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Thread: What Entity Do You Recommend?

  1. #11
    Registered Member
    Join Date
    Feb 2014


    I agree with Harold,

    You need to develop your plan with the up most professionalism and expect the VC to have their MBA's in place with the purse strings in hand. It is possible and I have the worst memory and I might have some of the detail wrong.

    But if my memory is correct the Google boys got their first $100,000.00 by visiting their prospective investor at his home. Their demonstration was mind numbing and he cut the check on the spot. The boys had the name Google but nothing else not even a bank account. The rest is history...RR

  2. #12


    You don't need a legal entity to conduct a business, although it may be advisable in some instances. Paul is right, you can really worry about that later.
    Since I don't live in the U.S. my view is of limited use in this discussion, as I am not familiar with the specific intricacies of your legal entity types.
    What I can say is that contract law has some "universal" principles.
    Make sure that, at least among yourselves, you have clearly agreed and written down your expectations, especially with regards to patents. Remember that, although the 18 year old can transact on behalf of the partnership with others, there are limitations in terms of how much he / she can transact with the rest of you - as he / she is an adult and you are minors. This means that all of you should really be assisted by your parents in your dealings with one another. I can just imagine the nightmare if, after turning 18, one of the minors repudiates the contract.

  3. #13
    Registered User
    Join Date
    Jan 2009


    You're 15 yrs old and have been studying business administration and management for six years? How's that?
    You need to consider that potential investors want to hear cold hard facts. Not spins or unverifiable assumptions. That will include a business plan that answers a lot more questions than the few you presented.

    If you are skipping a visit to an attorney because you can't afford it, you're already setting yourself for heartbreak and failure. Don't waste time and resources on creating a business and/or product before getting the legal counsel that you need. First visits are often free and you can get quite a lot of good information.
    Free business plan tutorial and step by step how to start your own business.


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