How does the AWS credit work? This, for me, is the biggest selling point of the whole shabang.
Stripe opens its Atlas program to US-based startups
51–60 of 125 posts
Re: Stripe opens its Atlas program to US-based startups
#52We incorporated using Stripe Atlas during the beta.
If anyone has any questions, feel free to ask. Would be happy to provide another perspective on incorporation.
Re: Stripe opens its Atlas program to US-based startups
#53Earlier quoted context omitted.
My bad. Misunderstood partially about the post/article.
"Does Capital One work with foreign startups? That's really the main question here." Since when is that the main question? The title of the post is Atlas opens to US-based startups. Give Spark business checking a call and ask about foreign accounts 1-844-88-SPARK
Yeah, you are right. My bad.
I would probably think not due to KYC, etc.
Re: Stripe opens its Atlas program to US-based startups
#54Earlier quoted context omitted.
Of course LLCs can offer employees equity. But it's not simple, and it's not easy. And its not just VC funding, you should be wary of LLCs if you think it's likely you will need any kind of investors, as typically investors prefer not want to deal with partnership K1s. If your startup is intended to be profitable quickly, and plans to distribute those profits to the founders, an LLC offers significant tax advantages.…
> And its not just VC funding Sure, I do not know many people getting non-VC funding, but I guess if that exists for you, you can consider it.. > If you want to build a big business, it can offer some significant limitations. Not sure that is really true. There are some HUGE LLCs. Say, Koch or Cargil. https://www.forbes.com/largest-private-companies/list/
Again, LLC is a great fit if you have a profitable business and want profits can be paid as tax efficiently as possible to you and your other founders. You'll never need investors, you'll be able to borrow money because of your great cash flows, etc. And once in a while one grows to the moon while staying private and never go public.
But for most startups, you can't know if you'll need to raise funding. And funding isn't just VCs. It's angels. It's friends and family. It's even crowd-funding now that you can crowdfund equity. And maybe you even get the opportunity to go public and want to be the most public market friendly cap structure.
I have a friend whose e-commerce startup just broke over $100k per month in revenue. He's an LLC, but he's starting to realize that he doesn't have enough positive cash flow to pay for the equipment needed to lower his product costs, so now he's thinking of finding investors. And he needs a simple, easy to create equity program with vesting for key employees. And since he has no plans to be profitable soon, he's moving to a C corp.
A C-Corp is $500. It's not expensive and is the most flexible foundation to build a startup business on.
I'm also biased against LLCs because a problem endemic with LLCs which isn't necessary a fault of LLCs is that it's so easy to just start and go. I see founders who never consider vesting as a requirement. Four founders start an LLC and agree to each getting 25% equity split. Then one quits after a month and the remaining three have a big liability issue if they try to squeeze the quitter out.
A C corp usually leads to a professional cap structure where founders are forced to think through these issues a little better.
Re: Stripe opens its Atlas program to US-based startups
#55Earlier quoted context omitted.
We ship first and then announce dates because down the other path lies disaster, but LLCs are a great way to incorporate many tech businesses, and Atlas aims to incorporate most tech businesses.
No offense but outside of our little HN/YC bubble I think it's the other way around. LLCs seem far more common than Delaware based C Corps for tech companies. For tech startups looking to raise venture capital (a subset of tech companies) a Delaware C Corp is far more common though.
So it seems Stripe Atlas was set with highly-funded startups in mind.
Exactly the kind of startup that is not actually in need of Stripe Atlas.
Re: Stripe opens its Atlas program to US-based startups
#56How does the AWS credit work? This, for me, is the biggest selling point of the whole shabang.
They probably use the AWS Activate program (which my main startup is part of). It basically gives you a set amount of "credit" with AWS. We got ours almost a year ago and it just ran out this month. It allowed us to run key workloads on AWS for a year at zero out of pocket cost.
Of course Amazon does this, in part, because once you have built a functional business on their platform(s) you are more likely to stay there and to continue paying them long-term.
Re: Stripe opens its Atlas program to US-based startups
#57As a foreign developer with a small startup I'm pretty lost with the guides Atlas provides. Is it actually possible to run an Atlas company without ever going to the US and without hiring an US accountant (or PwC, as recommended by Atlas somewhere)? Also, nowhere in the FAQ it is mentioned if it is possible to close the company and how would that work. The SVB terms are also scary to me: "SVB will share more details…
Long time SVB customer here. Their international wire is rather expensive. I think they charge $40 per wire, then they deduct $20 from the amount to cover their own correspondent banking fees so you have to always keep the $20 in mind which is painful. On top of that - monthly analysis fees. So... you raised a good question. Make sure you get answers from the program managers.
Their rates are also bad.
Use USForex instead.
Re: Stripe opens its Atlas program to US-based startups
#58Silicon Valley bank is frankly awful. I used them for three years but just recently switched over to Capital One Spark Business Checking[1] and love it. Spark is all online, has zero fees unlike SVB (I used to pay $15/mo), and has solid technology again unlike SVB. The account gets setup instantly and your debit card and checks arrive about a week after opening. The Spark iOS mobile app is really solid and allows for…
Having worked at Capital One, and having both a SVB and Spark bank account. I totally agree.
Spark is similar to Capital One 360 which let's you generate an account with a few clicks. Having multiple websites and products this makes it stupid easy
Re: Stripe opens its Atlas program to US-based startups
#59Silicon Valley bank is frankly awful. I used them for three years but just recently switched over to Capital One Spark Business Checking[1] and love it. Spark is all online, has zero fees unlike SVB (I used to pay $15/mo), and has solid technology again unlike SVB. The account gets setup instantly and your debit card and checks arrive about a week after opening. The Spark iOS mobile app is really solid and allows for…
I've always been pleased with Charles Schwab, they've been pro-customer since before it was cool. No fees, even rebate foreign ATM fees, helpful customer service, mobile camera deposit, etc.
Re: Stripe opens its Atlas program to US-based startups
#60Silicon Valley bank is frankly awful. I used them for three years but just recently switched over to Capital One Spark Business Checking[1] and love it. Spark is all online, has zero fees unlike SVB (I used to pay $15/mo), and has solid technology again unlike SVB. The account gets setup instantly and your debit card and checks arrive about a week after opening. The Spark iOS mobile app is really solid and allows for…
I've always been pleased with Charles Schwab, they've been pro-customer since before it was cool. No fees, even rebate foreign ATM fees, helpful customer service, mobile camera deposit, etc.
> mobile camera deposit
What is this?