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VBird

No Existing Company

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So I have a company name, plan to create a company and get my business license, but do not wish to do so until I have a team and some sort of project mostly put together. Should I write up a contract for the pre-company ( for lack of better words ) activities or just sort everything out once I actually get my business license?

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You certainly can do some preliminary business between others and yourself, as an individual, however it's probably best to try and get the business set up early, simply because I imagine that having some sort of legal issue that comes up which spans contracts or whatever between the individual and both the company and you as an individual would introduce unnecessary complication to an already unpleasant process. I'm no lawyer, mind you.

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VBird,
Why don't you visit your local SBA.gov office. Their purpose is to provide answers to small business owners. For FREE.

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Thanks for the replies. Sorry I'm back so late, was camping. I've talked with others about this and figure it is in my best interest to just set up business between individuals rather than start a business now. It is a little early to take that leap, especially with other financial demands I have. Though once there is an actual product and I can start a real business with the other individuals, I'm going to be tapping every resource possible for advice and legal answers. I've seen too many of my own family members drown themselves under the weight of their own businesses.

Again, thank you

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Quote:
Original post by VBird
figure it is in my best interest to just set up business between individuals rather than start a business now.

Make sure you execute a collaboration agreement between you.
http://www.sloperama.com/advice/article58.htm

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Does it really cost a significant amount to set up and maintain a company in the US? Ltd (equivalent of LLC I think) setup runs to about $100 in the UK.

Although I'd see no problem running as individuals to begin with as long as anything valuable is still protected; read Tom's article...

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It doesn't really matter if you set up a company or not at this point. What matters is that you have a contractual agreement so that the project can't get messed up later.

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