Posts by analogwalker32

Thomas Ortiz3 said:I don't quite follow why a company would feel the need to appoint four separate directors. Is that really necessary? If a director isn't actually performing any duties, why bother with the title at all? Wouldn't just listing them as a founder or shareholder suffice...

Yeah, I'm lost on that one too. 🙂

Anyway, in the specific situation I was talking about, there's zero need (or intention) for everyone to be an executive. I was just wondering how the equity contributions work.

One more thing—where can I find this kind of info outside of this forum? I checked out some sites like Investopedia, but everything there assumes there's just one single founder who also happens to be the CEO...

And what’s the deal with students? Can they be listed as founders while still keeping their student status/benefits, or does that mess things up?

Forgot to mention that ALL the founders are unemployed...

If you set up an LLC and aren't working anywhere else, the founder basically has to be on the payroll just to satisfy the IRS, paying minimum taxes starting from $997.

What I’m really wondering is if there are two or more founders (partners, co-owners), do they all have to be officially employed and paying those minimum $997 to the government?
I'm asking because for a startup with 3 or 4 founders, dropping $9,000 - $4.00 right out of the gate feels like a massive hit before the business even gets off the ground.

If this is unavoidable, what are the workarounds? And how can other members join the ownership later on (besides that one required person)? Is there actual legal paperwork for this, or is it mostly just handshake deals?

Thanks...