As was expected, Stephen Colbert announced he was forming “an exploratory committee to lay the groundwork” for his “possible candidacy for president of the United States of South Carolina” on his show last night. And this fake presidential run is bound to be as serious and hilarious as Donald Trump's was! But before he could do so, he had to settle some business with his super PAC, Citizens for a Better Tomorrow, Tomorrow—and that's where Jon Stewart came in. Watch below.

As Colbert learned from his lawyer (and general council to the 2008 John McCain campaign) Trevor Potter, he can't run his super PAC while running his campaign—but he can turn it over to his best friend and schmear business partner Jon Stewart. After the traditional transference ceremony, the super PAC was reborn as "The Definitely Not Coordinating With Stephen Colbert Super PAC." According to ABC, the super PAC has already purchased nearly $10,000 worth of time on a broadcast station in the Charleston, S.C. area between Jan. 15 and Jan. 19.

As excited as we are for Colbert's shenanigans, we just hope he can live up to the standard of fake-running-for-president set oh so high by The Donald last spring—does Colbert have the guts and true American spirit needed to ask the tough questions? Does he have a requisite lack of pizza-eating acumen? Does Colbert truly have "enormous balls?"