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Stripe Atlas

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Re: Stripe Atlas

#241

Post by gabemart »

cynical_sheet wrote: post #144
tvladeck wrote: post #121

This is cool, but they should not offer a C corp as the default choice. An LLC should be the default for the vast majority of entrepreneurs. The only reason VC-funded companies are C corps is becaused VC LPs don't want to be hit with taxable income (which would flow through the VC to them). An LLC is much better for a variety of reasons: - Flow through taxation = you only get taxed once. With a C corp you pay corpora…

You are right and it's also much cheaper to form and maintain an LLC. I think that forming an LLC in Colorado is the cheapest option ~ $250 total costs. That is great if you're just bootstraping and don't know if the business is going to be successful. BTW, if you're not a US citizen + the business is providing services + you're the only owner (single member LLC), then there are NO TAX-paying requirements. Also, the…

> BTW, if you're not a US citizen + the business is providing services + you're the only owner (single member LLC), then there are NO TAX-paying requirements.

Does this mean no state-level tax-paying requirements, or no tax paying requirements at all?

In other words, for an overseas non-citizen sole-owner of a service-providing LLC formed in Colorado, are there no US taxes due at all?

Re: Stripe Atlas

#242

Post by yeahrightfam »

zrail wrote: post #236
yeahrightfam wrote: post #215

Earlier quoted context omitted.

https://memberful.com/blog/stripe-vs-paypal/ Obviously depends on your use case but with PayPal you break even at $5,000. Way lower than 80k month. And "get in touch", yeah I know what happens when you try get in touch with them. Also consider adding: [Disclaimer: I write books about integrating Stripe with your business]

They respond quickly if you're doing $80k a month in business with them, in my experience. Besides which, PayPal has way too many caveats, including a different rate for Amex and an additional 1% for international cards, according to the page you linked. Why should I add a disclaimer that's already in my profile?

"They respond quickly if you're doing $80k a month in business with them"

If I were asked to put into words Stripe's attitude towards its users I wouldn't have come with a better example. Thanks.

"PayPal has way too many caveats"

IKR, like, "setting up a merchant account in minutes".

"Why should I add a disclaimer that's already in my profile?"

Because most people here would assume that you provide an unbiased point of view and wouldn't bother to check your profile. Didn't say you were hiding that, but that's what disclaimers are for.

Btw, disclaimer: I do not work for PayPal I just settled with them and I'm okay. Also (if you're from Mexico) check out PayU (formerly DineroMail), they are really cool too because they also process "offline" payments through banks and convenience stores.

Re: Stripe Atlas

#243

Post by martinald »

kintamanimatt wrote: post #238
ReactEcommerce wrote: post #228

Earlier quoted context omitted.

For most people setting up in USA when operating internationally means two things: more tax, more compliance. If you look at https://Incorporations.IO - you'll see that Delaware isn't even in the top 10 places to setup a company.

There's some really misleading information on that site. Tax rates are misleading and just plain wrong in some cases. I'd take information on that site with a pound of salt.

$1550 to incorporate in the UK?! More like $20.

Re: Stripe Atlas

#244

Post by ascorbic »

pentae wrote: post #87
eis wrote: post #74

Earlier quoted context omitted.

You don't need the US for that though. You can incorporate for example in Hong Kong with ease and even better tax advanteges. For digital nomads in Thailand I think the bigger problem is that they can't get long term visas and are effectively breaking the law unless they somehow work for a local company which isn't easy as those need 4 Thais employed for every foreigner. And even if you could get a corporate bank acc…

Hong Kong is a great place to incorporate for tax advantages, but a terrible place for getting merchant processing or a bank account. Remote openings are not possible. You can fly to Hong Kong and open a bank account in person, and they may (or may not) open one for you - but getting payment processing for a Hong Kong corporation with no processing history is basically impossible for the average person. I have a Hong…

It's really cheap and easy to incorporate in the UK. Costs £15 and takes ten minutes [1]

The downside, if you care about such things, is that the company register [2] is freely available online too, so it's not one to go for if privacy is your goal.

[1] https://www.gov.uk/register-a-company-online

[2] https://beta.companieshouse.gov.uk/

Re: Stripe Atlas

#245

Post by Wintamute »

tomp wrote: post #41
Wintamute wrote: post #5

Earlier quoted context omitted.

No catch maybe, but Stripe siphon off 2.9% of global startup profits into a US company. Sounds like a great business idea to me :-)

You have to compare that to fees that other credit card providers would charge.

Yeh sure. I've no beef with it. Just trying to make the point that when Stripe are making 2.9% there doesn't need to be a catch.

Re: Stripe Atlas

#246

Post by papercrane »

cperciva wrote: post #169
reitzensteinm wrote: post #64

Earlier quoted context omitted.

And that conversion is expensive . If I could have back the currency conversion margins PayPal has charged my businesses throughout my life, I'd easily be able to live for a year on that money. Well, 50 weeks, if it were sent to my PayPal account in US dollars :)

You can open a US bank account (I use Harris Bank, since they're owned by BMO) and withdraw USD from paypal to there. I then write a cheque to move USD across the border, and use VBCE to convert USD to CAD at market - 35 basis points (aka. about 2% better than what Paypal offers).

I would think using Norbert's gambit with a discount broker would be the cheapest way to convert large amounts of currency (e.g. buy DLR-U.TO, sell DLR.TO.)

Re: Stripe Atlas

#247

Post by bachback »

Olscore wrote: post #95

While I don't have much to add, this is very interesting and almost feels patriotic (as an American.) Stripe is, in a way, hacking the global economy and luring entrepreneurs to the do business in the United States. While this iteration may fall short of perfection, or open questions, it also opens up some imagination and interesting ideas or possibilities. Could this be the beginning of startups offering citizens of…

Most of the worlds capital flows through off-shore finance (Cayman Islands, Isle-of-man, etc), see http://treasureislands.org . For finance, biotech, etc. jurisdiction arbitrage is pretty standard. It's what the big corporations and billionaires do to avoid taxes, and more generally the law. OFC's are strongly tied to the financial centers of NY and London. I doubt that this product is all that useful for entrepreneurs outside developed countries, who have access to legal infrastructure anyway. The real breakthroughs will come from borderless settlement of contracts on the blockchain, i.e. situations where one doesn't rely on lawyers, but computers. One can think about the cost to do an IPO (millions), versus issuing an asset on the blockchain (cents). With Stripe one can really see the hypocrisy of the financial system: they have sponsored an Altcoin called Stellar, but they ban businesses who are dealing with Cryptocurrencies.

Re: Stripe Atlas

#248

Post by cynical_sheet »

gabemart wrote: post #241
cynical_sheet wrote: post #144

Earlier quoted context omitted.

You are right and it's also much cheaper to form and maintain an LLC. I think that forming an LLC in Colorado is the cheapest option ~ $250 total costs. That is great if you're just bootstraping and don't know if the business is going to be successful. BTW, if you're not a US citizen + the business is providing services + you're the only owner (single member LLC), then there are NO TAX-paying requirements. Also, the…

> BTW, if you're not a US citizen + the business is providing services + you're the only owner (single member LLC), then there are NO TAX-paying requirements. Does this mean no state-level tax-paying requirements, or no tax paying requirements at all? In other words, for an overseas non-citizen sole-owner of a service-providing LLC formed in Colorado, are there no US taxes due at all?

That's right, you owe no US taxes. You don't have what is called "Effectively Connected Income", that is - you provide services from outside the US, not within the US. Since 'single-member LLC' is pass-through entity, that means the person is taxed (Not corporation) and you(person) are outside of the US and owe no US taxes at all.

However, you might owe taxes in your home country.

If you sell goods or there are co-founders, then you have to pay.

Re: Stripe Atlas

#249

Post by waffle_ss »

zrail wrote: post #83
glossyscr wrote: post #82

I just checked the prohibited businesses https://stripe.com/de/prohibited-businesses I am fine with most of them being prohibited but at some points it's getting quite restricted: 1. Virtual currency that can be monetized, re-sold or converted to physical or digital products or services or otherwise exit the virtual world 4. Sexually-oriented or pornographic products or services 9. Engaging in deceptive marketing pra…

Most of these are from Stripe's partner banks, and/or they've proven to be exceptionally prone to fraud and chargebacks.

Which in turn is inherited from top-down pressure from the federal gov't[1], who are discriminating against certain categories of business purely ideologically.[2]

[1]: https://en.wikipedia.org/wiki/Operation_Choke_Point

[2]: http://oversight.house.gov/wp-content/uploads/2014/05/Staff-...

Re: Stripe Atlas

#250

Post by ad_hominem »

ianhawes wrote: post #120
zrail wrote: post #83

Earlier quoted context omitted.

Most of these are from Stripe's partner banks, and/or they've proven to be exceptionally prone to fraud and chargebacks.

With regards to adult content, the perception is that chargebacks would be higher, but in reality this is mostly a relic of the late 90's when credit cards were first accepted online. Porn pioneered the infinite continuity ("recurring subscriptions until you die") that is incredibly widespread nowadays. At the moment, there are few non-merchant account ways to legally accept payments for adult content. They include s…

> Patrick, the ball is in your court.

Don't hold your breath. In private emails Patrick deferred to banks'/processors' judgment on these matters.

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