Wednesday, September 27, 2006

What’s Your Business Relationship Structure?

At one point or another you find yourself having to deal with another individual not only in a business/working environment; but also on a more personal basis. This person may be your wife, husband, girlfriend, boyfriend, jump off, etc. But regardless of the level of capacity that person has in your life, what’s more important is how you structure your life/situations in terms of personal relationships.

Sole Proprietor:
Pros
You’re single. You call the shots, and you answer to no one but you.
Any decisions you make for the most part will only affect you personally. You’re free to make life altering changes at any given time because you have no obligations to consult with a significant other. You’re free to travel the seven seas and taste all 31 flavors, if you choose.

Cons
It can be lonely at the top sometimes. You may become tired of meeting different people only to find out they were a huge waste of time.


Partnership:
Pros
Everything is 50/50 with your partner. You consider this person to be your better half. They compliment and make up for all of things you lack. You trust this person to make the best decisions that will in fact get the two of you closer to your common goals.

Cons
You are obligated to consider this person at all times. You are responsible for your partner’s negligence, debts, and vice versa. You can not make any financial decisions without your partner’s knowledge. It’s no longer all about you, but WE.


Corporation:
Pros
Everyone is a “winner” in this situation. In this structure you’re not necessarily a couple or exclusive. The term “homie lover friend” may come to mind. You have the benefits of a relationship, but there’s no commitment nor any strings attach. All parties/shareholders involved reap immediate benefits. If unfortunate drama were to arise, your personal assets are not comprised. You simply move on to the next person. The goal in this situation is to provide the most effective and productive environment that will give the best return on investment for the entire team.

Cons
Someone may catch feelings. Someone may get greedy and start embezzling the goods and take advantage of a good situation. Open communication and integrity are particularly critical for the success of this structure. Someone is going to feel left out eventually. You may find you’re spreading yourself to thin. Double taxation can be an issue as well.


Limited Liability Company:
Pros
The most popular structure of all. In this situation a person just getting into the game or back to active dating has an advantage of having more opportunities to invite more shareholders into your venture. The term that may come into mind may be “jump offs”. Your assets are also protected under this structure.

Cons
LLCs do not have perpetual life. You can’t be a player forever. Since an LLC is relatively new, its tax treatment/benefits vary by state. Or should I say varies by the person involved.
If you plan to operate in several states and with different people, you must determine how that state/person will treat your LLC form in another state.


So I ask you the following questions:

What’s your situation?
How are you structured?

To answer my own question I would say I am currently functioning as a happy Sole Proprietor. However, I did recently end a bittersweet corporation venture. The double taxation was too much for me to bare. Not to mention I don’t like to share at this point and time in my life.

18 comments:

The Sarccastik Variable Why said...

nice...i like that...u know how to break it down for some folks...lol..good post...

MzNewAgenda said...

very clever I like that. I am currently a sole proprietor looking into forming an LLC soon should the paperwork check out ;-)

nikki said...

i LOVE your posts. you are just too damn clever for your own good (or mine for that matter. LOL)

as for me...currently in a partnership.

A woman on the move said...

@ Sarccastik- Thanks!!! Glad you enjoyed the post!
I try to keep things simple. But it’s interesting to see how business can be applied to many aspects of our daily life.

@MzNewAgenda- Good luck on the LLC, lol!!!

@Nikki-Hey You!! Thanks, for the love!

Miss Ahmad said...

i likes this one.

i'm a sole proprietor and it's lonely at the top. i'm looking to engage in a partnership. i got eyes for someone but only if and when the timing is right.

i ain't no good for no jump offs and stuff like that. i'm too tempermental. i require a full time man!

The Pussy Cat Bitch said...

Corporation...and yes we eventually started catching feelings for each other. After ending a 2 year relationship with my ex, i'm not looking foward in starting a new relationship with anyone. I'm actually enjoy being free.

Shiitt I'm a P-I-M-P !!
.LOL...eventhough thats the case I do care for this guy. I enjoy his company and everything about him.
so what should i do? should i continue to 'do me' or try this whole relationship thang?

Tired of being broke said...

Sole Proprietor and loving it, at least for now.

JoJo D. said...

I prefer the partnership structure.

The Mistress said...

Oh wow, I'm gonna really have to think on this one. You are so creative!

I think I fall into the "Sole Proprietor" category right now.

Damon Z said...

I think most successful relationship structure start with a solid sole proprietorship. Corporations are heavy and complex providing modest returns. Nevertheless, in the end they are less favorable to growth than partnership ;)

Pleasingwomen said...

I am in arisk venture proposal. My woman has ahuge pussy and I have atiny penis so we are at opposite ends of the energy market.

T.C. said...

Currently I am a Sole Proprietor...and right now the Cons are getting to a sistah...LOL...I like this break down though...

A woman on the move said...

@Miss Ahmad- Yeah, I feel you on the partnership thing. There comes a point in everyone’s lives where you see the importance of having a good partner in this thing called life.

@ Pussy Cat- Being solo until you find the right fit is always a good thing. Keep it pimping..LOL

@ Tired- *waving* You’re in good company my friend!!

@JoJo- I feel you 100 percent…

@ Mistress- Yes, you and I have more in common by the day, LOL.

To me life’s all about perspective. You can sit and wallow in single person misery or you can roll with punches and know that everything will turn out right in due time…

@ DamonZ- I couldn’t agree more with you. Well said my friend!!!!

@ pleasingwomen- speechless!! LOL. There is always someone for everyone…

@t.c.- yes it’s lonely sometimes. But I figure now is a good time to detox myself from unhealthy dealings with others…

Honey-Libra said...

For the most part I'd say that I'm a sole proprietor yea I probably spelled that wrong oh well LOL...but at times I enjoy a corporate operation haha

j said...

hmmmmmm
Ok I own a corp, and llc and a sole prop!
Why I don't know. They each carry different tax and liability pros.
But that wasn't the question really.
I am the only married person I know that has a written contract. I suggest this before anyone participates in a long term relationship. It is exactly like a biz partnership. The problems with either arise when one party either isn't clear on their responsibilities or doesn't follow through with the responsibilities they agreed to.
Before I wed we had a written contract, no we didn't get a lawyer to draw it up but we drew it up between us and whenever there is a dispute we have written downt he guidlines. Granted this is kind of a cold way to go about such matters but we don't argue much and we both what is expected of us!
ok I babbled a-plenty
jsull28fl@yaho

BrillD said...

Hey Miss Creativity. I've been out
of the game for quite awhile now.
Maybe I need to try a sista south
of the Canadian border. What do
you think?

BluJewel said...

Love this post and you use fantastic analogies. I'm currently a Sole Proprietor and am enjoying my time at the helm. It's great turning a profit and NOT having someone else take the credit or me having to share.

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