Yeah I hear you on the horror stories. That's why I want to be sure we're doing things the right way from the start.

I hate that it's going to require so much effort just to test the waters on this business idea but I think you're right. And hell if it doesn't work out at least this whole process will be experience gained.

Thanks for the advice!

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Posted by hey benji

new orleans

Member since Sep 2013

402 posts

Posted on 7/30/15 at 2:21 pm to gamemc

here's a simple checklist:

llc paperwork
tax id number
bank account
someone who is in control of the money ( cpa / controller ) so you know exactly how much money you have at all times and how long you can live on that money

if there is any chance of this turning into a larger gig, discuss equity split now and get it out of the way. one of you will be doing more work than the other for sure and you don't want to build up resentment with your buddy.

have buddy time and business time and don't mix them unless you guys have been through some shite before and can handle stress as a team.

good luck :D

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Posted by LSUFanHouston

NOLA

Member since Jul 2009

37161 posts

Posted on 7/30/15 at 2:43 pm to gamemc

quote:
I hate that it's going to require so much effor

You should be able to knock out all the business formation documents with two hours of time spent in front of a computer one evening while drinking a cold one.

If what you are doing requires some sort of specialized license, may take time to deal with that.

With all the paperwork done you and your buddy can get the bank account set up over lunch and 55 min of that hour will the banker trying to sell you stuff.

The one piece of advice I can offer to any new business idea - no matter how big or small... is to take the time in the beginning to get things right and to get things legit. It will pay off in the long run.

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