Stellar Formation

Form your US company in minutes

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#3 Product of the DayDecember 27, 2016

Stellar formation is a website that helps you create the legal entity of your company. From choosing the right type of company, to splitting equity, getting your EIN and paying taxes - our experts guide you and handle the tough parts. Our mission is to make the hard legal process of forming your company easy, educational and fast.

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Discussion

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Kenneth SchlenkerMaker@kschlenker · founder/partner @stellarbaseinc
Here's some context of why @maximegermain and I built this: As a repeat founder, I’ve been through incorporations. I’ve worked with expensive lawyers, cheap lawyers and online services. The problem, always, is this: once my company is set up, I still don’t understand how it works. The education is missing. When you start a business, you need to understand it. It shouldn’t be this shiny black box that this gifted and intimidating craftsman (a lawyer) made for you. You should understand the ins and outs because you’ll own it and will live in it for a while. I know many repeat founders who, because they had a hands off approach with a lawyer; still don’t fully understand the key elements of their business years after formation. Another typical case is they need to reform their business with an expensive lawyer a few months into their business because they did something wrong the first time. That’s why we built Stellar Formation.
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Leon VP@leon_vp · Founder, Eon Life
@kschlenker @maximegermain: what's the difference to Clerky?
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Kenneth SchlenkerMaker@kschlenker · founder/partner @stellarbaseinc
@leon_vp @maximegermain Our goal is to be better 🙂. We have many friends who used clerky to set up their business and we heard some of their complaints to we did a few things differently. 1. Pricing : our pricing is transparent, $699 for sole founders and $899 for 2+ founders whether you're doing a LLC or Inc, it includes everything you need to start your business. Clerky's pricing is more challenging to understand (I wasn't able to) - for example they separate out the incorporation (which they advertise as $99 but in reality it's $407 with fees) and post-incorporation ($299). In really you can't use your company if you don't do post incorporation 🙂 2. Education: we've worked hard to build a form that answers all questions you may have as a founder, so we can set you on the right track. This includes helping you understand boards, vesting etc. 3. Focus. we focus solely on incorporations and have no intention to branch out. We hope to get better at it on an ongoing basis.
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Darby Wong@darby_wong
@kschlenker @leon_vp @maximegermain apologies if our pricing was difficult to understand! We actually don't do any advertising, but on our pricing page, we list both our fees and the total cost for incorporation. This is the standard way of setting out the pricing for incorporation, and is actually more transparent because you can see exactly where your money is going. If you just give a single number for the cost, it is more difficult for customers to compare services apples-to-apples, because the exact fees are obscured. In our app, we break down the third-party fees in detail so that customers can compare us to other services. This allows customers to be confident that we're not short-changing them at some step in the process and pocketing the difference. As for why incorporation and post-incorporation setup are separated out - it would actually be less customer-friendly to charge the entire amount up-front. Startups are often not ready to do the post-incorporation setup immediately after incorporation, for a variety of reasons. We would rather let our customers hang out to their funds until they're ready, rather than take it all up-front. We also felt it was important to convey to people the importance of the post-incorporation setup. Other online services make it seem like incorporation is all you need (because that's all they offer) - but this is definitely not true. So we put a lot of emphasis on the post-incorporation setup, and make it clear that you have to do that after incorporating. As you can see, our pricing is actually extremely transparent. Although it sounds like it is exactly this transparency that has led to some confusion. It's always good to hear feedback like this - we know there's always room for improvement. Sorry for leaving such a long comment on your post - just wanted to clarify things in case other people have similar confusion.
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Daniel Williams@xcadaverx
@kschlenker I own a Delaware LLC that I used as an independent contractor musician. I'm now a software developer. Can your service help me in transitioning my LLC properly? I know very little about my own LLC as it was set up by a lawyer as you mentioned. Cheers!
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Andrew Crimer@adcrimer
@kschlenker @maximegermain Mind commenting on why your service charges extra for multiple founders?
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Kushal@kushalraha
Quite expensive for the limited services specially when you compare it to something like Stripe Atlas that not only incorporates but also provides a bank account and payment processing services.
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Kenneth SchlenkerMaker@kschlenker · founder/partner @stellarbaseinc
@kushalraha Hey, thanks for your feedback. Stripe Atlas has a packaged standard offer that doesn't fit everyone - they only have Delaware Corporations. Stellar Formation offers also LLCs which works best for a lot of entrepreneurs (especially if you're creating an agency business or any other business that will not raise VC funding). Most important of all, Atlas is for foreign (non-Us) internet entrepreneurs, whereas we focus on US residents starting any kind of company. We have been around for 3 weeks and a half and that's what most of our clients loved about us. Let me know if you want to give it a try!
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Ming Hann@voon_ming_hann
Anyone can register a company in US? What's the different compared to stripe's Atlas.
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Juan Manuel Garrido@egafutura · Founder, EGA Futura
@voon_ming_hann With Stripe Atlas, you ONLY can establish a C-Corporation for your business in Delaware: https://stripe.com/atlas/faq#wha...
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Kenneth SchlenkerMaker@kschlenker · founder/partner @stellarbaseinc
@egafutura @voon_ming_hann exactely. LLCs work better for companies that do not intend to raise VC funding - for example: most ecommerce sites, agencies, physical products, etc.
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Jesper Qvist@jqvist · CEO
You can use Stripe Atlas and get a bank account for 500 usd in same deal... so not sure how this is a better deal... otherwise good job!
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Kenneth SchlenkerMaker@kschlenker · founder/partner @stellarbaseinc
@jqvist Hey, thanks for your feedback. The Atlas packaged standard offer doesn't fit everyone - most notably we offer LLCs (does Atlas offer them too?) which works best for a lot of entrepreneurs (especially if you're creating an agency business or any other business that will not raise VC funding). Most important of all, Atlas is for foreign (non-Us) internet entrepreneurs, whereas we focus on US residents starting any kind of company. We have been around for 3 weeks and a half and that's what most of our clients loved about us. Let me know if you want to give it a try!
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Kenneth SchlenkerMaker@kschlenker · founder/partner @stellarbaseinc
Hey everyone, here’s an update on Stellar Formation. We launched 4 weeks ago on Product Hunt (with my partner @maximegermain and Spencer Wolff) and since then we’ve helped founders start their businesses all over the United States, from sports equipments, to marketing consulting, bitcoin platforms and e-commerce sites. Thank you! Most interesting is that 82% of the companies we formed were LLCs - for entrepreneurs starting businesses with real revenue streams and no need to raise VC funding immediately. We also helped companies set up corporations and going the VC funding route. We started Stellar Formation because as repeat founders, we know how important it is that people who start companies can do it fast, but also understand the legal side of things (here is a small blog post about why we did this: https://medium.com/@kschlenker/i... ). Now I'm trying to measure now is how well we're doing. I just created a small survey we're sending to everyone who signed up with Stellar Formation. Basically my question is: how can we serve you better? If you want you can participate to (we'll give you $50 off your next company formation with us) https://www.surveymonkey.com/r/s... We're always available to help you start your business the easy way. Let me know if you have any questions!