Creating a company

sigmike 2016-10-02 14:55:38 UTC #1

I would like Nu to create a company I can mention on my invoices. It’s not a requirement for the proposal I just made but if this doesn’t happen I may not be able to make new proposals in the future. I just need for legal reasons a registered company name and identifier (in any country) to which I provide my services.

I think having a company would also make things easier for Nu (and B&C) to work with other developers and providers.

I think there are countries where creating companies is relatively easy and does not require any accounting or bank account. Shareholders will certainly need a person or a group to represent them and own the company (and it cannot be myself).

irritant 2016-10-02 21:39:47 UTC #2

I think it could be an opportunity when I read about several cities who want to become the crypto capital, or the european sillicon valley. If they are serious one of those cities could potentially host the real company infrastructure that is required.

just some links:

http://cryptovalleyzug.net/
www.forbes.com/sites/henriadams/2016/08/22/berlin-vies-to-become-the-silicon-valley-of-europe/

http://www.siliconroundabout.org.uk/

there are probably more , dont know if this is really a solution

Financisto 2016-10-03 01:44:16 UTC #3

Interesting thought!

I’ve just proposed that recently because I think that would bring us sinergy in every point for the B&C project.

There are some “countries” (most are islands) that’s easy to register a company wich makes things really easier in order to raise more funds and speed up development.

Financisto 2016-10-03 03:53:38 UTC #4

In fact, in most of the situations, creating a company for cryptoprojects is more like a formality (e.g. a registry number) than required brick & mortar infrastructure.

BTW If US registration is required, Delaware might be some kind of a choice as…

…over 50% of publicly traded corporations in the United States and 60% of the Fortune 500 are incorporated in the state.

And…

…Delaware charges no income tax on corporations not operating within the state, so taking advantage of Delaware’s other benefits does not result in taxation.

p.s. I think Poloniex is incorporated there…

Cybnate 2016-10-03 07:37:27 UTC #5

Does it need to be a company? Why can’t it be a natural person? Do you need a tax number or something? I have been custodian for development work on behalf of NuShareholders before and I’m fine to be that going forward when shareholders approve. I could explore setting up a company for that, but they would bring some cost and paper work for me with it.

Sentinelrv 2016-10-03 08:38:23 UTC #6

I live about 5 minutes away from Wilmington Delaware. I’m across the bridge in New Jersey.

Sebsebzen 2016-10-03 10:21:28 UTC #7

1). Hong Kong is fairly easy, I have experience with it
2). Estonia offers e-citizenship and the option to open a company from anywhere in the world

Sabreiib 2016-10-03 10:34:59 UTC #8

My brother has a company in China and he said it’s easy to modify the scope of business, I am interested in software development and software agent, so perhaps I can do it.

I guess we don’t need to reveal our block chain/crypto technology to the authority, just “network software development”, is it ok? I doubt anyone outsides of us will read the source code.

Phoenix 2016-10-03 16:01:54 UTC #9

We ought to be careful to accommodate @sigmike’s needs in this matter.

Linking this to the 2 of 4 multisig custodial grant I am trying to arrange, it may make sense to start a company that is in the business of providing development for Nu and B&C. I don’t think we can start a company that is Nu, and in most cases it isn’t desirable to have a particular company directly representing shareholders, although this could be done to a limited extent by motion. In this case, I don’t think the company should be understood to represent shareholders. Rather, it is just an independent corporation or partnership that seeks to serve shareholders and be funded by them. This independent corporation or partnership can receive a custodial grant and spend it.

What does everyone think of the approach?

sigmike 2016-10-03 20:05:06 UTC #10

A natural person would work for now, but in the future I would have to add VAT. It would not be the case with a company.

Sabreiib 2016-10-04 06:54:24 UTC #11

Agree.

@sigmike’s opinion about it?

sigmike 2016-10-04 07:23:30 UTC #12

I agree the company doesn’t have to represent Nu as a whole. I just need a legal company (that I do not own or control) to which my services are provided.

About the company location you should probably consider VAT rules too. I think in most country if the money does not come from a company then you have to pay VAT on the received funds. So custodian grants would get a significant cut. I think there are countries without VAT. It looks like some countries do not even require any accounting, so you wouldn’t have to care about it.

Sebsebzen 2016-10-04 10:49:44 UTC #13

Delaware seems like a good choice. Zcash is registered there too.

dysconnect 2016-10-04 11:23:41 UTC #14

It won’t be wise for any community member to run a company specifically for Nu. Perhaps a consultancy company that happens to pay people to develop blockchains with one of the projects being Nu…

Phoenix 2016-10-05 01:41:13 UTC #15

@cryptog and @crypto_coiner: do you have an existing business (Satoshi Collar) that might be of use in this scenario?

crypto_coiner 2016-10-05 03:22:24 UTC #16

Interesting

Could you provide the exact concrete instances of these invoices, showing how the company entity would be used?

Sebsebzen 2016-10-05 04:33:50 UTC #17

I do have a HK Limited that I use for my own purposes. It doesn’t have a tax number though. Is that helpful? Do you want to use it?

sigmike 2016-10-05 06:56:18 UTC #18

If you’re suggesting the Nu company would hire people directly then that may be nice but I think it would be a large increase in complexity and costs. Being paid by a foreign company may also be complex for the employees themselves, so having them create their own company is probably easier in most cases. This company doesn’t have to be specifically for Nu.

The invoices would be very standard invoices made by my own company. I just need the name of a company to put as recipient of these invoices, and some proof that the company really exists (like a tax number I can verify). Right now I’m invoicing a virtual entity which can only be considered as an individual. And having an anonymous client is not ideal either.

To be perfectly fine with the laws in my country I’d also need for each job an order from this company and a reasonable proof that the payment was actually made by it.

I think that would work if I can get a reasonable proof that the company exists and shareholders agree that payments goes though your company (it can stay in crypto currency but I think it’s better if the money really pass through your company’s hands).

ConfusedObserver 2016-10-05 13:48:27 UTC #19

This!
Better think twice before getting entangled in the ponzi scheme Nu is right now.
I’m not saying it was designed like that, although I could very easily argue for this position.

But at the moment it definitely is.
Nu can only be sustained by collecting money from selling equity.
At some point of time in the future selling equity will dry up and Nu will be beyond saving.
All people holding Nu tokens (NSR, NBT) will face nigh complete loss.

To hammer it into you: Nu needs revenue!
This is the most important topic, it Nu wants to survive.
The chief of liquidity operations doesn’t act accordingly and instead continues the ponzi scheme.

Please don’t go into jail for his scam by being held responsible for what will sooner or later happen.
If you run a company that’s associated with Nu, prosecution will at some point investigate you. There just needs to be someone angry enough to bring a charge against Nu.

Phoenix 2016-10-05 14:24:46 UTC #20

Such drama! No one is going to jail around here. In terms of present wrong doing in the community, the mishandling of 13 BTC held by @masterOfDisaster seems most prominent to me. But that is hardly a case that calls for a prison sentence. Rather, we have been quite patient as we search for a solution that is satisfying to everyone without the need for punishment or threats.

Calm down, sir.