I haven't really gotten off the ground yet, just $15 in MRR. But I'd like to get started with some Google ads and business partnerships. I'm wondering if I should officially form a company with something like Stripe Atlas right now, or if I should wait to see if I get more traction first and hold off on paying the ~$500.
I'd advise you to focus on validating your Product Market Fit, then going to legal things. Your time is limited while legal stuff might take a looooot of time
That makes sense. But with Stripe Atlas, it seems like it could actually be pretty quick. And so the bigger downside would be the money.
Yes, wait till you make some significant recurring revenue. Several £100s / month. Think of it like this. You don't need to register your bicycle to a friend for £100. Similarly, if 10 people give you £10 but never come back again, then you don't yet have a sustainable business. Once you really have a business then you can register quite quickly.
How do you manage to get money from customers without a company ? I have not created one myself as I did not reach that point yet but I though it was required to receive payments.
Stripe or Paypal requires a company number no ?
I'm set up with Stripe but didn't need a company number, I don't think. I used my normal checking account.
Wait so long, as you can handle it legally without a company.
Things to consider
That's a good point about the company protecting your personal assets. I'm building poker software and charge $5/month, and I don't see any risks of my personal assets.
This comment was deleted 4 years ago.