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1) It makes perfect sense that a new account is created and that transactions pre-incorporation are not automatically imported. Your new company is required to
by markonen 8y ago
1) It makes perfect sense that a new account is created and that transactions pre-incorporation are not automatically imported. Your new company is required to have accurate books; you can't pretend that transactions executed before the company existed (ie. by you personally?) were actually executed by the company you've later incorporated.
2) SVB seems to be nobody's favorite bank, but it's quite clear to me that they have been chosen for their willingness to bank for every Atlas customer—including companies founded and operated by non-U.S. persons—without requiring an in-person visit. If this is not a problem for you then consider yourself lucky for having other choices.
3) Your third problem sounds like you've identified a better bank, but they have not accepted you as a client. How is that an issue with Stripe Atlas? They have simply identified and worked with a bank who was willing accept you.
- alexpetralia 8y agoI would recommend: Harvard Business Services + BofI bank for anyone looking for a Stripe alternative. I've had no issues so far and it's much cheaper ($150 for registered agent, free online banking).
- sah2ed 8y agoLinks? Please. Thanks!
- no1youknowz 8y agoHarvard Business Services: https://www.delawareinc.com/ https://www.delawareinc.com/ BofI bank: https://www.axosbank.com https://www.axosbank.com Would prefer a more concise answer by the OP though, with steps to how he created his LLC.
- ianamartin 8y agoI started using Bank of the Internet (now Axos) for my personal stuff after Simple got shitty. I've been extremely pleased with them. If I were starting a business today, I would absolutely go to them first.
- unethical_ban 8y agoWhat is wrong with Simple?
- mvkel 8y agoSimple doesn't offer business banking.
- unethical_ban 8y agoI don't think that is OP's point though - they switch personal banking for some reason. Also - I just got a letter that SoFi is doing debit cards now.
- mikob 8y ago1. OK, that makes sense, but it's not just the transaction data that wasn't imported, it's charges, invoices, plans, subscriptions, coupons, events, logs, and of course API keys. 2. There are other business banks that don't need in-person visits, eg. Azlo and Capital One Spark business. 3. You should be more careful about victim blaming. Azlo is willing to accept me as a customer, they just asked me to go through Stripe since I am a US Citizen that lives abroad and since I have Stripe Atlas.
- throwaway-hn123 8y agoNo one is victim blaming. Now quit your whining.
- adriand 8y ago> You should be more careful about victim blaming. I think you should be more careful with how you use the phrase "victim blaming", which is commonly used in cases of injustice towards victims of sexual assault in particular. You haven't been victimized, you've been inconvenienced and/or had a poor customer experience.
- whatshisface 8y ago>You haven't been victimized, you've been inconvenienced and/or had a poor customer experience. That sentence only makes sense if you redefine the word victimized to mean a special, set-apart form of extra bad victimization.
- hosh 8y agoBusinesses generally make decisions on economic interest aligning with incentive structure. It is not personal. Victims are specifically targetted, or some sort of personal boundary is violated. It can get very personal. We might sometimes talk about someone being a victim of an impersonal force. For example, someome being injured as a result of a tsunami. However, excessively attaching to the narrative of being a victim can prevent someone from continuing their grieving process and moving on with their life. That is not to say it cannot happen in the business world ... but I doubt that is the case here.
- ikinone 8y ago1) Actually in some countries it's entirely possible to attribute past actions to a new company. It sounded a bit odd to me at first, but when you think about it... why not? If a company is able to take on responsibility for something, it seems reasonable.
- hosh 8y agoIt is a difference when it comes to limiting the liability. The transactions undertaken outside of the incorporation (in the US at least) means that debt could be attributed to you personally. Your personal assets can be used to pay off the creditors ... whether you want that or not. However, if they are undertaken by the company, then creditors can get the assets that are put into the company, but not your personal assets. I don’t know which other country you are talking about or which legal structure ... even in the US, the extent of limited liability can vary depending upon which you use. There are partnerships, limited partnerships, S-corps, LLCs, sole proprietorships, etc.
- corebit 8y agoWhat you say is true, but corporations are always formed by people who are usually called "promoters". Legal liability for transactions/contracts undertaken by these promoters for the future corporation can be transferred to the corporation after it is formed with a novation agreement between the promoter and corporation (without consent of the contract partners). So there's a very clear road to what the OP wants, where transactions before corp formation belong to corp and only to corp, but yes, if that road isn't taken then liability could lie with him. Of course it all depends on state law, because in the US, corporations are creatures of the state.