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Ask HN: My project died right after forming the company...

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Re: Ask HN: My project died right after forming the company...

#11

Post by groby_b »

dlevine wrote: post #10

I meet a lot of first-time entrepreneurs who think that a company is some sort of magic thing that will give them credibility. In reality, it usually just costs you money in many cases. I've learned that the most important thing is building a product, and that the actual incorporation can be done later. You technically don't even need a real corporation until much later in the process than you would expect (I have fr…

Having a company in CA is actually not that expensive - just formed a partnership and paid about $100.

Having a C-Corp/S-Corp/LLC is pretty expensive, though.

Re: Ask HN: My project died right after forming the company...

#15

Post by [deleted] »

groby_b wrote: post #11
dlevine wrote: post #10

I meet a lot of first-time entrepreneurs who think that a company is some sort of magic thing that will give them credibility. In reality, it usually just costs you money in many cases. I've learned that the most important thing is building a product, and that the actual incorporation can be done later. You technically don't even need a real corporation until much later in the process than you would expect (I have fr…

Having a company in CA is actually not that expensive - just formed a partnership and paid about $100. Having a C-Corp/S-Corp/LLC is pretty expensive, though.

[deleted]

Re: Ask HN: My project died right after forming the company...

#16

Post by metachris »

ceslami wrote: post #7
metachris wrote: post #6

Build the company first, the product later.

Why do you say that? I think most people on HN would agree that before incorporating, its smart to build a product and prove its viability/desirability. Except, of course, in capital intensive situations where funding (and thus incorporation) comes first.

Actually it's an often iterated advice/opinion here on HN to start with a company and follow up with products. Setup a website, start blogging, build a social network, all this helps give a product launch traction.

That is why I posted this in a sincere, although perhaps too short comment. The author should not be disillusioned but keep pushing forward, ideas are plentiful and worth very little without proper execution.

Re: Ask HN: My project died right after forming the company...

#18

Post by krisrak »

dlevine wrote: post #10

I meet a lot of first-time entrepreneurs who think that a company is some sort of magic thing that will give them credibility. In reality, it usually just costs you money in many cases. I've learned that the most important thing is building a product, and that the actual incorporation can be done later. You technically don't even need a real corporation until much later in the process than you would expect (I have fr…

Thats right, you should always start working on it as a side-project and launch it, see if it gets any user base or if you can make money by monetizing. Forming a company can be done when you have VC's interested or you are making a lot of money. Until then you can just collect the money from sales or monetization and file it as 1099-MISC tax return. No company is required initially especially for web based startup

Re: Ask HN: My project died right after forming the company...

#19

Post by rs »

I think the important thing to focus on when starting out is getting a product launched and generating value, hopefully value which someone out there can attach a monetary value to.

Companies and accounts, while they are important, should only come as a second priority (or even lower, depending on your situation)

I would recommend getting rid of all the unnecessary burden and focusing on value.

I'm not sure how complex it is to dissolve companies in the US, but in UK it is fairly straight forward for a small company. Naturally, things get pretty complex if you've been established and active for a while.

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