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Our experience with Stripe Atlas (2017)

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Re: Our experience with Stripe Atlas (2017)

#51

Post by motohagiography »

3pt14159 wrote: post #30
_xnmw wrote: post #6

Anyone have experience with Stripe Atlas after starting a foreign entity? I have a Canadian Corporation which I'd like to make a wholly-owned subsidiary of that Delaware C corp (or perhaps the other way around).

I have some experience as a C-level of a funded Canadian Corp with a American related company that went on to raise from Andreesen, but this experience a bit dated (2012) and I'm not a lawyer / accountant so DYODD, this is all from faulty memory. But I still think its helpful. Basically don't make a subsidiary, make two corps and sell the IP from the Canadian corp to the American one then license it back with a contr…

This provides the information I need to ask quality questions to lawyers and accountants, thank you.

Regarding why to do it, is there a reason you can't just stand up the DE C and that IP agreement as part of the funding round instead of having it in place before?

Re: Our experience with Stripe Atlas (2017)

#52

Post by Silhouette »

cajdavidson wrote: post #32
Silhouette wrote: post #20

Earlier quoted context omitted.

Having just switched business banks in the UK, it appears that the rules have become a bit stricter in recent years. At minimum, you're now going to require the basic business details (registration number with Companies House, etc.) and the same standard of personal ID for all the people involved as for any of the other areas now covered by the anti-laundering rules (government-issued photo ID, recent proof of curren…

Check out Tide[0], I use them for my business banking and have had nothing but great experience with them. Had my account setup in ~10 minutes after being made to jump through all sorts of hoops to get a high-street bank business account setup. [0] https://www.tide.co/

Thanks. We did take a look at them before, but unfortunately they appeared to have a few significant disadvantages for our situation (fees would have worked out very high, they seem to be very phone/app/online-centric in their access and security arrangements, missing some basic banking features).

I'm also not quite sure how they get around the anti-laundering rules that everyone else has to abide by. They mention checking various possible IDs, but what they say they need doesn't meet the standards that every other bank and financial service we've ever worked with would require, which makes me a bit suspicious about corner-cutting.

Re: Our experience with Stripe Atlas (2017)

#54

Post by hartator »

middle1 wrote: post #42
andreygrehov wrote: post #33

What would be really cool is if Stripe Atlas allowed its customers to form an LLC first and then provided a seamless framework to get LLC converted to C-Corp. I’m looking to bootstrap a single founder business and I can’t find good reasons to go with a corporation. I could be wrong though.

if you are not the US citizen you simply can't register a US based LLC.

That’s not true. I was able to form a LLC, and incorporate a INC without even being an US resident at the time.

Re: Our experience with Stripe Atlas (2017)

#55

Post by hartator »

carlosdp wrote: post #49
ohitsdom wrote: post #10

My biggest hesitation with Atlas is the C corp part. I don't want funding, I want to start small and bootstrap. For this, LLCs seem best so you don't get taxed twice. My most optimistic first year in revenue would be $30-60k, still well in side business territory. Am I missing something, or is Atlas not for me?

If you're a solo employee in a C-Corp, I'm pretty sure you can file as an S-Corp, which provides the same pass-through benefits of an LLC. When I was incorporating and found that out, it really confused me why everyone was so against C-Corp. Also, if you are working in California, I believe you can waive the first year of foreign franchise tax.

Isn’t incorporation fee and franchise higher with an Inc than with a LLC?

Re: Our experience with Stripe Atlas (2017)

#57

Post by fasteo »

jlangenauer wrote: post #47
agopaul wrote: post #4

As a non-US citizen, opening a company in the US is not the hard part. The hard part is figuring out taxes and legal "configuration" in your own country, where you live. I'm not an expert, but I hear from accountants that you have to figure the thing out properly and you end up having an accountant for your company abroad and one for yourself. It might end up being too much expensive if it's for a bootstrapped startu…

Be aware that incorporating in another jurisdiction doesn't mean your operations aren't taxable according to the local laws of where you are. For example, if a company is incorporated in the US, but all it's employees/owners are physically located in Germany, then under German law, the "place of ordinary business" is Germany, and the company gets taxed as though it's a German company. I believe the same sort of princ…

Same for Spain.

You need a permanent office - that is, employees that generate revenue for the company in the US - for the Spanish government to consider whether you can pay taxes in the US or in Spain.

Note that this varies from country to country depending on the double taxation agreements between countries [1]

[1] http://www.agenciatributaria.es/AEAT.internet/en_gb/Inicio/L...

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