Day one

Starting a company that merits being called a "startup" in Silicon Valley is nothing to take lightly. The legal implications are huge and the rewards larger than life. This is a story of how I am taking someone with no prior corporate experience and mentoring to a corporate President; all the while making a success out of a shoestring startup.




To date:

1. The corporation articles of incorporation are certified and all fees are paid.


2. The IRS has issued an EIN.


3. Dunn and Bradstreet has issued an account number.


4. We have had our first incorporators meeting and have elected our directors and adopted the ByLaws.


5. We have a business plan for the first year.

A note about all of this. You can get all the paperwork you need from Dunn and Bradstreet to start a corporation. Yes you will need proper legal advice. One school of thought is hire the legal advice early on, while another says to do everything you can on your own and hire the legal help later down the road. I have chosen the later as I have many years experience forming corporations. Get your Dunn and Bradstreet number for free and get it early on. It builds your companies credit rating faster. About a business plan. If you cannot put it into words into one page it is not worth attempting. Reason being the simpler plan has more merit as all founders of companies have a lot on their plate early on.

Next week I will talk about stock options and your intellectual property.