I am starting with a friend this week just as a side thing. We know that it may or may not take off. We are building a fee base app. I am curious of what everyone is doing in terms of business formation. Which is the BEST for someone like us and why (risk, fees, etc.)? Thank you for your input.
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iOS Business formation
- Thread starter HiFiGuy528
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If it is a free app, then just do it personal. Otherwise a partnership or LP would be best, so you aren't liable for any problems personally.
TEG
TEG
I would form a partnership if you're planning to charge for it, at very least, if not a limited liability partnership so you each have limited liability protections similar to that of shareholders in a corporation.
Personally I'm just going with a sole proprietorship for now as its easier to manage, its only myself, and if anyone did want to sue me its not like they'd get anything except my college loans.
Personally I'm just going with a sole proprietorship for now as its easier to manage, its only myself, and if anyone did want to sue me its not like they'd get anything except my college loans.
If your also interested I've setup a company to help people who want to monetize their applications using advertising to provide a source of revenue as opposed to charging people in the App store. I work in mobile advertising and am in touch with tons of brands who want to have a presence in the mobile space.
Best part is, I won't charge you a dime till u start making money!
PM me if interested.
Best part is, I won't charge you a dime till u start making money!
PM me if interested.
We are meeting tomorrow night to discuss the app and business side of this. I'll hit you up once the ball is rolling. Thanks!
I'd look at an LLC. Here in WA state it costs about $150 to have an attorney do a name search and file the papers. This option also gives you a taxpayer ID separate from your social security number that you can use for operations and taxes. And of course you get limited liability which means your personal assets will be more-shielded from attack (which might mean something once you develop that million dollar app).