21–30 of 205 posts
Been there. * If your payables and debts are all in the company's name, nobody is coming for your house. The likelihood that your business was going to die before you could pay all your debts was priced into your contracts. If you have employees, pay them and get them off your books first; employee wages are, depending on the state you're in, the one likely exception to that rule. * If they were in your name, well, t…
Been there. * If your payables and debts are all in the company's name, nobody is coming for your house. The likelihood that your business was going to die before you could pay all your debts was priced into your contracts. If you have employees, pay them and get them off your books first; employee wages are, depending on the state you're in, the one likely exception to that rule. * If they were in your name, well, t…
[deleted, i'm an idiot]
Been there. * If your payables and debts are all in the company's name, nobody is coming for your house. The likelihood that your business was going to die before you could pay all your debts was priced into your contracts. If you have employees, pay them and get them off your books first; employee wages are, depending on the state you're in, the one likely exception to that rule. * If they were in your name, well, t…
[deleted, i'm an idiot]
Even an LLC with just one person operating it (Which the IRS still sees as a sole-proprietorship I believe) still has their personal assets covered.
Obviously, investors want the dev cofounder paid to get product out the door..
But I am more interested in the decision process...
Let me clarify.. certain small business industries have these accounting/financial tools to help determine decision trees such as pay off debt now or later, etc.
Is there a similar set of financial ratios/trends to assist in the above decision trees?
Earlier quoted context omitted.
In the US? What's the kind of company you're thinking about that (a) allows for external investment and (b) doesn't have limited liability?
[deleted, i'm an idiot]
(You're not an idiot.)
They'll also know which of their other startups are hiring and should be able to setup introductions to help you and your employees get accelerated interviews, etc. to help with the transition.
I have nothing but respect for startup founders who did their best and came up short. I hope that the experience you've gained serves you well throughout your career and one day you can look back and appreciate the experience. Good luck going forward.
Been there. * If your payables and debts are all in the company's name, nobody is coming for your house. The likelihood that your business was going to die before you could pay all your debts was priced into your contracts. If you have employees, pay them and get them off your books first; employee wages are, depending on the state you're in, the one likely exception to that rule. * If they were in your name, well, t…
[deleted, i'm an idiot]