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How To Create A Company?  
User currently offlineYazoo From United States of America, joined Aug 2001, 487 posts, RR: 0
Posted (3 years 11 months 4 weeks 15 hours ago) and read 2378 times:

Guys I have a business question. I am currently working on a website with 2 other friends and looking to create a company so that we can split the ownership to 33% among us.

I am not quite sure how to go on about doing this. LegalZoom perhaps?

[Edited 2010-12-04 20:53:17]


Purple Pride!
5 replies: All unread, jump to last
 
User currently offlineLAXintl From United States of America, joined May 2000, 26025 posts, RR: 50
Reply 1, posted (3 years 11 months 4 weeks 14 hours ago) and read 2362 times:

Yes LegalZoom can do things like legal filings for you, however I strongly urge you do some homework if not see an attorney and tax accountant to discuss your ideas.

There are lots of different means to incorporate with different benefits and downsides to each. You'll have to find the one that works best for you maximizing legal protections while minimizing things like taxes and reporting requirements.



From the desert to the sea, to all of Southern California
User currently offlineAirstud From United States of America, joined Nov 2000, 2735 posts, RR: 3
Reply 2, posted (3 years 11 months 4 weeks 14 hours ago) and read 2356 times:

Definitely check out www.sba.gov - the U.S. Small Business Administration. Lots of links to great resources over there.


Pancakes are delicious.
User currently offlineajd1992 From , joined Dec 1969, posts, RR:
Reply 3, posted (3 years 11 months 3 weeks 6 days 18 hours ago) and read 2188 times:

Before you do anything, see a solicitor (lawyer) and discuss the legalities of it all, and an accountant. There's not a lot of point in setting all the stuff up and spending money if you aren't meeting the legal requirements and have nobody to handle your money if you can't do it yourselves (and most people can't/won't/don't).

User currently offlineALTF4 From United States of America, joined Jul 2010, 1214 posts, RR: 4
Reply 4, posted (3 years 11 months 3 weeks 6 days 5 hours ago) and read 2130 times:

Quoting Yazoo (Thread starter):
split the ownership to 33% among us.

Stop right there.

Friends should be friends - not business partners - in almost every case. Think three years down the road when you have put in more sweat and tears and more emotional and/or monetary investment in this company than the other two guys. One sort of helps, the other just bums along for the free ride. By that time, you've put in so much you *don't* want to have the company fail, and it just becomes a sick cycle - the more you put in, the more the company becomes 'yours' and the more you start becoming entitled to the good that comes out of it - and the more you start to despise the other two for not holding their fair share.

Or, maybe you all work equally as hard, but one of you doesn't think another is doing his fair share of the work.

Keep friends as friends. The second one little grudge gets in there because of work, it will go downhill fast. Additionally, having three people, all just as entitled as the next guy, all owning the same amount of the business, is a recipe for disaster.

I won't do so much as rent out a dedicated server with a friend. Why? Because we'll disagree on how something should be done and it will just cause unecessary tension.

Now, if you've worked (and I mean worked - not toyed around with ideas, but actually worked hard for a living) with these other two guys and you know they both are good individuals and won't carry an attitude or slack off, then it might be ok.

Sorry to be such a pessimist, but many good businesses have gone down for this reason.

[Edited 2010-12-06 06:57:04]


The above post is my opinion. Don't like it? Don't read it.
User currently offlineJBirdAV8r From United States of America, joined Jun 2001, 4491 posts, RR: 21
Reply 5, posted (3 years 11 months 3 weeks 6 days 3 hours ago) and read 2118 times:

Quoting ALTF4 (Reply 4):
Friends should be friends - not business partners - in almost every case

       There is no better way to bury a business AND friendships than this.

Quoting LAXintl (Reply 1):
however I strongly urge you do some homework if not see an attorney and tax accountant to discuss your ideas.

Another       . I'm not going to get into the cons of document filing services, but consulting attorneys and accountants are the ONLY good ways to ensure all I's are dotted and T's crossed, especially in forming LLC's and corporations. Sole proprietorships and partnerships are easier, but still, there's a lot to cover and it's not all straightforward.

I will say kudos to Yazoo for starting a business. Best of luck to you!



I got my head checked--by a jumbo jet
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