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Jordan Young and Selena Fragassi
Jordan Young works at the Knight Lab at Northwestern University. Selena Fragassi is Chicago Magazine's pop/rock critic.

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Project Blog: Boxx Magazine

A newly launched site to cover women artists who are shaping the music industry. Launching Boxx are Jordan Young of the Knight Lab at Northwestern University and Selena Fragassi, Chicago Magazine's pop/rock critic.

Setting up an LLC and Building Content
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Wednesday, June 12, 2013

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.

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   • Posted by Selena Fragassi on 06/12 at 01:36 PM