someone/some organization needs to sign the lease at the end of this year

[elliottw]

My personal name is on the lease, and I feel like i am taking on a lot of liability to do that. I would rather a collective of personal names (landlord would not let an LLC sign last time), or see about an LLC signing.

[chadwhitacre]

This depends on LLC, right? That's a new ticket, up to @elliottw to drive that one.

[catsheane]

@elliottw from our last conversation, it sounded like forming an LLC might not be able to happen quickly enough to have it in place before re-signing the lease. does that change anything about the anticipated lease length (would it still be 5 years) and monthly rent (would it still go down to $3,000/month)?

[elliottw]

Forming an LLC is easy, having people who are partners and committed to working towards this and dealing with all the financial uncertainty is the hard part. I created a Delaware C Corp in like 48 hours. I'm going to go ahead and just have a parallel track with me doing was I was going to do by myself.

[RonSparks]

I'm down to be part of an LLC. One of my contracts renewed this morning and I'm not going anywhere anytime soon.

[catsheane]

so to make sure i get what you're saying - you'd still like to find partners with a common vision/commitment, but you're moving forward with setting up the structure on your own in the meantime? also what's a Delaware C Corp?

[elliottw]

I talked to bryan who said it will probably take 6 months for a group of people to consolidate on a vision/plan etc, and he also advised that I go ahead and put something together in the meantime. So that's what I'm doing. I wouldn't want A my personal name on another multi-year lease or B we end up shutting down Catapult because a bunch of people can't agree quick enough. Just using the DelCorp as an example, the actual submission of documentation is not the part that takes a long time. We really need to nail down an operating agreement/set expectations/etc.

[elliottw]

This was the beginning of an operating agreement for partners of Catapult started from our previous lawyer for reference: https://github.com/catapultpgh/main/blob/master/operating-agreement.md

[catsheane]

all of that makes sense, just wanted to be sure i got what you were saying. thanks for the clarification!