Yazoo
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Posts: 373
Joined: Tue Aug 14, 2001 3:26 am

How To Create A Company?

Sun Dec 05, 2010 4:52 am

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]
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LAXintl
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Joined: Wed May 24, 2000 12:12 pm

RE: How To Create A Company?

Sun Dec 05, 2010 5:07 am

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.
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Airstud
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Joined: Wed Nov 29, 2000 11:57 am

RE: How To Create A Company?

Sun Dec 05, 2010 5:35 am

Definitely check out www.sba.gov - the U.S. Small Business Administration. Lots of links to great resources over there.
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ajd1992
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Joined: Mon Jul 24, 2006 7:11 am

RE: How To Create A Company?

Mon Dec 06, 2010 1:27 am

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).
 
ALTF4
Posts: 1157
Joined: Tue Jul 13, 2010 5:01 pm

RE: How To Create A Company?

Mon Dec 06, 2010 2:55 pm

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]
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JBirdAV8r
Posts: 3454
Joined: Sun Jun 24, 2001 4:44 am

RE: How To Create A Company?

Mon Dec 06, 2010 4:40 pm

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!
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