FoundersOnly

The paperwork checklist for a first online business

#1

Not advice, and the details depend on where you are. This is a list of topics to make sure you have dealt with or deliberately postponed.

Structure

  • Whether to operate as an individual or form a company, and when
  • What registrations your country requires before you take payment
  • Keeping business and personal money in separate accounts

Tax

  • Income or corporate tax where you are based
  • Sales tax or VAT on what you sell, including to customers in other countries
  • Whether a merchant of record would take the collection and filing off your hands
  • Thresholds that trigger a registration

Records

  • Invoices that meet your local requirements
  • Keeping receipts for expenses
  • Bookkeeping, done monthly

Customers

  • Terms of service
  • A privacy policy that matches what you actually collect
  • A refund policy
  • Data protection duties if you hold personal data

Protection

  • Who owns the code and the brand, especially with co-founders or contractors
  • Written agreements with anyone who works on the product
  • Whether you need insurance

People

  • An accountant, found before you need one

Reply with your country and what you wish you had known earlier. Local detail is the most useful thing you can add.

Your perspective belongs here.

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