Scenario “Johan Cruijff” Double Materiality

“Can you explain double materiality in Cruyffian terms to someone who works in the automotive industry?”

"Of course, I'll do my best to explain the concept of double materiality in Cruyffian terms to someone in the automotive industry.

"Look, it's just like football. In football, you have two goals - protect your own goal and score in the opponent's goal. In business, especially in the automotive industry, you also have two goals - you have to take care of your company (financial materiality) and you have to take care of the world around you (environmental and social materiality).

Just as you can't win by only protecting your own goal or just trying to score, you can't succeed in business by only focusing on making a profit or just on sustainability. You need to balance both. That's double materiality.

And remember, just like in football, if you don't play well, the audience will let you know. In business, if you don't properly care for your company or the world around you, your customers, investors, and society will let you know."

I hope this explanation helps!"

Scenario US LLC Company Formation

“Come up with a step by step guide to registering and filing my LLC, an e-commerce company in Texas. Provide links when appropriate.”

1. Choose a business name: Your LLC name must be distinguishable from existing business names and must include the terms “Limited Liability Company,” “LLC,” or “L.L.C.”

2. File a Certificate of Formation with the Texas Secretary of State.(

3. Obtain an EIN: Apply for an Employer Identification Number (EIN) from the IRS to use as your business tax ID number. (

4. Create an Operating Agreement: An operating agreement is not required by Texas law, but it is highly recommended as it outlines the ownership and management structure of your LLC.

5. Register for State Taxes: Register with the Texas Comptroller of Public Accounts for any state taxes your LLC may be subject to, such as sales tax. (

6. Obtain any necessary business licenses and permits: Depending on your specific business, you may need additional licenses or permits to operate. (

7. Keep records and file annual reports: Texas requires LLCs to file annual reports with the Secretary of State. The due date is May 15th of each year.

Note: The information provided is general in nature and is not intended as legal advice. Before starting the process, it's advisable to consult a business attorney to ensure that you are meeting all necessary legal requirements and obligations.