Re:Stripe Atlas
by itsthisjustin on Wednesday February 24, 2016 @10:51AM
(#11167606)
For tax purposes it would be best to request to be taxed as an S-Corp. You can then incorporate as an LLC or a corporation.
Founders/owners of a S-Corp have to be Americans.
This usually assumes a larger net income for the business - I believe when you are just starting out LLC makes the most sense then you can transits ion to S-Corp once renvues hit a few million
You can incorporate as an LLC and elect to be taxed as an S-Corp.
Re:Stripe Atlas
by karmelapple on Wednesday February 24, 2016 @03:11PM
(#11169837)
One important point when doing this: you must do payroll.
Depending on if you have no money coming in, or a small amount of money, it may not be worth it to do payroll... but that's only for the smallest of businesses.
In many cases it's true that an S-Corp or LLC will be preferable for a business, because they can be treated as pass through entities (under the IRS check the box regulations) and not subject to federal income tax at the corporate level. But S-Corp's have some significant limitations for a startup company seeking investment--most importantly, they cannot have multiple classes of stock.
As others have mentioned, we've started with the C-Corp form because we think it will be what most of our users would prefer initially, but we'll look at expanding it to other forms.
Re:Stripe Atlas
by allcentury on Wednesday February 24, 2016 @11:32AM
(#11167970)
Indeed, an S-Corp is typically the best decision when starting.
How can I reach you? Email?
Re:Stripe Atlas
by michaelschade on Wednesday February 24, 2016 @04:12PM
(#11170261)
I'm [email protected], and we've a team of folks able to help at [email protected].
To kick off the beta, we found that the C Corp was the best place to start based on what entrepreneurs in emerging markets were already looking to do. We go into much more detail about C Corps and their tradeoffs when we invite someone to the beta. In addition to other company structures (like LLCs) here in the US, we're also looking at equivalent structures as we expand Atlas globally.