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Fun fact: nobody owns a C corporation until the company actually issues shares, which is a good thing to not forget to do. (Occasionally discovered by serious p
by patio11 8y ago
Fun fact: nobody owns a C corporation until the company actually issues shares, which is a good thing to not forget to do. (Occasionally discovered by serious professionals during due diligence, at which point fixing it will cost, at the minimum, an unfun professional services bill(s).)
(The instrument which issues shares to Cofounder X will, in most cases in Silicon Valley, condition it on vesting via a repurchase right or similar mechanism.)
- uiri 8y agoIs this the kind of thing which has tax consequences? Interesting thought experiment for a US expat setting up a local corporation: at what step in the process does FATCA actually come into play?
- kgwgk 8y agoIt’s the kind of thing that has to be done in the first board meeting. Otherwise the company would be operating outside the law.
- gammateam 8y agoFATCA comes into play when you have a bank account and primarily when it has over $10,000 in it If you dont have a BANK ACCOUNT and with national currency or securities in it, then there is no FATCA Hm if that wasnt clear, stablecoins/crypto are exempt. Several stablecoins are FDIC insured according to the issuer. Form a US company just to access the international banking system and put a title on rent and pay for a github account. Let your international company just use crypto.
- raverbashing 8y ago(a Foreign bank account, one might add)
- uiri 8y agoI really hope you haven't been neglecting to fill out form 5471 and form 8938 based on a misunderstanding of reporting requirements. FBAR requirements are separate and distinct from FATCA.
- gammateam 8y agoDoesnt matter if you dont use banks