No,

Periods end sentences, not commas. You've made a grammatical error, I win by default. Be gone with ye.

[Sweeney]

Periods end sentences, not commas. You've made a grammatical error, I win by default. Be gone with ye.

People in glass houses, I'm led to believe, should not throw stones.

[ElBastardoVerde]

People in glass houses, I'm led to believe, should not throw stones.

I was kidding, Sweeney. You can make all of the errors you want, it's refreshing to know you're human as well.

[Sweeney]

I was kidding, Sweeney. You can make all of the errors you want, it's refreshing to know you're human as well.

Only in as much as my brain is faster than my... let's call them "typing appendages".

[Nymh]

I was kidding, Sweeney. You can make all of the errors you want, it's refreshing to know you're human as well.

So many jokes... Must resist...

*clutches head*

[RitzWin]

Not sure, but we still have lots of potential left in us I think. The fall in Neopets' traffic seems to have levelled out:



...and we're still growing by the month for the most part.

As for new services to announce, I have the one thing pretty much done, and you have your thing pretty much done, and I'm working on two other things right now, so it should be good. I'm being purposefully vague.

You're forgetting to account for my 50,000 bots I started a couple months ago.

[Adam]

I can has credit card? I want none of the responsibility, but all of the access to funds.

[Sweeney]

People post the dumbest things.

[Yung]

People post the dumbest things.

The newer, better, version of Kids Say The Darnedest Things and Who's Line is it Anyway?

People Post the Dumbest Things, weeks Sun-Sat 12:00am-11:59pm.

EDIT: 2,000th post

Edited by Yung, 25 November 2012 - 03:12 PM.