mistertim Posted October 5, 2020 Share Posted October 5, 2020 I'm just starting a new company and I'm curious if any of you have experience in this realm (hopefully tech). I could use some advice and I figured ES family is a good place to get some decent advice. Link to comment Share on other sites More sharing options...
mistertim Posted October 5, 2020 Author Share Posted October 5, 2020 Yes I realize the OP is a tad vague. I'm mostly looking to talk to others who've been in the same predicament and might have some insightsl Link to comment Share on other sites More sharing options...
purbeast Posted October 5, 2020 Share Posted October 5, 2020 I was a cofounder on a startup with some other guys. I basically wrote the entire software and it was an iOS dating app. After like 4 years of work it went no where. The problem was we had no clue how to market it and we needed a lot more money than we ever thought we would need in order to do it properly. We also had no experience trying to raise funding and we could never even get discussions with anyone to even pitch them. Most of the companies we talked to about funding us said going to them with the software completed was actually a negative. Typically they would prefer it to be in conceptual phases. Which we did not expect because we thought having the cost of the software already be dealt with woul be great. But apparently it wasn't at all. So after like 4-5 years I just got off of it and it ended up going nowhere. I did learn a ton doing it though so that is good. Link to comment Share on other sites More sharing options...
CousinsCowgirl84 Posted October 5, 2020 Share Posted October 5, 2020 Just something I learned from sharktank, don’t outsource the writing of code if it’s an app you are writing... Link to comment Share on other sites More sharing options...
Captain Wiggles Posted October 5, 2020 Share Posted October 5, 2020 1 hour ago, mistertim said: I'm just starting a new company Found an LLC not an S corp. Less paper work n you don't have to file taxes quarterly. Link to comment Share on other sites More sharing options...
JSSkinz Posted October 5, 2020 Share Posted October 5, 2020 27 minutes ago, clietas said: Found an LLC not an S corp. Less paper work n you don't have to file taxes quarterly. Single member LLC's do have to file quarterly taxes but maybe it differs state to state, a Sole Proprietor does not have to file quarterly but files the same Schedule C that a LLC files although LLC's can also file as an S corp. Link to comment Share on other sites More sharing options...
Captain Wiggles Posted October 5, 2020 Share Posted October 5, 2020 14 minutes ago, JSSkinz said: Single member LLC's do have to file quarterly taxes but maybe it differs state to state, a Sole Proprietor does not have to file quarterly but files the same Schedule C that a LLC files although LLC's can also file as an S corp. In NC if you keep your LLC as a disregarded entity, no C or S corp tax rate, its supposed to be treated as if it doesn't exist basically. You just pass all the taxes to yourself n can file a 1040 normally. Its confusing AF here. I just pay an CPA now to handle it. Oh also don't go to HR Block if you have a business. They no know jack ****. Link to comment Share on other sites More sharing options...
JSSkinz Posted October 5, 2020 Share Posted October 5, 2020 5 minutes ago, clietas said: I NC if you keep your LLC as a disregarded entity, no C or S corp tax rate, its supposed to be treated as if it doesn't exist basically. You just pass all the taxes to yourself n can file a 1040 normally. Its confusing AF here. I just pay an CPA now to handle it. Oh also don't go to HR Block if you have a business. They no know jack ****. I do it because I don't like writing that check for the full amount when it's time to file, not that it changes what I pay but carrying tax liability and writing one big check at filing gives me anxiety. Link to comment Share on other sites More sharing options...
Spaceman Spiff Posted October 5, 2020 Share Posted October 5, 2020 Make sure you have all your tax stuff squared away. Make sure you know the local and state laws, for example if you live in Arlington, VA, not only are there tax laws for VA but also the city of Arlington. Not everyone has those, but make sure you don't overlook anything. And the best defense is offense. All offense, all the time. EDIT: And keep that monthly nut low. Avoid chasing shiny objects. Link to comment Share on other sites More sharing options...
EmirOfShmo Posted October 5, 2020 Share Posted October 5, 2020 I started an LLC in Virginia when I retired as I anticipated doing some part time IT (ERP) consulting locally. I file taxes as a Sole Proprietor and use Quickbooks Self-employed to track everything during the year. It integrates with Turbotax which I have used for years. QB is $25/month. As others have stated, spend time to calculate your estimated taxes now making sure to include ALL income (interest, cap gains/losses, etc.) not just your expected income from your LLC. Push the limits on the deductions but pay Fed, State & Local taxes on time. They don't like it when you're late Link to comment Share on other sites More sharing options...
Corcaigh Posted October 5, 2020 Share Posted October 5, 2020 2 hours ago, mistertim said: Yes I realize the OP is a tad vague. I'm mostly looking to talk to others who've been in the same predicament and might have some insightsl Any specifics? A decent source of info is Saastr.com. And the principal there, Jason Lemkin co-authored a book full of tips called From Impossible to Inevitable which could be worth reading dependent on your background. It mostly talks to entrepreneurs about positioning, sales and product-market fit. Link to comment Share on other sites More sharing options...
mistertim Posted October 5, 2020 Author Share Posted October 5, 2020 1 hour ago, clietas said: Found an LLC not an S corp. Less paper work n you don't have to file taxes quarterly. Filed as a a C-corp Link to comment Share on other sites More sharing options...
Captain Wiggles Posted October 5, 2020 Share Posted October 5, 2020 8 minutes ago, mistertim said: Filed as a a C-corp Ritzy. Thats just like what the big boys run. You'll be fortune 50 in no time. Good luck man. 🙂 Link to comment Share on other sites More sharing options...
TheGoodBits Posted October 5, 2020 Share Posted October 5, 2020 What kind of business? Link to comment Share on other sites More sharing options...
mistertim Posted October 5, 2020 Author Share Posted October 5, 2020 8 minutes ago, skinsfan_1215 said: What kind of business? Edge computing / infrastructure Link to comment Share on other sites More sharing options...
TheGoodBits Posted October 5, 2020 Share Posted October 5, 2020 3 hours ago, mistertim said: Edge computing / infrastructure Are you developing a software solution, providing managed services, consulting, etc? Link to comment Share on other sites More sharing options...
DCSaints_fan Posted October 6, 2020 Share Posted October 6, 2020 6 hours ago, mistertim said: Edge computing / infrastructure Another industry buzzword I had yet to come across... Link to comment Share on other sites More sharing options...
Hersh Posted October 6, 2020 Share Posted October 6, 2020 9 hours ago, mistertim said: Yes I realize the OP is a tad vague. I'm mostly looking to talk to others who've been in the same predicament and might have some insightsl what’s the predicament? Sent you a dm. Link to comment Share on other sites More sharing options...
mistertim Posted October 6, 2020 Author Share Posted October 6, 2020 22 hours ago, skinsfan_1215 said: Are you developing a software solution, providing managed services, consulting, etc? Providing managed services mostly. Basically building the infrastructure where companies can put their software. Very cloud-like but with the processing being pushed down to the edges of the network closer to where the devices request and send data. Link to comment Share on other sites More sharing options...
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