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Lessons from my first exit

(mtlynch.io)
410 points saeedesmaili | 6 comments | 14 Nov 24 07:32 UTC | HN request time: 0s | source | bottom
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adwn ◴[14 Nov 24 11:42 UTC] No.42135262[source]▶
> I had a dedicated TinyPilot GCP project, but it was within my personal Google account.

This sounds crazy to me. Never ever mix your business and personal accounts for anything! The point of an LLC (in any jurisdiction) is to keep your personal and business concerns separate, so why would you break that rule for Google? Which is why my reaction to these lines:

> I always sent emails related to the business from my @tinypilotkvm.com email address.

> I always used @tinypilotkvm.com email addresses whenever signing up for services on behalf of TinyPilot.

was along the lines of "Well, DUH!" Of course, that's the first thing you do with a new business: dedicated bank account, dedicated email address.

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1. anonzzzies ◴[14 Nov 24 12:18 UTC] No.42135503[source]▶
I don't know which project is going to make it and which is not; will be very painful opening companies for all of these. So I open one once something is doing $5k+/mo only.
replies(3): >>42135693 #>>42135812 #>>42136235 #
2. adwn ◴[14 Nov 24 12:47 UTC] No.42135693[source]▶
That doesn't really contradict my point. Create separate accounts as soon as you open a business, not as as soon as you create a new directory under ~/projects/.
replies(1): >>42135938 #
3. eadmund ◴[14 Nov 24 13:06 UTC] No.42135812[source]▶
The pain and cost very much depend on one’s jurisdiction (hey, once upon a time it literally required an act of Parliament!). And there are levels to it, too. Absolutely, the first time one sets up a company one needs to hire a lawyer. But after that it’s more of a judgment call.

$5k/month is $60k/year — I am not myself comfortable with the unlimited personal liability risk that brings without a company.

replies(1): >>42135918 #
4. anonzzzies ◴[14 Nov 24 13:22 UTC] No.42135918[source]▶
> $5k/month is $60k/year — I am not myself comfortable with the unlimited personal liability risk that brings without a company.

Yeah, here that's not such a problem; I wouldn't do a LLC at all if it would not really help with selling it.

5. anonzzzies ◴[14 Nov 24 13:25 UTC] No.42135938[source]▶
Yeah, so my entries under ~/projects are 'new' until $5k/mo, so that works.
6. croisillon ◴[14 Nov 24 14:07 UTC] No.42136235[source]▶
if you have a couple projects making a couple thousands a months, you could still open one company to manage those projects