From a marketing perspective I'd argue it's good naming, since it sells the value of the library, rather than simply its feature/s. (i.e. its feature is 'handling webhooks' but its value is in allowing (the dev) to not have to deal with webhooks.
Steve Jobs once quipped about a similar thing he observed in the dairy industry's 'Got Milk?' marketing campaign, which focused on the absence of the product https://www.youtube.com/watch?v=XzPwMguPasM
With the library you’re able to use stripe without thinking about web hooks. The library is named based on what it enables a user to do, not how it works internally.
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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Library based on processing ... wait for it ... webhooks".