Welcome, Guest. Please login or register.

Login with username, password and session length

 
Advanced search

1411283 Posts in 69325 Topics- by 58380 Members - Latest Member: bob1029

March 29, 2024, 05:44:46 AM

Need hosting? Check out Digital Ocean
(more details in this thread)
TIGSource ForumsDeveloperBusinessStarting the Company
Pages: 1 [2]
Print
Author Topic: Starting the Company  (Read 33154 times)
Movius
Guest
« Reply #20 on: January 03, 2008, 09:04:11 AM »

Eating well and exercise won't stop an oncoming car running over your leg, someone dropping a large weight on your hands or deep-vein thrombosis.
Logged
ஒழுக்கின்மை (Paul Eres)
Level 10
*****


Also known as रिंकू.


View Profile WWW
« Reply #21 on: January 03, 2008, 09:15:18 AM »

That's true, but those are the kinds of things an emergency room would treat for free anyway.
Logged

Movius
Guest
« Reply #22 on: January 03, 2008, 09:35:22 AM »

That depends where you are. I would hazard a guess that it would only be 'free' to the point of making sure they don't have to work out where to dispose of your corpse. (I know that here (South Australia), at the very least you will have to pay for any Ambulance trip if you don't have ambulance cover.) You would probably have to cover any costs due to a lengthy rehabilitation yourself.

Then theres the obvious examples of stuff like cancer, infectious diseases, etc.
Logged
ஒழுக்கின்மை (Paul Eres)
Level 10
*****


Also known as रिंकू.


View Profile WWW
« Reply #23 on: January 03, 2008, 09:40:35 AM »

That's true, and I'm not saying medical insurance is necessarily bad if you can afford it and know not to trust everything your doctor says and do your own research too, but it's also that many people in the US can't because it's so expensive (it's more expensive than rent in some places); something like 20% of us or so don't have it here, and the people who don't have medical insurance actually don't live any shorter lives than those that do have it.

And cancer and infectious diseases depend to a large part on diet and exercise too, and hygiene; in some areas they don't have anywhere near as much cancer as they do in industrialized nations for instance.
Logged

marshmonkey
Level 2
**


this is personal


View Profile WWW
« Reply #24 on: August 15, 2008, 07:29:24 AM »

The cost of an LLC changes a lot by state.  California has a yearly $800 "tax" for running an LLC incorporated there.  In Arizona it's a one-time fee of $60, and that's it.

Matt, is this true regardless of if the company has any income or not?

*edit* did some of my own research

Quote from: da gumvint
Every LLC that is doing business in California or that has articles of organization
accepted or a certificate of registration issued by the SOS is subject to the
$800.00 annual tax. The tax must be paid for each taxable year until a certificate
of cancellation of registration or of articles of organization is filed with the SOS.
For taxable years beginning on or after January 1, 2003, an LLC as described in
Internal Revenue Code Section 501(c)(2) and 501(c)(25) and California Revenue
and Taxation Code Sections 23701h and 23701x is exempt from the annual
LLC tax.

That really blows
« Last Edit: August 15, 2008, 07:37:08 AM by marshmonkey » Logged

Tobasco Panda
Level 2
**



View Profile
« Reply #25 on: August 15, 2008, 11:01:20 AM »

This is a really fantastic thread, should it be moved into one of the sticky threads? It definitely covers a wide variety of concerns for starting out and would be a great resource to keep around!

Thanks for Frosty (and everyone else who has) for sharing your experiences with all of us!  Gentleman
Logged
marshmonkey
Level 2
**


this is personal


View Profile WWW
« Reply #26 on: August 15, 2008, 12:08:00 PM »

I will have to do some research on this, but does anyone know what kind of companies are exempt from the CA tax as mentioned here?

Quote
For taxable years beginning on or after January 1, 2003, an LLC as described in
Internal Revenue Code Section 501(c)(2) and 501(c)(25) and California Revenue
and Taxation Code Sections 23701h and 23701x is exempt from the annual LLC tax.

*edit* quick check reveals they mean non-profit and charity type stuff.
Logged

Woodsy Studio
Level 0
*



View Profile WWW
« Reply #27 on: October 17, 2014, 07:38:17 AM »

Thanks for this thread, primarily because of this overall philosophy:

Quote
It's not as hard as you might think.

When I first clicked on the thread title I expected to see a long list of complicated instructions on starting and running your own business. As someone who's doing this right now, it's refreshing to be reminded that the process isn't always as intimidating as it seems, as long as you're willing to bear down and commit to it!



Logged
SpudTheBlackLab
TIGBaby
*


View Profile
« Reply #28 on: August 09, 2015, 03:49:39 PM »

I agree, it is nice to see it really isn't that hard. But I wonder about things like how do you decide between Sole Proprietorship and LLC? I don't know the differences enough to even make an educated guess about it, is there a resource somewhere that lays it all out? Or what do most indies do? Also, at what point do people typically incorporate? Like, after the game is up and running or before you do anything else?
Logged
StrayCatRock
Level 0
**


View Profile
« Reply #29 on: August 10, 2015, 05:15:20 AM »

I agree, it is nice to see it really isn't that hard. But I wonder about things like how do you decide between Sole Proprietorship and LLC? I don't know the differences enough to even make an educated guess about it, is there a resource somewhere that lays it all out? Or what do most indies do? Also, at what point do people typically incorporate? Like, after the game is up and running or before you do anything else?

http://www.entrepreneur.com/encyclopedia/sole-proprietorship
http://www.entrepreneur.com/encyclopedia/limited-liability-company

I don't know the conditions in USA but here in Belgium, even for a sole proprietorship, you have to pass a business exam about these kind of things to be authorized to start a business, that's the bare minimum....
Logged

Reign
Level 0
*


View Profile
« Reply #30 on: April 18, 2016, 11:59:55 AM »

I agree, it is nice to see it really isn't that hard. But I wonder about things like how do you decide between Sole Proprietorship and LLC? I don't know the differences enough to even make an educated guess about it, is there a resource somewhere that lays it all out? Or what do most indies do? Also, at what point do people typically incorporate? Like, after the game is up and running or before you do anything else?

http://www.entrepreneur.com/encyclopedia/sole-proprietorship
http://www.entrepreneur.com/encyclopedia/limited-liability-company

I don't know the conditions in USA but here in Belgium, even for a sole proprietorship, you have to pass a business exam about these kind of things to be authorized to start a business, that's the bare minimum....




I have started several businesses in the US and there is no exam necessary. Requirements and the type of business formed vary from state to state, but there are some universal requirements before filing your entity. Getting an EIN from the IRS is necessary with most forms of filings although there are a limited few that allow you to use your personal SSN instead.

Changing the filing status of an entity can get complicated. The advice that I and the investors I work with always recommend is to look at what your plans are in the future and what sort of barriers might be prevented by specific types of filings. If you are planning on seeking private investment or taking on an institutional round of funding, it is important to know what is the most ideal structure to allow that to take place. Even if that is late stage or something that is not your first choice, it is worth considering things not going exactly according to plan and accounting for a plan B or C in your funding plans.

I generally recommend a C Corporation. It allows for shift in equity and is beneficial for all parties. It is a little tricky to set up initially. I don't recommend Sub S class filings. Filing as a standard LLC works as well. What is most meaningful are the details of the operating agreement. This will determine what ownership and management capacity each individual partner/owner/shareholder will have. In many cases, the absence of an operating agreement will revert all decisions rights to an equal partnership from a legal standpoint.

An example would be 3 partners - Albert, Brandon, and Charles. Albert owns 50%, Brandon owns 19%, and Charles owns 31% of the company. They have an operating agreement which gives each an equal vote in board meetings and Brandon has full operational control of the business as the President. Albert is the CEO, Brandon is the COO and Charles is the CFO of the company. Inside the agreement there are guidelines for how the business is supposed to be run and specifics about when board votes are to be called. Outside of that, day to day operations and decision making falls to Brandon. Though he has the lowest ownership, he has operational control based on the operating agreement. If they were to take on outside investment, Brandon would still remain in his positions unless a new operating agreement is drafted as part of the investment deal.

This is a very limited example and the details can get far more complex. It is important to note that doing this ahead of time and having knowledge of this is attractive to people looking to make a placement in a company. With most indie games, I have found that early stage placement hinges on the faith in the team rather than the project. Bet the jokey, not the horse, so to speak.  There are a lot of business resources out there and with a site like this I am sure that there are people who can point you in the direction of a mentor, consultant or industry veteran who can help you out.

Sorry for the long winded post and the thread necro. It caught my attention and if this was addressed somewhere, I will post there from now on.
Logged
Pages: 1 [2]
Print
Jump to:  

Theme orange-lt created by panic