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Ok, so in general you would say that when releasing a product and trying to get traction you should only worry about creating a basic TOS&PP before launch? Then
by faizshah 11y ago
Ok, so in general you would say that when releasing a product and trying to get traction you should only worry about creating a basic TOS&PP before launch? Then if you start getting revenue >10k you should form an LLC/incorporate and get a lawyer to look over the TOS&PP?
- davismwfl 11y agoYep, in general. The revenue is a bit arbitrary based upon personal risk, but I use roughly the $10k figure or a steady pattern of growth to indicate I should make things more formal. If you have never setup a company before, you can expect it to cost you about $1-3k depending on where in the country you are and what type of attorney you use. I have done it a few times, so I now have template documents to work from that we just adjust for specific circumstances. So sometimes I can get away with no more than a few hundred dollars plus filing fees etc. Remember, when you incorporate, you need to get things like liability insurance, E&O insurance and a bunch of other things. Again, some of it can wait, other parts are more important to do early on. But always get a little traction and validation before spending a bunch of money, at least IMO.
- faizshah 11y agoThanks, I appreciate the advice!