5 ms·

Howdy folks. I worked a wee bit on this and am happy to answer questions if you have them.

superasn 9y ago
Not that it is my intention to do it, but just for the sake of knowledge, what if I find that Stripe Atlas isn't for me and I want to close the company I've setup? What kind of work does that entail? Is it easy or hard? Thanks.
- patio11 9y ago
  It depends. If the company hasn't generated revenue yet, then the process is relatively straightforward, and we have an option to work with an attorney to get it done for a fixed $500. https://stripe.com/docs/atlas/next#dissolution https://stripe.com/docs/atlas/next#dissolution You can probably imagine that closing a company with actual assets / liabilities / pending legal claims / etc can get much, much more complicated. That sort of thing would be solidly "you need to ask a lawyer" level.
newusertoday 9y ago
any plan for atlas like program in asia?stripe is now supported in SG as well and taxes are way lower as compared to US.
- patio11 9y ago
  We have a rule that we never announce anything before we're ready to ship it. That said: the general scale of our ambitions is "incorporate a majority of all Internet companies, worldwide" and "materially impact global macroeconomic indicators." Anything needed to accomplish those things is in (eventual) scope for us.
csomar 9y ago
My issue is that it is still not clear how much you are going to pay in term of taxes. It seems like my first company that I created here in my country: You start discovering taxes as you move on. Could you for example create an article that demonstrates these following cases: 1. Exactly 0 activity. Cost to incorporate + yearly cost. 2. Some International sales (credit cards). Say 20k in sales 3. US sales. Say 20k in sales. 4. Example of deduction and how much it saves in taxes. These example can be very helpful. For example, if I'm expecting $20k in US sales, and have $15k expenses; I know that my taxes + accounting expenses will be between X and Y. I know that every situation is different but it kinda brings the feet back to the earth. It is not going to cost just to registration and the yearly franchising fee.
- patio11 9y ago
  I can give you reasonably firm quotes for tax preparation but I cannot give you quotes inclusive of taxes, because there is wide variance in situations and because "Estimate my taxes for me" is very firmly in the practice of accountancy and/or law. Getting started with Atlas is $500 flat, in all cases. The ballpark numbersfor yearly running costs, inclusive of the Delaware franchise tax, registered agent fee, the bank fee, and a tax return through the appropriate Atlas partner but not inclusive of corporate income tax or your personal tax situation: No activity: ~$1,000 $20k of sales, all US activity: ~$2,000 $20k of sales, cross-border activity: still rounds to ~$2,000 but the tax return preparation will cost ~$200 more
- gamblor956 9y ago
  Doesn't sound like you need to incorporate in the US given your bare-bones fact pattern (non-US company selling into the US) but you'd need to hire an accountant or tax lawyer to provide advice specific to your circumstances.
option_greek 9y ago
I will be posting this on atlas forum soon but wanted to ask here as well :). We incorporated last November. Is the delaware franchise tax payable again this march.
- patio11 9y ago
  Companies which incorporated in calendar year 2017 will owe their first franchise tax in March 2018.
wasd 9y ago
1. If you are already incorporated, is it possible to still use this service? 2. I know the world doesn't revolve around CA but a sure lot of tech happens here. Any chance you'll add CA franchise taxes too?
- joshdotsmith 9y ago
  I'm also curious about this. We were accepted into Stripe Atlas but too late – we ended up forming our company while on the waiting list and couldn't partake.
DenisM 9y ago
Why no S-Corp? Couldn't find an answer myself.
- patio11 9y ago
  S corps aren't a company type, they're a status you can elect for tax purposes. We didn't automate the process of making that election because we felt it was not a fit for most Atlas users. A Delaware C corporation can still elect S corp status; that's a "talk to your accountant" question. The primary reason people seem to want S Corps is to save social security taxes by putting their salary in one small bucket and their distributions in one larger bucket. Should we spend time enabling that, when our primary goal is accelerating the number and success of viable businesses creating wealth in the world? That does not sound like it is how we should spend a month of our lives.
  - DenisM 9y ago
    >that's a "talk to your accountant" question. I though it was the point here, to reduce such needs? Anything Atlas does can be solved by an accountant and a lawyer. As to reasons, S-Corp allows deducting losses from personal income. This saves a good chunk of money in the early stages. In fact there few reasons to avoid S-corp until you start picking up serious investments.

Not that it is my intention to do it, but just for the sake of knowledge, what if I find that Stripe Atlas isn't for me and I want to close the company I've setup? What kind of work does that entail? Is it easy or hard? Thanks.

patio11 9y ago
It depends. If the company hasn't generated revenue yet, then the process is relatively straightforward, and we have an option to work with an attorney to get it done for a fixed $500. https://stripe.com/docs/atlas/next#dissolution https://stripe.com/docs/atlas/next#dissolution You can probably imagine that closing a company with actual assets / liabilities / pending legal claims / etc can get much, much more complicated. That sort of thing would be solidly "you need to ask a lawyer" level.

newusertoday 9y ago

any plan for atlas like program in asia?stripe is now supported in SG as well and taxes are way lower as compared to US.

patio11 9y ago
We have a rule that we never announce anything before we're ready to ship it. That said: the general scale of our ambitions is "incorporate a majority of all Internet companies, worldwide" and "materially impact global macroeconomic indicators." Anything needed to accomplish those things is in (eventual) scope for us.

csomar 9y ago

My issue is that it is still not clear how much you are going to pay in term of taxes. It seems like my first company that I created here in my country: You start discovering taxes as you move on. Could you for example create an article that demonstrates these following cases: 1. Exactly 0 activity. Cost to incorporate + yearly cost. 2. Some International sales (credit cards). Say 20k in sales 3. US sales. Say 20k in sales. 4. Example of deduction and how much it saves in taxes. These example can be very helpful. For example, if I'm expecting $20k in US sales, and have $15k expenses; I know that my taxes + accounting expenses will be between X and Y. I know that every situation is different but it kinda brings the feet back to the earth. It is not going to cost just to registration and the yearly franchising fee.

patio11 9y ago
I can give you reasonably firm quotes for tax preparation but I cannot give you quotes inclusive of taxes, because there is wide variance in situations and because "Estimate my taxes for me" is very firmly in the practice of accountancy and/or law. Getting started with Atlas is $500 flat, in all cases. The ballpark numbersfor yearly running costs, inclusive of the Delaware franchise tax, registered agent fee, the bank fee, and a tax return through the appropriate Atlas partner but not inclusive of corporate income tax or your personal tax situation: No activity: ~$1,000 $20k of sales, all US activity: ~$2,000 $20k of sales, cross-border activity: still rounds to ~$2,000 but the tax return preparation will cost ~$200 more
gamblor956 9y ago
Doesn't sound like you need to incorporate in the US given your bare-bones fact pattern (non-US company selling into the US) but you'd need to hire an accountant or tax lawyer to provide advice specific to your circumstances.

option_greek 9y ago

I will be posting this on atlas forum soon but wanted to ask here as well :). We incorporated last November. Is the delaware franchise tax payable again this march.

patio11 9y ago
Companies which incorporated in calendar year 2017 will owe their first franchise tax in March 2018.

wasd 9y ago

1. If you are already incorporated, is it possible to still use this service? 2. I know the world doesn't revolve around CA but a sure lot of tech happens here. Any chance you'll add CA franchise taxes too?

joshdotsmith 9y ago
I'm also curious about this. We were accepted into Stripe Atlas but too late – we ended up forming our company while on the waiting list and couldn't partake.

DenisM 9y ago

Why no S-Corp? Couldn't find an answer myself.

patio11 9y ago
S corps aren't a company type, they're a status you can elect for tax purposes. We didn't automate the process of making that election because we felt it was not a fit for most Atlas users. A Delaware C corporation can still elect S corp status; that's a "talk to your accountant" question. The primary reason people seem to want S Corps is to save social security taxes by putting their salary in one small bucket and their distributions in one larger bucket. Should we spend time enabling that, when our primary goal is accelerating the number and success of viable businesses creating wealth in the world? That does not sound like it is how we should spend a month of our lives.
- DenisM 9y ago
  >that's a "talk to your accountant" question. I though it was the point here, to reduce such needs? Anything Atlas does can be solved by an accountant and a lawyer. As to reasons, S-Corp allows deducting losses from personal income. This saves a good chunk of money in the early stages. In fact there few reasons to avoid S-corp until you start picking up serious investments.