Bootstrapper wants to incorp in Delaware on own to save $$.
Bootstrapping...lawyer wants 3500 to incorp me with the basics. I have incorporated many times but not in the SPECIFIC way it needs to be done for a statup seeking investment by FForF, angels, etc. I got the founder friendle docs: http://www.thefunded.com/funds/item/6085 from the funded. Im thinking about doing this myself to save ...oh about $3200. Any advice for? against?
Thanks,
Bootstrapping inChiTown
3 comments
[ 6.7 ms ] story [ 36.1 ms ] threadThe real question is "Do you need a corporation?" There are other entity types. This question has legal and tax implications.
Then the next real question - if three grand is real money (and in my world three grand buys a lot of food!) have you considered the time and financial cost of ownership of your corporation? For a one person corporation figure $3k per year minimum. I am such a corporation (in a figure of speech) and imagine getting a $4k bill for a tax return from your CPA. Anyway, you get the point. It ain't the cost of the obstetrician to deliver your baby. It is the care and feeding when you get home.
Finally. You are starting a business. If you are seeking outside investor or you plan to exit by selling out, don't do amateur hour stuff that will cause these outsiders to question your judgment.
Yes you can do it. Yes you can do it competently. It will never be cheap. Yes it is necessary to form a company if you are serious about doing business. Just do it right.
@philiphodgen