However, we thought that starting a company would motivate us because we would be "commited" and this would demonstrate to each other that we were serious about it, given that we all had other jobs. And to this day, I still think it has some meaning.
>The big reason why C corps are preferable is because S corporation shareholders can only be people -- not other businesses, like VC firms. (S corps also can't issue preferred stock.) An S corporation can't take venture capital without first reverting back to C corp status. But an S corporation can save a lot of money on taxes
Well sure :) but we expected to pay a "normal" fine, not $60,000 right away. Especially since we had zero revenue. Today we would do many things differently...
You don't say why you incorporated in the US... Much cheaper to incorportate in the UK, it seems (especially if you include fines and wind down, from what you wrote). I believe that filing tax returns (and accounts) is pretty much an universal requirement, as mentioned, anyway.
Good question. We have considered all options. But the company cannot be officially closed without paying all taxes/fines, etc.
At the same time, with a C corp, only the company itself is liable for taxes and fines, not its founders. If a company does not have sufficient funds, it cannot operate, and there is a process for automatically dissolving the company (after several years, if you have no outstanding obligations to third parties, no fraud intentions, etc.). We didn't want to do this and be left with an unpaid bill in our minds.
> "Hey, the federal portal says we owe $60,000 in penalties for not filing a tax return."
That doesn't sound like they're asking you to pay tax on your $0 income business. It sounds like you need to pay a fine for not filing a tax return.
What's a "normal" fine anyway? The point of having a fine being a large sum of money is to create incentive so you to do the thing they want you doing, which you didn't do.
When we logged into the tax portal, only this amount was shown as to pay. Terrible UX.
In fact, the fine was actually what we paid (minimum tax + missed deadline + interest).
“Normal fine”: We just didn't expect you to be able to incorporate a company and if you miss the tax payment deadline, you will receive a fine 100 times higher than the cost of incorporating the company, no matter what.
But of course, I don't recommend our way. Don't do it. It was wrong. Pay your taxes. Fill out all the required documents.
Are you sure this was the Federal tax portal, and not the Delaware Franchise tax? As far as I know, only the latter defaults to a "scary" tax calculation based on number of shares (but you can easily switch it to the Assumed Par Value Capital Method based calculation, which would be $400 in total for you, assuming you filed on time).
Federal taxes should be $0 if you had no profits.
This is 100% about Delaware Franchise Tax and is a rite of passage for all first-time founders. (There is no portal you can log into to view your federal taxes owed.)
Here’s a detailed writeup I prepared a while back about exactly how to resolve this if you want to DIY it. (This is one of the very few filings I actually recommend you DIY.)
I wonder what he meant by "days and nights reading IRS docs"...
But seriously, any AI tool could have explained exactly what was going on and what to do. I'm not even sure how he got to "$1500" since it's $400 + $200 late fee + 1.5% monthly interest. Maybe he missed 2 years?
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I don't understand. Can someone explain it to me from a technical/IT perspective? Is it like HTTP or JSON, or like XMPP...?
"An open protocol with a chance of working" = ?huh?
"Nostr doesn't subscribe to political ideals of "free speech"" = ???huh?
"BEEP BOOP" ???wtf??
Please don't explain technical things as if you were talking to children. Explain them as if you were talking to a colleague sitting next to you. Talk to them as a person and as a professional.
It is a standard of how one thing talks to another thing. It is JSON with some fingerprinting/hashing send over Websocket. Thats basically it. What you do with it, remains up to your implementation.
Thank you! Exactly this "It is JSON with some fingerprinting/hashing send over Websocket" should be write there somewhere + put a link to the documentation and an example of how to use it. I don't want to watch an hour-long video.
Nostr is decentrialized, working with public/private keys. there is a very basic message format, messages are sent to "relays" that forward and store messages to other relays. It is up to the relays (anybody can be a relay) to connect to each others, chose a policy what/whose content to forward, whom to grant access, and how long to store and re-broadcast messages.
If you are familiar with the IRC chat system, it is similar to IRC but with JSON messages and the ability to store & resend messages on the servers. Servers have to connect to each other and are free to each have their own policies.
You write an email (note/message) but instead of sending it to one server, you can send it to multiple servers of your choice. Each message is digitally signed with your keys and a time stamp, so you can verify that the identity is truly yours no matter where the message came from.
In my opinion is the most innovative way of communicating that I've seen in the last 20 years. There is no concept of server nor permanent location.
A relay can refuse to receive your messages, but they can't block your account because you can always write new notes, sign them and send to wherever people want to read your texts.
Imagine the case with Trump when he got blocked from Twitter. With a click of a button they have deplatformed him, with NOSTR he would have just continued writing and people would simply tune to another relay to keep reading his texts.
On top of that are other good developments. For example, file sharing also became decentralized. So files, images and other media can be sent to the relays and you mention them from the notes based on the file hash which is good save content when someone else hosting your texts and media decides to stop hosting.
> In my opinion is the most innovative way of communicating that I've seen in the last 20 years.
The sad irony of this is that this is really not all that innovative, it's just reinventing the 45 year old Usenet with public-crypto. The server-independence was present in Usenet right from the start, that's why Dejanews/GoogleGroups could exist, and why Usenet wasn't provided by a specific server, but by your ISP. The modern Internet has completely regressed in that regard, getting rid of protocol specific clients, and moving everything to the browser and HTTP that don't allow that kind of distribution, that's why Nostr feels fresh again.
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