Ask HN: Steps to forming a company?

4 points by jxr006 7 years ago | 5 comments

Hey guys, I'm leaving my firm very shortly to form a startup.

Does why have a checklist of proper ways to do things?

Ie. 1. Form Chapter C Delaware company with Clerky 2. Hire payroll company x 3. use this company for patents.

any info there?

Co_Reentry 7 years ago |

Don't do any of these things until someone wants to pay you for what you are selling.

rajacombinator 7 years ago | |

Moreover, don’t form a c Corp until someone else will pay you to do so in the form of a substantial 6+ figure investment.

elamje 7 years ago |

If you want something quick and easy to spin up, just set up an LLC in your state of choice. Set up an accompanying business bank account(if you will be processing high volumes of transactions look into the per transaction fee structure). If you will need to collect tax in your state, you must of course, file with your comptroller.

If you have multiple members of your LLC, set up an operating agreement. Set up a Federal Tax Id, i.e. the Social Security Number for business, aka EIN. Consider if you want business insurance.

I think other things can fall into place. Start recording books from day 1. Easier than it sounds, and some of those things are optional. There are a lot of 10 step guides online. You can always change structure later, LLC -> S corp, or C-Corp.

Make it as frictionless as possible for yourself now to keep momentum.

dubyabee2 7 years ago |

This doesn't answer your question directly but you will find like minded individuals and recommendations at bottom of post.. Good Luck... https://www.indiehackers.com/interview/quitting-my-miserable...

westurner 7 years ago |

From "Ask HN: What are your favorite entrepreneurship resources" https://news.ycombinator.com/item?id=15021659 :

> USA Small Business Administration: "10 steps to start your business." https://www.sba.gov/starting-business/how-start-business/10-...

> "Startup Incorporation Checklist: How to bootstrap a Delaware C-corp (or S-corp) with employee(s) in California" https://github.com/leonar15/startup-checklist

> FounderKit has reviews for Products, Services, and Software for founders: https://founderkit.com

... I've heard good things about Gusto for payroll, HR, and benefits through Guideline: https://gusto.com/product/pricing