It’s been a busy couple of months for Boxx Magazine. In late March, we met with a lawyer – a first for both of us – and became an LLC, a limited liability company. We weighed the decision of involving a lawyer especially since it costs a pretty penny. We could have pursued an LLC without one. However, since we are a partnership, we wanted to make sure that we have a lawyer working on behalf of the company and not one of us individually.
Our lawyer also helped us draft an operating agreement, which is a must if you are starting a business. It was tough to narrow down the right business entity for our situation. I listened to different ideas and considered many options, but my initial instinct and our lawyer pointed us toward filing as an LLC.
Since Boxx Magazine has two founders, we will be the managing members of the LLC and the taxes will pass through to us. This means any taxes are reported on our personal income tax returns, and any tax due is paid at the individual level. With an LLC ,we are free to establish any organizational structure we agree on, so this offers us some flexibility as we grow. A corporation, on the other hand, would have a board of directors overseeing the major business decisions of the company, and officers who manage the day-to-day affairs.
On the content side, Boxx has covered three music festivals so far this year: SXSW, Roadburn, and Rock on the Range. All three experiences have given us many ideas. They led us to discover new artists, allowed us to build a market presence, and gave us tons of great content, such as video interviews. We’ve also been picking up traction and are beginning to get exclusives with artists like Eve, Kate Nash, and Lzzy Hale from Halestorm, who recently won a Grammy.
Going into summer, we are trying to keep up our momentum, gather interns to help with the workload, and gear up for Chicago’s summer festival season.
Finally, on the tech side, we are planning out ways to implement a sustainable business model and improve the user experience of our website.