A Family Affair

May 18th, 2006

My wife, Lily, has wanted to get back to work for awhile. As a mother of two young children, she has become adept at multitasking, crisis management, negotiating, time management, budgeting, planning, and the thousand other tasks that come with successfully running a family of four.

Fortunately, we are in a position that the decision is more of a lifestyle choice than a financial necessity (though the money definitely helps). As such, she has the leisure to apply her skill set to something that she enjoys doing. Additionally, she wants to be able to do something that provides her with the flexibility that she’d like. And, of course, she’d like to be the boss.

After putting our heads together, and with the advice of some friends (thanks Roger), she has decided to start her own online venture. We are in the process of getting the legal paperwork together (LLC stuff, EIN, bank account), and smoothing out the rough edges. Next up, some domain name purchases, site(s) set-up, and initial business model launch. Pretty exciting for her. While I look forward to helping her find her way around internet marketing, I anticipate that I will learn a thing or two from her as well.

I’m sure that you’ll see links here in the future, provided that her content doesn’t suck ;)

Best of luck Lil, though I am sure you will do splendidly.

For inspiration see You, Inc.

2 Responses to “A Family Affair”

  1. graywolf Says:
    May 18th, 2006 at 5:24 pm

    I’m a sub-S corporation instead of an LLC, although I’m clearly not qualified to give tax or legal advice, the way I understood it since we weren’t planning on taking on many partners the LLC had no advantages for us and a sub S corp gets taxed at the lower personal rate as opposed to a higher standard corporate rate.

    My wife technically owns 51% of the company (if only she would do 51% of the work), we were initially going to look for government grants and low interest small business loans for women owned businesses, but thankfully had enough money (and work) coming in we didn’t have to go that route. But like you said a little extra never hurts so might be something to consider.

  2. greg Says:
    May 23rd, 2006 at 5:26 pm

    The companies I have started in the past have been LLCs. The paperwork is easy, and they have always worked well for me. After speaking with our accountant, it worked here as well.

    I hadn’t thought about the grant angle. Thanks for the tip.

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