SCIENCE: Difference between revisions
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The owners of SCIENCE are Thomas and Beta. Beta was the original financial backer and is the accountant for the company. Although the company is a "for profit" company, all profits from the SNAFU Convention are put back into the convention itself. The company has no employees. | The owners of SCIENCE are Thomas and Beta. Beta was the original financial backer and is the accountant for the company. Although the company is a "for profit" company, all profits from the SNAFU Convention are put back into the convention itself. The company has no employees. | ||
The owners are not paid, although equity is allocated to each partner. In 2018, Nathan leaving crippled the company bank account. As a result, the remaining parters put in place an agreement that no owner may take out of the company more than 5% of the actual money they put into it, even if they leave. | The owners are not paid, although equity is allocated to each partner. In 2018, Nathan leaving and taking his equity crippled the company (and therefore the con) bank account. As a result, the remaining parters put in place an agreement that no owner may take out of the company more than 5% of the actual money they put into it, even if they leave. | ||
Current partnership percentage is Beta 66.67%, Thomas 33.33%. | == Current Partnership == | ||
Current partnership owner percentage is Beta 66.67%, Thomas 33.33%. | |||
Revision as of 14:04, 17 May 2018
SCIENCE, LLC (the Supreme Council Initiating and Empowering Nerdy and Cool Events) is a Limited Liability Company which was created to run the SNAFU Con event.
The owners of SCIENCE are Thomas and Beta. Beta was the original financial backer and is the accountant for the company. Although the company is a "for profit" company, all profits from the SNAFU Convention are put back into the convention itself. The company has no employees.
The owners are not paid, although equity is allocated to each partner. In 2018, Nathan leaving and taking his equity crippled the company (and therefore the con) bank account. As a result, the remaining parters put in place an agreement that no owner may take out of the company more than 5% of the actual money they put into it, even if they leave.
Current Partnership
Current partnership owner percentage is Beta 66.67%, Thomas 33.33%.
Partnership Changes
- The partnership started as Nathan, Beta, and Eddie.
- Eddie left early on (2011?). No equity had been allocated to Eddie so there was no pay out.
- Thomas bought into the company as a 20% partner in 2015, changing ownership to 40% for each other partner.
- Nathan was a partner from 2010 through early 2018. The company paid him his entire equity balance.
Financial Statements
Financial statements for 2017 have not been exported out of QuickBooks yet.
| Year | Balance Sheet | Income Statement |
|---|---|---|
| 2017 | Pending | Pending |
| 2016 | Balance Sheet | Income Statement |
| 2015 | Balance Sheet | Income Statement |
| 2014 | Balance Sheet | Income Statement |
| 2013 | Balance Sheet | Income Statement |
| 2012 | Balance Sheet | Income Statement |
| 2011 | Balance Sheet | Income Statement |
| 2010 | Balance Sheet | Income Statement |
| 2009 | Balance Sheet | Income Statement |