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Stripe Atlas

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Re: Stripe Atlas

#131

Post by glossyscr »

michaelschade wrote: post #106
glossyscr wrote: post #89

Earlier quoted context omitted.

Michael, Thanks for your quick answers! Highly appreciated! > Not at the moment, though we're looking at more locations as we continue to expand Stripe Atlas So, it would be Delaware as the administration location, right? (which I would prefer) >> - I Striped stated as the registrant in the Delaware corp database? > Nope. So the 3rd party registry would appear there, right? And it's correct that the customer doesn't…

Yeah, the registered agent address would be in Delaware. The third party facilitating the incorporation won't show up in the Delaware filings, though there will be a registered agent and address on file. (You don't need to do anything to fill that out beyond signing up for Atlas.) No need to come to the US for the bank account or any other part of the process.

> registered agent and address on file

so somebody but not me, right?

Re: Stripe Atlas

#132

Post by randomdrake »

rpedela wrote: post #127
tvladeck wrote: post #121

This is cool, but they should not offer a C corp as the default choice. An LLC should be the default for the vast majority of entrepreneurs. The only reason VC-funded companies are C corps is becaused VC LPs don't want to be hit with taxable income (which would flow through the VC to them). An LLC is much better for a variety of reasons: - Flow through taxation = you only get taxed once. With a C corp you pay corpora…

You must be a C Corp to accept VC investment. It is expensive and time consuming to go from LLC to C Corp. Maybe you mean S Corp which has some similarities with LLC but it is easy to switch to C Corp if you need to. I generally agree they should not offer C Corp though because the paperwork is extremely complicated and cannot be done correctly by an internet form at least in my experience. EDIT: I should have said v…

This is wrong. You do not have to be a C Corp to accept investments. Not sure where or how this idea got started. There are even advantages to LLCs that some savvy investors prefer as a matter of fact. It more comes down to the source of the actual money in the fund than the fund itself.

Also they are quite easy to setup. Requiring a simple Internet form and a few checks written here and there.

Additionally it is extremely dependent on the LLC in question as to whether switching will be difficult later on in any way. Sole member LLC with no additional equity holders? You can fill out a form.

EDIT: your edit is wrong too. Whether you switch it from "investments" to "VC investments" or provide a source to attempt to backup your falsehoods.

> EDIT: I should have said very unlikely to raise VC investment even though it is technically possible to raise investment with most types of businesses such as LLC. [1]

We should be careful in how we continue to spread this common misinformation. It is not helping people who are actually new to this and trying to learn. The likelihood of landing VC investment has little to nothing to do with you being an LLC or not.

VC attorneys convert LLCs in their sleep. If they want to invest in only C Corps and you're an LLC, between your legal and their legal: it'll get worked out.

Re: Stripe Atlas

#133

Post by yeahrightfam »

smarx007 wrote: post #126
yeahrightfam wrote: post #110

This means nothing for me (and should also mean nothing for the targeted audience of the post). I've been constantly ignored from Stripe since they launched their beta in Mexico (actually way before that, I subscribed years before, when Stripe launched in the US). I can't do business with them because I'm not part of their secret club, while at the same many businesses here somehow get access and start using them. Th…

Nothing personal, just business: when they launch a private beta, they want to select the businesses with most cash flow. I believe this is connected to the fact many things may be manually reviewed at a time. And how did you arrive at a conclusion that de Larrea are involved in Atlas? A quick search didn't show anything relevant.

Check out their only Mexican partner.

Re: Stripe Atlas

#134

Post by zrail »

tvladeck wrote: post #129
rpedela wrote: post #127

Earlier quoted context omitted.

You must be a C Corp to accept VC investment. It is expensive and time consuming to go from LLC to C Corp. Maybe you mean S Corp which has some similarities with LLC but it is easy to switch to C Corp if you need to. I generally agree they should not offer C Corp though because the paperwork is extremely complicated and cannot be done correctly by an internet form at least in my experience. EDIT: I should have said v…

> You must be a C Corp to accept investment. This is not true. You can sell membership interest in an LLC the same way you can sell stock in a C corp. And in my experience it's fairly simple to go LLC to C. I didn't get confused with S corps.

You as an initial member can sell membership interest, but reselling that interest can be difficult or impossible for a VC. They're looking for future liquidity, and an LLC interest just doesn't have the same statutory guarantees that a C corp share has.

Re: Stripe Atlas

#135

Post by gexla »

eis wrote: post #58
patio11 wrote: post #16

Earlier quoted context omitted.

A US corporation is a US person. The owners of it are not, unless they are citizens or LPRs. Feel free to check with your lawyer or the IRS. https://www.irs.gov/Individuals/International-Taxpayers/Clas...

For banking purposes you can already be befined as a US person by just having a US phone number, mailing address or generate some brokerage gains from any US business.

You don't have a U.S. phone number, mailing address, etc. You only own shares in the business. Though you may also be an employee and hold other positions within the company. You aren't anymore a U.S. person by owning shares of the corporation you setup than you would be a U.S. person by owning shares in Microsoft.

Re: Stripe Atlas

#138

Post by sumedh »

hizanberg wrote: post #42
amgin3 wrote: post #31

Is there really a market for this? Why would anyone outside the US want to open a US company when you can just as easily open a company and bank account in a tax-free country with little/no oversight?

Which country lets you easily open a bank account and accept Stripe Payments with little/no oversight?

Australia

Re: Stripe Atlas

#139

Post by [deleted] »

rpedela wrote: post #127
tvladeck wrote: post #121

This is cool, but they should not offer a C corp as the default choice. An LLC should be the default for the vast majority of entrepreneurs. The only reason VC-funded companies are C corps is becaused VC LPs don't want to be hit with taxable income (which would flow through the VC to them). An LLC is much better for a variety of reasons: - Flow through taxation = you only get taxed once. With a C corp you pay corpora…

You must be a C Corp to accept VC investment. It is expensive and time consuming to go from LLC to C Corp. Maybe you mean S Corp which has some similarities with LLC but it is easy to switch to C Corp if you need to. I generally agree they should not offer C Corp though because the paperwork is extremely complicated and cannot be done correctly by an internet form at least in my experience. EDIT: I should have said v…

[deleted]

Re: Stripe Atlas

#140

Post by ashmud »

glossyscr wrote: post #82

I just checked the prohibited businesses https://stripe.com/de/prohibited-businesses I am fine with most of them being prohibited but at some points it's getting quite restricted: 1. Virtual currency that can be monetized, re-sold or converted to physical or digital products or services or otherwise exit the virtual world 4. Sexually-oriented or pornographic products or services 9. Engaging in deceptive marketing pra…

> 15. Age restricted products or services (which are the most products/services)

Wouldn't you need to be the age of majority to use Stripe at all?

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