6 ms·
I considered the Stripe Atlas route because I wanted someone to handle things for me & make it easy. I ended up finding a friend recommended accountant who cou
by mattferderer 6y ago
I considered the Stripe Atlas route because I wanted someone to handle things for me & make it easy.
I ended up finding a friend recommended accountant who could handle my taxes & help me setup everything.
An option I didn't know about that seems to work out really well for tiny 1 or 2 person startups not looking to raise money is a LLC taxed as an S-Corp.
I would recommend both finding a good accountant (or 2) and having them help you set it all up with you. This way you have a person you can bounce questions off of throughout the year.
Another item I learned. Pick your bank wisely. A lot of people were left high & dry for a long time when looking to get the PPP loan this year. You need a bank that's actually going to care about you and doesn't think you're not worth their time. I heard a lot of people who couldn't get a hold of their bank & the bank didn't return their calls.
Also don't expect anyone to loan you money for a mortgage or personal reason until after running the business for 2 years. Your income won't be counted, no matter what to most banks.
The USA has a lot of hurdles & pains if you want to run a business but once you cross the moat, it can be much better than being a W-2 employee for someone else.
- andrewflnr 6y agoHow do you tell before the crisis whether your bank is going to care about you?
- jjeaff 6y agoPretty much any small bank or credit union will work with you. All large banks are complete garbage to all but their wealthiest customers.