The bodyguard thing doesn't make much sense anyway. Consider why superheroes have a secret identity:
1) To protect those closest to them from reprisals by their enemies.
2) To protect themselves from reprisals, justified or otherwise, by law enforcement and government agencies (as well as their enemies).
3) To give themselves breathing space, so that they don't have to be in persona 24 hours a day.
Anything else?
Now consider:
In Tony's case, #1 doesn't make any sense at all. By declaring Iron Man to be his employee, he's basically defining his entire company to be "those closest to him." All an enemy has to do to get back at Iron Man is to start killing Stark's employees. He can't protect them all.
Furthermore, by declaring Iron Man to be his bodyguard, he is defining himself as being the person closest to Iron Man, thus making himself a more tempting target for the bad guys. He's putting himself at greater risk, not less.
#2 may work in the sense that Tony can't be held personally liable for the property damage, etc., caused by his employee. However, if Iron Man is declared to be working in the interest of Stark's company, the company may held liable. The only way they could avoid blame would be to fire Iron Man.
This actually happened back during the Armor Wars in the late 1980s, but it's amazing it hasn't happened every other day from the beginning.
#3 works more or less, but since Stark is a celebrity on his own, he doesn't have very much breathing space anyway. Actually it may work the other way around-- being Iron Man provides breathing space from being Stark.
Personally I just think that the bodyguard idea was simply one more of Stan Lee's amusing variations on a theme, but not one that had much thought put into it. Kind of like the Inhumans wearing masks. I'm still trying to figure that one out!
