Stripe Atlas, for the uninitiated, is a type of business-in-a-box setup resolution supplied by Stripe.
Supposed for startups and “web companies”, Stripe means that you can incorporate as both a C Corp or an LLC, setup a Stripe dashboard, open a enterprise checking account, and carry out routine starting-a-business-chores like assigning any pre-existing IP to the enterprise, or formally designating possession shares – all from a central dashboard inside your Stripe account. It prices $500 and all the course of takes about two weeks. It additionally consists of some goodies like $5,000 in AWS credit – or $100,000 in GCP credit (public cloud economics in a single sentence!).
Stripe Atlas review, We right here at formcake (which is a pleasant manner of claiming simply us 4 guys) used Stripe Atlas and thought we would share our expertise.
Day 1 – Signing Up
The preliminary signup was a collection of kinds asking for progressively extra private data. For all 4 of us we supplied:
- driver’s license pictures
- social safety numbers
- bodily mailing addresses
As a part of the method, regardless of how many individuals shall be concerned within the firm, it’s worthwhile to select one principal consultant to ahead all this data to Stripe, together with responses to a few quick (< 250 characters) questions in regards to the nature of your enterprise – what kind of enterprise is it, what items/companies you present, and so forth) so select somebody organized! David, our chosen sacrifice, was nice about hounding us every individually to offer the required data and we bought every part submitted the identical day that he began the information-gathering course of.
Day three – A Hiccup
Once I was navigating to the Atlas web page in our Stripe Dashboard one thing curious occurred. The banner on the prime that claims “We receved your software on X” had gone away and a CTA exhorting me to submit was displayed. We contacted Stripe they usually admitted there have been some points on their finish. We shortly resubmitted our documentation.
Day 6 – Paperwork!
One of many funnest components – on the sixth day we signed all our documentation incorporating our LLC (“Cake Industries”). We verified our possession percentages, assigned all the prevailing IP to the corporate, and simply usually put a hoop on it.
Day 10 – Financial institution Account
Once you join Stripe Atlas, you may elect to additionally open a checking account with Azlo, a well-liked Silicon Valley financial institution. One neat a part of selecting this feature is that as quickly as your checking account opens your Stripe account is instantly in a position to settle for funds. There is not any two-day or extra verification interval like if you often add a financial institution to a Stripe account.
For us this labored out completely. We had already developed all the software utilizing the take a look at keys from certainly one of our private Stripe accounts (mine) so we had all of the logic. Once we added the dwell keys for our new Atlas Stripe account we might create customers at signup and subscribe them to a plan like earlier than, however when a buyer tried to submit a fee they bought a generic error message about our account not being configured.
This allowed us to soft-launch the appliance to family and friends, permitting them to enroll however locking everybody into our free Sandbox tier. If another person tried to enroll and pay us, that admittedly would suck however we weren’t fearful excessively.
Day 14 – EIN
Admittedly not as enjoyable as “with the ability to settle for funds” as a milestone, receiving our Employer Identification Quantity and getting our tax geese in a row was nonetheless an enormous second. We had been much more offical!
For us, a bootstrapped, four-person SAAS enterprise, Stripe Atlas was a killer. With the ability to pay for a easy plug-and-play choice to start out an LLC (essential for us since LLCs make far more tax sense for small companies than C Corps) consolidated 1,000,000 completely different small duties right into a pleasant course of and UI – all beneath the aegis of an organization we clearly trusted so deeply that we had already made the choice to depend on them for fee processing.
On prime of that, contemplating that we have now already secured $1,000 of the promised $5,000 in AWS credit, we have already paid for the $500 price of the appliance twice over.
And we did not simply get the one-time shot of the setup and incorporation of a brand new firm. Going with Stripe Atlas sooner or later provides us:
- entry to a group of different founders and enterprise house owners
- low-cost authorized recommendation and pre-made authorized doc templates for frequent SAAS / know-how enterprise issues
- an ongoing Delaware Registered Agent ($100/12 months)
- in depth guides and articles in regards to the SAAS trade
That final one is definitely accessible to everybody and in the event you’re in any respect entreprenurially-minded it is best to examine them out.
Stripe Atlas was an excellent deal for us and we’re grateful to Stripe for providing these companies. It in all probability would not make them an unbelievable amount of cash. Nevertheless it does earn them quite a lot of developer goodwill.
A minimum of from us!