Page 108 - That’s Crazy ebook

CHAPTER 14

Success Bring Its Troubles

(Tyrone)

B
y our sixth year, we had made over 4 million in sales and we all

had hefty tax bills. Because of the tax debt, our accountants
recommended we change our legal entity from an LLC to an S

corporation. This allowed us to become employees of the company
and taxes were withheld from our paychecks.

Jerome split his ownership and shares with me giving me 24 and
½ shares total and making us equal partners. Now I’m realizing it was

to buy my loyalty, I guess he wanted us to take over the company from
Giselle, but she still had the majority control.

By now, we also had the accountant Sally, and Stephanie on the
tenth floor with Giselle, Jerome and I. Stephanie and Giselle decided

we needed to separate the employees by normal and crazy. Stephanie

had also decided she wanted a career in Human Resources, and we
promoted her to HR Director. We knew we needed some kind of

structure.

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