I’ve never started a company before. Are there any good resources for learning the fundamentals?
In the U.S., you should read about the LLC, S-Corp, and C-Corp. They have their tradeoffs depending on what your goals are.
One other thing I’ll mention is that it’s really important to have 2 or 3 founders. Being a sole founder in a startup is very difficult. Not only is there a lot of work but it’s often an emotional roller coaster so sharing the experience with someone is immensely helpful. Not to mention having someone to brainstorm with when making the big decisions.
Here’s a good resource with some more details.
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Maybe the most important thing is to make sure you talk to your cofounders very, very early on. Who is going to do what? Who is going to be CEO? When you incorporate - what is the share split going to be (it should be 50-50)?
This is critical! Most startups fail because of co-founder disagreements. Set yourself up for success and talk about it early on.