After learning that he had polled higher than GOP presidential candidate Jon Huntsman in South Carolina, Stephen Colbert promised he would make a big announcement on his Comedy Central show Thursday night. But first he had to take care of some business.

Colbert — who has his own Super PAC — kicked off the show on Thursday by bringing out his lawyer, Trevor Potter, to explain that no, presidential candidates cannot run their own Super PACs. It is not allowed. The conversation went something like this:

Colbert: “Can I run for president and keep my Super PAC?”

Lawyer: “No...You cannot be a candidate and run a Super PAC. That would be coordinating with yourself.”

Colbert: “But...I love my Super PAC. And I love the money.”

And so on. Then Trevor explained that someone else could take over the Super PAC, as long as it wasn’t someone he could strategize with. Wonder who that could be?

Cue a dramatic entrance from fellow Comedy Central late night comedian Jon Stewart, who just had two words: “I’m honored.” After signing some documents and holding hands for a “super activation,” Stewart officially took over for Colbert’s Super PAC.

Oh, right. Colbert’s announcement: “I am proud to announce that I am forming an exploratory committee to lay the groundwork for my possible candidacy for the president of the United States of South Carolina!”

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