171–180 of 212 posts
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> If you don't plan on trying to raise VC money, then a local LLC is preferable to a Delaware LLC in 99.999999% of business cases. Well, I do have clients and customers outside FL - lots of them. Does that make a difference?
It depends on where you plan on doing work for those clients.
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What was the motivation for 10 year vesting vs the more widely used 1 year cliff/4 year vest out?
We're a consulting firm. We looked back at Matasano and thought about how value was added over the life of the firm, and 4 years didn't nearly capture it. If we do product stuff, we'll just spin that out into a separate entity, and that would probably be 4/1.
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I definitely agree with you that there are better states than California, but I recently moved my online company from California to Texas and discovered a really nasty surprise: Texas considers web hosting, server rental, SaaS, etc. to be services subject to sales tax [1]. Washington actually does as well, since you mentioned it. This will complicate your life in two ways: First, your internet company now has to enum…
> this amounts to a tax on revenue. Corporations wanted to be people. People pay income taxes on their revenue, not their profits.
Hiya 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 fu…
Any kind of corporation (US or Canadian) is much more effort, both from legal and accounting perspectives. It's worth it if you need legal protections a corporation gives you or care for some of the tax advantages. But it comes at the cost of extra effort in managing the complexities if a corporation.
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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…
They probably make a lot of money on transaction fees (charging merchants when you use your debit card) and loaning your money to other customers at interest.
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.
@Patio11 - I recently moved from California to Florida and I'm about to open an LLC here. What are the advantages / disadvantages of having an LLC based in Delaware vs creating one in Florida? I'd love to use Stripe Atlas - but not sure if I'm making things more complicated than they need to be by opening in Delaware vs Florida.
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This is very important info. I've seen some founders get tripped up over this. Hopefully Stripe Atlas LLC provides support for foreign entity registration and taxes too (I would assume they do).
We don't yet foreign entity registration in the product, but you could imagine us automating this, in addition to the Delaware franchise tax filing and registered agent services which we already handle.
Euphamism for "That's on the roadmap, but I'm not allowed to announce it yet." Probably.