Stripe Atlas for LLCs • Hacker News Board

Re: Stripe Atlas for LLCs

#21

Post by gk1 » Mon, Apr 30, 2018, 5:20 PM UTC

freehunter wrote: post #14

Damn, I was hoping for this about 6 months ago, I ended up filing my own paperwork instead. It was actually easier and cheaper than I thought for my state (Michigan). $50 and like five lines on a form. I even got my own EID completely online in about 10 minutes, and a bank account at my local small business bank the same day. But just like with Stripe Atlas for C-Corps, what you're paying for isn't the paperwork and…

> I'd say it's worth it because to be honest I have no idea what my company's responsibilities for taxes are and yeah that makes me a little uneasy.

Yikes. You should get an accountant. Ask for referrals from other businesses in your area that are similar to yours. Ask your local co-working spaces or incubators. Google...

Re: Stripe Atlas for LLCs

#22

Post by freehunter » Mon, Apr 30, 2018, 5:21 PM UTC

patio11 wrote: post #6

Hiya folks! I worked with the team on this; happy to answer any questions you have.

Is there a way for businesses that are already registered corporations not using Atlas to get some of the other benefits like tax help, issuing stock, the expert help, etc?

Re: Stripe Atlas for LLCs

#23

Post by move-on-by » Mon, Apr 30, 2018, 5:21 PM UTC

freehunter wrote: post #14

Damn, I was hoping for this about 6 months ago, I ended up filing my own paperwork instead. It was actually easier and cheaper than I thought for my state (Michigan). $50 and like five lines on a form. I even got my own EID completely online in about 10 minutes, and a bank account at my local small business bank the same day. But just like with Stripe Atlas for C-Corps, what you're paying for isn't the paperwork and…

If its just you, then you just have to file a Schedule C. More details on IRS: https://www.irs.gov/businesses/small-businesses-self-employe...

Disclaimer, not a CPA or lawyer, this is not legal advice

Re: Stripe Atlas for LLCs

#24

Post by gk1 » Mon, Apr 30, 2018, 5:23 PM UTC

sheeshkebab wrote: post #13

It sounded right until $500 part... llc setup cost is $50, bank accounts, stripe accounts are all free, same goes for any “credits” from aws and elsewhere. I understand the desire to turn a profit on this, but that’s kind of overboard, IMO.

It's roughly in line (albeit on the high end) with what RocketLawyer and other do-it-yourself companies charge. Yes they are all more expensive than truly doing it yourself (as in, printing forms from the local gov site and mailing them), but you're paying for convenience and the increased likelihood of getting the paperwork done right.

Re: Stripe Atlas for LLCs

#25

Post by gk1 » Mon, Apr 30, 2018, 5:24 PM UTC

sheeshkebab wrote: post #15

patio11 wrote: post #9

Earlier quoted context omitted.

An LLC can elect to be taxed as an S Corp. We're happy to introduce all Atlas companies to accountants; this is something you can ask them to do for you.

I think parent meant a C Corp with automated IRS tax election for S Corp... not llc.

Why do you think so? LLCs can elect to be taxed as S-Corps, and this thread is about LLCs...

Re: Stripe Atlas for LLCs

#26

Post by freehunter » Mon, Apr 30, 2018, 5:25 PM UTC

gk1 wrote: post #21

freehunter wrote: post #14

Damn, I was hoping for this about 6 months ago, I ended up filing my own paperwork instead. It was actually easier and cheaper than I thought for my state (Michigan). $50 and like five lines on a form. I even got my own EID completely online in about 10 minutes, and a bank account at my local small business bank the same day. But just like with Stripe Atlas for C-Corps, what you're paying for isn't the paperwork and…

> I'd say it's worth it because to be honest I have no idea what my company's responsibilities for taxes are and yeah that makes me a little uneasy. Yikes. You should get an accountant. Ask for referrals from other businesses in your area that are similar to yours. Ask your local co-working spaces or incubators. Google...

Yup, I'm working with an accountant to better understand what's going on. Last year I was in a grace period but this year I'm going to have to file. Luckily it's just me, no employees and no cofounder to worry about. But man tax law is complicated and I don't like not knowing every part of what I'm doing.

Re: Stripe Atlas for LLCs

#27

Post by redindian75 » Mon, Apr 30, 2018, 5:26 PM UTC

sheeshkebab wrote: post #13

It sounded right until $500 part... llc setup cost is $50, bank accounts, stripe accounts are all free, same goes for any “credits” from aws and elsewhere. I understand the desire to turn a profit on this, but that’s kind of overboard, IMO.

agreed... Was happy to see a standardized LLC product from Stripe till I saw it costs a whopping $500!

Re: Stripe Atlas for LLCs

#28

Post by Shank » Mon, Apr 30, 2018, 5:27 PM UTC

patio11 wrote: post #6

Hiya folks! I worked with the team on this; happy to answer any questions you have.

What bank does the LLC version use?

Re: Stripe Atlas for LLCs

#29

Post by antaviana » Mon, Apr 30, 2018, 5:32 PM UTC

If the US company is going to be a fully owned child company of another EU company, which is most suitable, a C Corporation or an LLC and why?

Re: Stripe Atlas for LLCs

#30

Post by patio11 » Mon, Apr 30, 2018, 5:33 PM UTC

antaviana wrote: post #29

If the US company is going to be a fully owned child company of another EU company, which is most suitable, a C Corporation or an LLC and why?

We do not support LLCs as subsidiary of other companies, for reasons. We do support that use case for C corporations. There are complicated tax issues involved here; an accountant can talk you through them.