I’m a little bit confused and I’d like to ask for help/ advice. I am building my app for my startup, I don’t have a co-founder because I haven’t found the best for yet. Anyway, I had a launch date for January 10th, and I finished my MVP earlier than I had anticipated. I’m using the extra time to start on the mobile app. My question here is, do I need to register the company before I launch? My first launch is not meant to make any money, I’m anticipating to make money on the second launch of the product. Also, if I register now, when I find a co-founder, will I have to amend the constitution to include the co-founder? Anyway, my question is above, should I register now or after I launch?
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You need a business to shield you from personal liability. You may be taking on personal liability early on in your project, more than you may realise. You have to balance this with bringing in a cofounder as you may accidentally create a tax burden for a late founding shareholder - in the UK anyway.
In my experience you can never go wrong registering sooner rather than later. This way you are protected and prepared for the future and worst case you can use the LLC for a future project as well.
Thank you for this
Now, Its cheap and quickly done. Even if its for your MVP, your conversations with clients, partners and investors will be different. You seem more serious with a company. Why not? Otherwise their will always be reason not to do it today, tomorrow, next week.
I don’t see a big downside. You can update your LinkedIn en start promo on the SM.
The more assets you personally have the sooner, but definitely before you start making money.
If I were at your place, I’d launch and test the product first. If I got enough traction and found it worthy of scaling, only then I’d register it.