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If you have partners or upcoming hires, then you shouldn't look to any blog for guidance. If you're like me, hoping for traction to attract a good cofounder, th
by brlewis 18y ago
If you have partners or upcoming hires, then you shouldn't look to any blog for guidance. If you're like me, hoping for traction to attract a good cofounder, this seems applicable.
- blakeweb 18y agoI agree that following their advice of essentially ignoring the legal entity question for a while is the way to go short term, until you're ready to grow. I should have been more specific and said that the fact that they neglect to mention what you should do when it's time to grow, and only recommend creating a legal entity past the 5-year mark, tells me that they're definitely not focused on HN types as their target audience. They're targeting the self-employed.
- tptacek 18y agoIf you want a cofounder, you don't want a sole proprietorship, because you need to divide equity.
- brlewis 18y agoWhen I find a cofounder we can figure out what kind of corporation to form, transfer IP to it, and then split equity. Before incorporating, sole proprietorship is what you get by default. I wouldn't have had to fill out any paperwork at all except that I wanted to be able to advertise using the name OurDoings instead of Bruce Lewis.
- tptacek 18y agoWokay. That makes sense. Of all the things we had to do to start our company, incorporation was the least dramatic. Liability insurance is the real bitch.