161–170 of 402 posts
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…
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You are right and it's also much cheaper to form and maintain an LLC. I think that forming an LLC in Colorado is the cheapest option ~ $250 total costs. That is great if you're just bootstraping and don't know if the business is going to be successful. BTW, if you're not a US citizen + the business is providing services + you're the only owner (single member LLC), then there are NO TAX-paying requirements. Also, the…
I'm in Colorado and it costs only $50 to file for an LLC online. Where is it costing you $250?
- Processing fees(paying someone to file for you, obtain EIN etc.) = $50
- Registered agent service = $100/year
- EIN for foreigners = $50
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A few places offer "Company in a box" but without the automatic bank account (e.g. search google for any "Register a company" keywords or even the more startup focused https://www.clerky.com ). The most amazing this here is obviously the automatic bank account integration. The last time I set up a SVB account I had to drive to their Santa Clara office, meet someone, convince them I'm not a hack fraud (lol, tricked th…
I'm wondering how Atlas compares to Clerky. You mentioned 83b forms, default allocations, and foreign entity registration... Anything else to consider?
Both systems are ways to get you bootstrapped as quickly as possible, but you should always lawyer up to verify the rest. The clerkly offerings go a bit deeper into employment/contracts, and Stripe could actually knock those out too by adding just a few more template forms over the next few months.
(not affiliated with either, just keeping up with the quickest/easiest/legalist ways to start organizations as hassle free as possible)
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Unrelated but i'll be in Chiang Mai next month for a couple of days, could you give some names of interesting cafe/coworking space there? I'll be with my gf (a designer) that is also interested in digital nomadism so would be great to meet people doing that
Hate to tell you this but you chose the worst time of year to come. Google “Burning Season Chiang Mai” - I’d recommend sticking to the south of Thailand, particularly the islands, and then come up around April 10 for Songkran. Punspace is the big coworking space, I’d recommend booking a place in Nimman and trying the various cafes there. Kaweh is a good spot if its not too busy.
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Citation, please? I'm very aware that US citizenship comes with legal hurdles when dealing with foreign banks, especially in Europe - but I'm not aware of any such issues with non-US citizens merely owning a US business entity.
I am not a legal expert but this is from the application form of Citibank: 7) US PERSON CERTIFICATION: I/We certify under penalties of perjury that (Please tick one box) (i) I am/We are not a U.S. Person (as defined below) ... “U.S. Person” as used by the Bank means any of the following: ... (ii) a United States resident; meaning: ... d. an individual with a U.S. mailing address or U.S. telephone number. Make of that…
Generally, indications that a natural person may be a "US person" include[0]:
* A U.S. place of birth
* Identification of the Account Holder as a U.S. citizen or resident
* A current U.S. residence or mailing address (including a U.S. PO box)
* A current U.S. telephone number
* Standing instructions to pay amounts from a foreign (meaning non U.S.) account to an account maintained in the United States
* A current power of attorney or signatory authority granted to a person with a U.S. address
* A U.S. "in-care-of" or "hold mail" address that is the sole address with respect to the account holder
* Special note: Others affected by FATCA include any non U.S. person who shares a joint account with a U.S. person or otherwise allows a U.S. person to have signatory authority on the account.
* Any business or not for profit organization that allows a U.S. person to have signatory authority on a financial account.
They're basically looking for Americans and permanent residents who have foreign accounts so that they can report the accounts to the US Gov.
[0] https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance...
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…
Because businesses’ livelihoods and revenue are at stake, we start new products and countries in an invite-only beta so that we can fully test things and fine-tune the details before rolling them out more broadly. We don’t think it’d be responsible to try to maximize the initial product experience at the expense of doing’s what’s best for the businesses who’ll build on it. So with Atlas (and in Mexico), we’re starting in invite-only mode with the goal of expanding access (and making it openly available!) as soon as we can.
I'm sorry we weren't able to get you signed up sooner, but we’d love to have you on board with the beta in Mexico. If you drop me an email (tmf@stripe.com) we’ll send you an invite.
Does this mean Stripe will phase out the ability for Canadians to accept USD and deposit funds directly to Canadian banks offering "US fund" accounts (that are not technically US bank accounts)? Currently, a Canadian business can accept $USD with Stripe and have it deposited directly into a Canadian US fund account without conversion to CAD. Stripes competitors can't do this - and have traditionally told Canadian bus…
And that conversion is expensive . If I could have back the currency conversion margins PayPal has charged my businesses throughout my life, I'd easily be able to live for a year on that money. Well, 50 weeks, if it were sent to my PayPal account in US dollars :)
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How would you receive the money from the US bank account then?
The only way I can think of is Western Union. But the fees are ridiculously high. Even then, the sender is the receiver. I'm not sure how that would work.
Used WU before to send money to myself when my debit card chip was broken and it would've taken too long for an replacement to ship. No issues at all.
(Cost was even lower than what my bank would've charged for an express replacement card, but of course quite high.)