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Our Experience with Stripe Atlas

130 points by CoreSet 7y ago

block_dagger 7y ago
I want to second the sentiments here - as a one-person Saas biz, Atlas made it a breeze for me to setup my LLC. Seeing the Visa card with my company name on it inspires me every day (yes I’m still wet behind the ears). I highly recommend Stripe and Atlas.
- deleted 7y ago
  [deleted]
andrew311 7y ago
Does Atlas setup vesting for the founders?
- deleted 7y ago
  [deleted]
- webel0 7y ago
  Yes, it can help you to issue shares to a certain extent. (I am currently waiting for my signed forms to be processed so have only read, not done that part.) You May be interested in this guide [0]. It discusses some of the considerations that go into the default vesting plan. [0] https://stripe.com/files/atlas/orrick-legal-guide.pdf https://stripe.com/files/atlas/orrick-legal-guide.pdf
- patio11 7y ago
  (I work at Stripe.) If one uses the founder stock issuance tool for C corps, it assists in setting up 4 year vesting 1 year cliff for all founders. For needs other than that, we’d recommend speaking to an attorney.
LordOfWolves 7y ago
Attempted Stripe Atlas user here. While the product looks great, it doesn’t cover all corner cases of business creation, so we ended up not being able to use it. It turns out that following this revelation, we had to scrap the associated Stripe account just to be able to rid ourselves of the “complete your Atlas application” (or similar) at the top of the dashboard too. Just one anecdote.
- philosopher1234 7y ago
  What corner cases did it not cover for you?
gentleman11 7y ago
Stripe Atlas advertises as a way for non American companies to incorporate, but I had trouble finding more information about what complications to expect as a foreigner who owns an American company
- estebarb 7y ago
  +1 to this. I know every case is different, but cases aren't that different. Examples on paying taxes, recurrent costs, important dates won't hurt, and give a better idea of what people is getting into.
webo 7y ago
Does anybody know if there’s a strict requirement to use Stripe’s payment processing when part of Atlas? Or can you still use Adyen, authorize.net and the like?
- granzymes 7y ago
  No requirement to use any particular payment processor.
- patio11 7y ago
  I work at Stripe. Absolutely not; your company is your company. We’d be thrilled if you used our other services, but feel like we should have to win your business by being the best rather than by lock-in. (We even help people get DUNS numbers to facilitate taking payments via app stores, etc.)
  - webo 7y ago
    Thanks Patrick.
finsrud 7y ago
I love Stripe. And I agree that Atlas makes incorporation process quite easy. But when I hear about a SaaS startup being organized as an LLC, I wonder if the founders considered the potential benefits of "qualified small business stock" or QSBS, which is only available in a c-corp. With QSBS, each founder and investor can supersize their exit proceeds by wiping out at least $10 million in U.S. taxes. (See https://www.businessinsider.com/qsbs-qualified-small-business-stock-startups-criteria-taxes-2019-12 https://www.businessinsider.com/qsbs-qualified-small-busines...).
- novaleaf 7y ago
  but how do you avoid double taxation with a c-corp? I setup a c-corp via stripe but switched to s-corp because of this.
  - finsrud 7y ago
    Most startups on the venture track aren't profitable or reinvest any profits into growing the business. No profits = no tax. So double taxation usually isn't a problem.
    - novaleaf 7y ago
      thanks, good info!
- Jaxkr 7y ago
  Most startups convert from an LLC to a C-Corp when they first formally fundraise.
  - finsrud 7y ago
    True. But the 5 year holding period doesn't start until conversion to a c-corp. So, plan accordingly.
    - siegel 7y ago
primitivesuave 7y ago
I used to teach middle and high school kids how to code for several years. Two of my students were particularly prodigious programmers who turned their prototype of an idea into a real company making real money thanks to Stripe Atlas. With such an accessible avenue to entrepreneurship we are bound to see many more entrepreneurs.
yazr 7y ago
As a non-US person, is there anyway to bill using Stripe without incorporating? I dont mind withholding tax, etc, i just want to be able to bill and track the initial revenues. AFAIK, Stripe is not available in all-EU countries. Paypal just works in this case.

130 points by CoreSet 7y ago

I want to second the sentiments here - as a one-person Saas biz, Atlas made it a breeze for me to setup my LLC. Seeing the Visa card with my company name on it inspires me every day (yes I’m still wet behind the ears). I highly recommend Stripe and Atlas.

deleted 7y ago
[deleted]

andrew311 7y ago

Does Atlas setup vesting for the founders?

deleted 7y ago
[deleted]
webel0 7y ago
Yes, it can help you to issue shares to a certain extent. (I am currently waiting for my signed forms to be processed so have only read, not done that part.) You May be interested in this guide [0]. It discusses some of the considerations that go into the default vesting plan. [0] https://stripe.com/files/atlas/orrick-legal-guide.pdf https://stripe.com/files/atlas/orrick-legal-guide.pdf
patio11 7y ago
(I work at Stripe.) If one uses the founder stock issuance tool for C corps, it assists in setting up 4 year vesting 1 year cliff for all founders. For needs other than that, we’d recommend speaking to an attorney.

LordOfWolves 7y ago

Attempted Stripe Atlas user here. While the product looks great, it doesn’t cover all corner cases of business creation, so we ended up not being able to use it. It turns out that following this revelation, we had to scrap the associated Stripe account just to be able to rid ourselves of the “complete your Atlas application” (or similar) at the top of the dashboard too. Just one anecdote.

philosopher1234 7y ago
What corner cases did it not cover for you?

gentleman11 7y ago

Stripe Atlas advertises as a way for non American companies to incorporate, but I had trouble finding more information about what complications to expect as a foreigner who owns an American company

estebarb 7y ago
+1 to this. I know every case is different, but cases aren't that different. Examples on paying taxes, recurrent costs, important dates won't hurt, and give a better idea of what people is getting into.

webo 7y ago

Does anybody know if there’s a strict requirement to use Stripe’s payment processing when part of Atlas? Or can you still use Adyen, authorize.net and the like?

granzymes 7y ago
No requirement to use any particular payment processor.
patio11 7y ago
I work at Stripe. Absolutely not; your company is your company. We’d be thrilled if you used our other services, but feel like we should have to win your business by being the best rather than by lock-in. (We even help people get DUNS numbers to facilitate taking payments via app stores, etc.)
- webo 7y ago
  Thanks Patrick.

finsrud 7y ago

I love Stripe. And I agree that Atlas makes incorporation process quite easy. But when I hear about a SaaS startup being organized as an LLC, I wonder if the founders considered the potential benefits of "qualified small business stock" or QSBS, which is only available in a c-corp. With QSBS, each founder and investor can supersize their exit proceeds by wiping out at least $10 million in U.S. taxes. (See https://www.businessinsider.com/qsbs-qualified-small-business-stock-startups-criteria-taxes-2019-12 https://www.businessinsider.com/qsbs-qualified-small-busines...).

novaleaf 7y ago
but how do you avoid double taxation with a c-corp? I setup a c-corp via stripe but switched to s-corp because of this.
- finsrud 7y ago
  Most startups on the venture track aren't profitable or reinvest any profits into growing the business. No profits = no tax. So double taxation usually isn't a problem.
  - novaleaf 7y ago
    thanks, good info!
Jaxkr 7y ago
Most startups convert from an LLC to a C-Corp when they first formally fundraise.
- finsrud 7y ago
  True. But the 5 year holding period doesn't start until conversion to a c-corp. So, plan accordingly.
  - siegel 7y ago

primitivesuave 7y ago

I used to teach middle and high school kids how to code for several years. Two of my students were particularly prodigious programmers who turned their prototype of an idea into a real company making real money thanks to Stripe Atlas. With such an accessible avenue to entrepreneurship we are bound to see many more entrepreneurs.

yazr 7y ago

As a non-US person, is there anyway to bill using Stripe without incorporating? I dont mind withholding tax, etc, i just want to be able to bill and track the initial revenues. AFAIK, Stripe is not available in all-EU countries. Paypal just works in this case.