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Our experience with Stripe Atlas (2017)

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Re: Our experience with Stripe Atlas (2017)

#61

Post by carlosdp »

hartator wrote: post #55
carlosdp wrote: post #49

Earlier quoted context omitted.

If you're a solo employee in a C-Corp, I'm pretty sure you can file as an S-Corp, which provides the same pass-through benefits of an LLC. When I was incorporating and found that out, it really confused me why everyone was so against C-Corp. Also, if you are working in California, I believe you can waive the first year of foreign franchise tax.

Isn’t incorporation fee and franchise higher with an Inc than with a LLC?

Franchise for a C-Corp in Delaware is like $175 for < 10000 shares, California foreign franchise tax can be waived for the first year.

Re: Our experience with Stripe Atlas (2017)

#63

Post by tylfin »

nodesocket wrote: post #28

The biggest complaint I would have is using Silicon Valley Bank. I was a customer for over two years and their web interface is complete garbage and they charged an account service fee each and every month. I switched over to Capital One Spark Business Checking and highly recommend them instead.

Same boat here. I got signed up to SVB via Stripe and I'm looking to switch bank accounts ASAP.

Does Stripe get huge kickbacks from SVB or something?

Re: Our experience with Stripe Atlas (2017)

#64

Post by 3pt14159 »

motohagiography wrote: post #51
3pt14159 wrote: post #30

Earlier quoted context omitted.

I have some experience as a C-level of a funded Canadian Corp with a American related company that went on to raise from Andreesen, but this experience a bit dated (2012) and I'm not a lawyer / accountant so DYODD, this is all from faulty memory. But I still think its helpful. Basically don't make a subsidiary, make two corps and sell the IP from the Canadian corp to the American one then license it back with a contr…

This provides the information I need to ask quality questions to lawyers and accountants, thank you. Regarding why to do it, is there a reason you can't just stand up the DE C and that IP agreement as part of the funding round instead of having it in place before?

How fast do you want a term sheet signed? You can of course say "we're not interested in becoming a DE C" and you'll lose 50% of your candidates and you can of course say "we've already set up the DE C" and you'll lose none of them. But if you say "we'll set up a DE C when we need to" you signal that you aren't confident that you'll get the round signed or that DE C is something you'll do begrudgingly, thus advantaging firms that can invest in Canada, so it leaves everyone scratching their heads.

Personally, my current company is staying 100% Canadian. The headaches dealing with the American tax system aren't worth it. If the revenue is there the capital isn't far behind, and I rather spend time optimizing the revenue of the company than getting slowed down with lawyers and tax attorneys plus I trust Canada's judicial system more than I do America's. Not by a lot, but still.

All this doesn't really matter if you're pre-product market fit or pre-monetization though. In that case it's almost always better to just set up the DE C because you have less leverage / allure.

Re: Our experience with Stripe Atlas (2017)

#65

Post by middle1 »

middle1 wrote: post #42
andreygrehov wrote: post #33

What would be really cool is if Stripe Atlas allowed its customers to form an LLC first and then provided a seamless framework to get LLC converted to C-Corp. I’m looking to bootstrap a single founder business and I can’t find good reasons to go with a corporation. I could be wrong though.

if you are not the US citizen you simply can't register a US based LLC.

I was wrong, sorry guys

Re: Our experience with Stripe Atlas (2017)

#66

Post by patio11 »

ilolu wrote: post #2

How much does it cost (everything included) per year approximately to run a company with zero or very close to zero revenues in US ?. I am talking about cost including Lawyer charges, Accountant charges, Tax, agent charges etc.

Approximately $1,000, with some variation due to individual choices and variation, on the US side of things. I can’t speculate as to what it costs on your side of things.

Re: Our experience with Stripe Atlas (2017)

#67

Post by patio11 »

matchagaucho wrote: post #60

I wonder how these people are getting access to Atlas? Every time I follow links to Atlas, the experience always ends with the "Request to join" signup form.

If you’d like, you or anyone else on HN can send me an email and I’ll send you an invitation.

That form is the primary way most people get access; we invite almost everyone whose business we could accept within 48 hours of hitting submit on it. (We do a very coarse filter on “Is this business obviously unsupportable for legal or policy reasons? No? OK, invite them to send us a full application.”)

Re: Our experience with Stripe Atlas (2017)

#68

Post by patio11 »

edpichler wrote: post #39

A short question for Atlas users: If I live abroad, and I want to contract someone abroad too, not USA Citizen, is his/her salary deductible from company income taxes (as if I contracted someone in USA)?

US companies can deduct expenses necessary and reasonable for the business from their income taxes and employee salaries are business expenses.

You will probably want advice from an accountant local to your foreign employee as to how to comply with local laws to employ them, including making the relevant tax payments.

Re: Our experience with Stripe Atlas (2017)

#69

Post by patio11 »

ph0rque wrote: post #36

I've been contemplating bringing my DE C corp into the Stripe Atlas umbrella. Is it possible to do so and BYOBA (bring your own bank account)?

We do not support this at present, but are aware that many people want to do it. Would you mind telling me what you’re hoping to get out of doing that, so that I can take that to the team?

Re: Our experience with Stripe Atlas (2017)

#70

Post by patio11 »

chasedehan wrote: post #53

The article mentions $15k in AWS credits, but Atlas currently only shows $5k in credits.

One of the joys about dealing with partners is that occasionally offers change over time as partners’ strategies change, their interest in particular programs of theirs changes, etc. We can offer new Stripe Atlas customers (as of April 2018) up to $5k in AWS credits at present.
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