In honor of our veterans and our military on this day, we thought it appropriate to re-post a piece we wrote a few years ago about a young serviceman dreaming of big things in his life:
I just had an invigorating client meeting with a young Army private stationed at MacDill Air Force Base here in Tampa. First, I can say that if this is the quality of soldier we are attracting to and training in our military ranks, we are in good hands in the years to come. This young man was polished, assertive, inquisitive and motivated. He is truly a proud tribute to his family and himself.
He is also ambitious, a good trait for a soldier and for a gentleman with designs on opening his own business as well. His business plan for a clothing company appears well researched and realistic. He intends to start small, grow steadily and maintain administrative control himself, at least until his conservative approach to growth allows or even requires otherwise.
His questions revolved around the differences between an LLC and an S-Corp and the issues and circumstances that he should consider in making his selection of entity. We discussed liability issues, cash-flow calendars and the potential or desire for future additional shareholders. Of course, we considered taxes and I put him touch with a knowledgeable tax professional that specializes in start-ups for help with those details.
He left well-armed with information he'll need to open his business and compete in a tough economy. I expect he'll be back soon to address the details of his company by-laws or operating agreement, perhaps a shareholder agreement and the language he will need to make his invoices and purchase contracts effective and enforceable. I am looking forward to watching this soldiering entrepreneur and his new company grow in the years to come.
Yes, we are in good hands indeed.
All the best.