Wow! Good for you! It looks like you are on the right track. I have been part of several startups and have launched and failed some myself as well and learned from the experience. I have also helped raised for startups. I won't necessarily speak to the financials, but your question got me thinki...
A new C corporation formed within the U.S. must file a federal income tax return (Form 1120) on an annual basis. The corporation may have to file a state corporate income tax return depending upon the state of incorporation and from which state the corporation operates. Income tax filings are g...
You could also try to establish a group of analysts that would meet with you (virtually or in-person) that would act as an advisory group, in exchange for seeing their product inputs considered, or possibly a period of free use of the app. The best way to find out their motivations for signing u...
Work with your Tax Preparer. I'd suggest H&R Block Executive Tax Services to ensure all your filings are correct.
I'm going to answer you with my own experience. The way you mentioned to divide the expenses makes total sense and it's consider the "rational" thing to do. I have seen it work many times and it's what many would consider "fair". The problem (and this is counterintuitive) is that we are humans w...
In my experience, and based on the way I coach my clients, creating a pricing model without first creating a business model is an indication of a poor strategy. That said, here are my thoughts based on the information you've provided: 1. You are incorrect about your assumption of "the less the...
I'm assuming you're talking about yourself, working for another company? The first thing to consider is that a "1099" is NOT an employee, rather an "independent contractor". The IRS takes it seriously when a company claims 1099 contractors, when in fact, these contractors are treated as employe...
Evaluating a prospective investment requires getting to know a company over time. There are four main stages of evaluation: a) The “first read” (which can be an instant reaction to determine whether the deal matches the firm’s strategy), b) The first meeting (in which the team can be evaluate...
This is a great question. The world of accounting/bookkeeping can be a confusing array of options for non accountants. Let's address the software question first. Let me start by saying that my firm is relatively agnostic to software, we work with dozens. I'm familiar with Xero and my firm ha...
This is anecdotal and I don't have data to confirm but the legal industry is very traditional - disruptive and innovative products can be a tough sell. I think the most important question that you need to answer is do people need legal translations?