Should Sleepycomics.com become a company?
Aug 27, 2012 08:15 PM
Hey sleepy fans! We now have four great pieces of art for sale in the store. If you haven't purchased a drawing yet, I encourage you to do so! They are really cool drawings and you will be supporting an awesome website.
Following up on my previous post, where I discussed if Sleepycomics.com could fund my life, I began wondering if Sleepycomics.com could actually become a company.
If anyone here is a lawyer or accountant, maybe you could answer this?
Right now, I technically operate Sleepycomics.com as a sole proprietorship. This is basically a one man business, where I assume all liability and there is no distinction between myself and the company. Sound complicated yet?
Revenues right now are extremely low. If you include all store sales and donations, yearly revenues are probably in the low hundreds. Expenses are also pretty constant, which is basically just paying for hosting. If revenues ever get really high, it might make sense to form what is called an LLC, a Limited Liability Company. That's so that if Marvel Comics ever sues me, I won't lose my life savings!
Sleepycomics.com also has assets! We own databases, source code, images, original drawings and a cool domain name. It's actually possible to put a monetary value on all those assets, but I don't really know how. Then there's goodwill, which includes all the work I put in over the years and the reputation I've built up.
So the question is, does Sleepycomics.com have what it takes to become a real company? My basic mission statement would be to provide sleepy entertainment to people, in the form of original content and blog posts. I could even hire people to produce content for the site!
It's a really complex question, with no real answer. It's something fun to think about! Maybe we can even IPO one day!