Monday, November 27, 2006

Why not starting your own company?

"David Cowan writes:

The winning recipe today for aspiring entrepreneurs is GET BIG CHEAP. Don't waste expensive development on untested ideas, and don't let a fat marketing budget mask a weak value proposition. If instead you tinker your way to scalable organic growth, you'll have a valuable business on your hands. Don't worry about how long it takes,just make sure your burn rate is low enough to accommodate several cycles of iteration.
There's never been a better time to start a company. Find a community underserved by technology, be the disenfranchised American teenagers, bored commuters in Asia, or small business advertisers in Europe, and repeatedly craft a better user experience for them until you GET BIG CHEAP."

And be sure to make your new corporation at the lowest price and where it suits you best.
What do you have to do?
1) Choose your company name
2) Decide who will be director, and who will be the officers (president, treasurer and secretary).
3) Decide how many shares do you want to issue.

Some states base their fee on number of shares issued. For example you can have 75 million of shares in Nevada and still pay the lowest filing fee of $75. In Delaware you would pay tens of thousands in legal fees. Some States allow only one person to hold all functions. For example Nevada is like that. You can be director, president, treasurer and secretary.

Many people ask what is the difference between LLC and S Corp? It is all explained here:

How much is it going to cost?
Much less than what you think.
I did it with Florida Incorporation but they offer incorporation in 50 states.
If you want to see difference in fees check this page:

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