81–84 of 84 posts
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Non competes are unenforceable in California.
I know, it is a shock, but tech companies are allowed to exist outside of California. Case in point: "© 2015 OYSTER - BUILT IN NEW YORK"
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Wow. That's amazing. I genuinely had no idea that the costs of running could be that high. Thanks for sharing that info. It boggles my mind as to how much money startups probably need just to stay break even.
I think the parent's estimate is a little high, but here's what I know. w2 employers are responsible for - 6.2% SS + 1.45% medicare fica taxes - health insurance, of which the employer's share can easily run $1k/mo for a couple in their 30s - 1.5% payroll tax if in sf, or 0.34% payroll tax for mta in nyc; so if someone makes $100k in sf, the employer pays (1.0 + 0.0765 fica + 0.015 city payroll tax) * 100k + 12*1k he…
I do think 70% is about the best you can really do ($142k), but I agree 50% would be lavish. Throw in a regular dinner program, or some regular offsite meals & entertainment doesn't hurt. Since 274(e) expenses are fully deductible, IRS is basically paying for 35-40% of that annual picnic, holiday dinner, Caribbean retreat, etc. so it's smart for companies to shell out some real money for these outings.
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Totally speculating here but I'd assume the company was basically out of runway and couldn't find a reasonable out so negotiated the team to google to work on something else. Option A: company/product dies, team is scattered. Option B: company/product dies, team remains together. Investors fucked either way but with B at least team that works well together gets to continue to do so. In a nutshell that's what happened…
it seems like a lot of money to burn through though - right?
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I think the parent's estimate is a little high, but here's what I know. w2 employers are responsible for - 6.2% SS + 1.45% medicare fica taxes - health insurance, of which the employer's share can easily run $1k/mo for a couple in their 30s - 1.5% payroll tax if in sf, or 0.34% payroll tax for mta in nyc; so if someone makes $100k in sf, the employer pays (1.0 + 0.0765 fica + 0.015 city payroll tax) * 100k + 12*1k he…
Another 0.9% ($939 max) for CA SDI, $250 workers comp, and the employer probably has some sort of life & disability of their own as well, call it another $500. Payroll & benefits admin for $500. $12k health insurance contribution seems low, but I suppose population skews to 20s and single. I do think 70% is about the best you can really do ($142k), but I agree 50% would be lavish. Throw in a regular dinner program, o…
tangent: security via obesity is a cool idea.