Heads up, if you’re not a US citizen, Azlo (the underlying checking account provider they use) doesn’t let you open an account. I’m not sure if they have a special deal with Stripe that lets you through, but they definitely don’t let their regular customers through without a US passport.
Stripe Atlas for LLCs
131–140 of 212 posts
Re: Stripe Atlas for LLCs
#132Earlier quoted context omitted.
This is in no way a criticism of anything and isn't directed at Stripe or any employee, just an honest question to the general HN community: How does Azlo make money? If I'm going to trust my accounts anywhere, I like to know at least something about their business operations. Azlo is completely fee-free according to their FAQ. They also say they require zero minimum balance and have no ATM fees at 55,000 partner ATM…
I’d always thought that a bank’s primary revenue source was from loans. Banks are able to actually write more loans (and charge interest) than cash in the bank [0]. Profit ensues. [0] https://en.m.wikipedia.org/wiki/Fractional-reserve_banking
That's something I forgot to stick in there: it looks like Azlo doesn't do loans either. There is literally no way for them to make any sort of money being fee-free, not offering loans or credit cards, and not having minimum balances. It's all the good will of BBVA, which we know how far the good will of a major bank gets you.
Re: Stripe Atlas for LLCs
#133> Is organized in Delaware, the jurisdiction of choice for many new LLCs. Be aware that if you are "doing business" in California which means you live there you also have to file as a California foreign entity and pay the absurd anti-small business flat tax of $800 a year. This also does not include your state income tax liabilities in California. Just because the LLC is formed in Delaware does not mean you don't hav…
CA in general makes absolutely no sense to start a business in. There are zero arguments for starting a business in CA. Oregon, Washington, Texas, Colorado, etc. are all objectively better choices. Even if you're interested in raising money from SV investors you're far better off locating in Seattle, Denver, Portland, Austin, etc.
One argument: SF and SV have more technologists, making it easy to hire particularly if you need to obtain specialized skills.
There are more, but that one us sufficient to falsify your claim.
Re: Stripe Atlas for LLCs
#134> Is organized in Delaware, the jurisdiction of choice for many new LLCs. Be aware that if you are "doing business" in California which means you live there you also have to file as a California foreign entity and pay the absurd anti-small business flat tax of $800 a year. This also does not include your state income tax liabilities in California. Just because the LLC is formed in Delaware does not mean you don't hav…
Is "doing business" in California really defined as living in California? What's your source for that?
Re: Stripe Atlas for LLCs
#135Hiya folks! I worked with the team on this; happy to answer any questions you have.
I appreciate the advice you've given through your blog and podcast. Thanks for taking the time to create those things. They've been inspiring.
I'm wonder if a US LLC would be better for me? I'm a mISV in Canada. I use Stripe & PayPal and make almost enough to live on. I have a US bank account but Canadian everything else (sole proprietorship, business license, tax id, citizenship, etc.). I don't plan on ever being funded, selling the business, taking on partners or making more than a 150k/yr.
Re: Stripe Atlas for LLCs
#136Earlier quoted context omitted.
Will there be a way for a C-Corp to change into an LLC?
There's a great and very common use case for LLC to C corp, so we prioritized building that. I'd love to hear what your use case is for the other way around; if it is something which creates a lot of value for a lot of founders, we'll certainly consider supporting it in the future. Speaking broadly: You can always work with lawyers/accountants to see about the feasibility of converting your C corp into an LLC. We jus…
I'll add another vote for this.
My use case is that I used Atlas to incorporate quickly -- which was lovely -- but the business is turning out to be a solo venture and the C Corp is overkill.
The real user need is a way to reduce business operations time and cost for a small biz.
Re: Stripe Atlas for LLCs
#137> Is organized in Delaware, the jurisdiction of choice for many new LLCs. Be aware that if you are "doing business" in California which means you live there you also have to file as a California foreign entity and pay the absurd anti-small business flat tax of $800 a year. This also does not include your state income tax liabilities in California. Just because the LLC is formed in Delaware does not mean you don't hav…
CA in general makes absolutely no sense to start a business in. There are zero arguments for starting a business in CA. Oregon, Washington, Texas, Colorado, etc. are all objectively better choices. Even if you're interested in raising money from SV investors you're far better off locating in Seattle, Denver, Portland, Austin, etc.
You forgot the lovely deseret (#2!) of Salt Lake City! https://www.cnbc.com/2017/07/21/the-top-15-cities-in-us-to-s...
Re: Stripe Atlas for LLCs
#138Earlier quoted context omitted.
https://www.azlo.com/
This is in no way a criticism of anything and isn't directed at Stripe or any employee, just an honest question to the general HN community: How does Azlo make money? If I'm going to trust my accounts anywhere, I like to know at least something about their business operations. Azlo is completely fee-free according to their FAQ. They also say they require zero minimum balance and have no ATM fees at 55,000 partner ATM…
dont forget about interchange fees. every time you use your Azlo Visa, bank gets paid.
https://en.wikipedia.org/wiki/Interchange_fee
and
https://en.wikipedia.org/wiki/Interchange_fee#/media/File:Ga...
Re: Stripe Atlas for LLCs
#139Damn, 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
Why do people need to explicitly say "This is not a legal advice"? I don't need to do that normally when I am providing advice for any other topic. Why do so many online comments need to say this? Isn't it obvious? Are there any consequences?
Re: Stripe Atlas for LLCs
#140> Is organized in Delaware, the jurisdiction of choice for many new LLCs. Be aware that if you are "doing business" in California which means you live there you also have to file as a California foreign entity and pay the absurd anti-small business flat tax of $800 a year. This also does not include your state income tax liabilities in California. Just because the LLC is formed in Delaware does not mean you don't hav…
CA in general makes absolutely no sense to start a business in. There are zero arguments for starting a business in CA. Oregon, Washington, Texas, Colorado, etc. are all objectively better choices. Even if you're interested in raising money from SV investors you're far better off locating in Seattle, Denver, Portland, Austin, etc.
Except you know, California Labor Code section 2870...
https://leginfo.legislature.ca.gov/faces/codes_displaySectio...
I'd be happy to know about other states which have similar laws.