A Y Combinator Story - What's the interview like?(aaronsw.com)
aaronsw.com
A Y Combinator Story - What's the interview like?
http://www.aaronsw.com/weblog/001679
13 comments
This made me laugh, lol:
"Paul explains. 'Haven't you seen the Segway he built?' We walk into the other room. 'See, this is typical Trevor-logic. He wants to lose weight so he starts biking to work, but biking is too easy so he teaches himself to unicycle. Then when he builds his own Segway, he decides that two wheels are redundant, so he builds a self-balancing unicycle." :p
I am wondering why it costs $1000 to incorporate in Delaware? That is quite a lot compared to how much it costs us in Canada.
"Paul explains. 'Haven't you seen the Segway he built?' We walk into the other room. 'See, this is typical Trevor-logic. He wants to lose weight so he starts biking to work, but biking is too easy so he teaches himself to unicycle. Then when he builds his own Segway, he decides that two wheels are redundant, so he builds a self-balancing unicycle." :p
I am wondering why it costs $1000 to incorporate in Delaware? That is quite a lot compared to how much it costs us in Canada.
Perhaps that includes some fees for lawyers and things of that ilk? You can go to a lot of those web sites and get incorporated for much cheaper.
Never having done this before, though, I don't know what the difference is between an el cheapo site, an expensive law firm, or much of anything else.
Never having done this before, though, I don't know what the difference is between an el cheapo site, an expensive law firm, or much of anything else.
That must be it. I incorporated my dad's company as a sole-proprietor and it was dirt cheap. I am guessing the process gets complicated when more than one founder is involved. Blood thirsty lawyers!
If you're in Canada, and you set up a sole proprietorship for your dad, then you didn't incorporate it. Corporations and sole proprietorships are mutually exclusive categories of companies. Setting up a sole proprietorship is as easy as going to a business kiosk and filling out some forms.
Setting up a sole proprietorship is as easy as going to a business kiosk and filling out some forms.
I think in BC you don't even need to register if you use your own name, so it's completely free (money/bureaucracy).
I think in BC you don't even need to register if you use your own name, so it's completely free (money/bureaucracy).
That is also true in Ontario, Canada; you are not required to incorporate if you're using your own name for the business.
You're using the word "incorporate" incorrectly, which was my original point. To incorporate means to start a corporation. Therefore, registering a sole-proprietorship is, by definition, not incorporation.
The more general term is "register", which applies to the three forms of business: sole-proprietorships, partnerships, and corporations.
What you're thinking of is a business name registration. If you do business as your exact name, you don't need to register a name. If you make more than, $30k (I think), then you do need to register for a GST number.
The more general term is "register", which applies to the three forms of business: sole-proprietorships, partnerships, and corporations.
What you're thinking of is a business name registration. If you do business as your exact name, you don't need to register a name. If you make more than, $30k (I think), then you do need to register for a GST number.
I'm curious about that whole aspect of things. At this point, they must have it down to some sort of a formula. What kinds of variables are there? Stock, board of directors? They've got to have something of a cookie cutter by now...
"We manage to get back around 1AM and Im stunned to see that kids are sitting and talking and playing ping-pong. Whats wrong with them?, I wonder. I just came back from an arduous journey and theyre playing like its nothing! I head up to my room, but nobody seems to notice a thing. My roommates are also just sitting at their computers, as if everything is normal"
I know the feeling. My friends and family do not understand my desire to start a company. The rush of creation that one expereiences when they are working for themselves makes all else seem insignificant and minor. Well put.
I know the feeling. My friends and family do not understand my desire to start a company. The rush of creation that one expereiences when they are working for themselves makes all else seem insignificant and minor. Well put.
Nice story. I like how the Y Team talks over the ideas and propose improvements to you. Seems like a really good environment to be in, everyone with energy and ideas feeding off of other's people energy and ideas.
Productive advice was continually coming at Aaron even before an offer was extended. Pretty cool, if you ask me.
I read this a little while ago. It's a really good story, especially the dialogue sprinkled throughout. I could almost hear the conversations as written, even "4 of 4"'s.
Delaware might charge more because of the simple fact that so many companies incorporate there. Finally, those "incorporate" services that charge a few grand basically give little advice and just fill the paper work out for you. They take advantage of the naive.