churchmoney
New member
Hi everyone,
A few months ago, my co-founder and I began working on a startup idea. As we progressed, we decided to incorporate to apply to a few accelerators. At the time, my co-founder was still employed full-time, and due to his employer's rules, he would have to disclose if he owned a significant stake in any company. Therefore, we decided I would incorporate the Delaware C-Corp under my name alone and add him once he could join full-time.
We consulted Doola about our situation, and they assured us that adding a co-founder later in a C-Corp is straightforward. So, we proceeded to register the C-Corp under my name with Doola's Total Compliance Plan (costed decently, $2k), which promised to handle all compliance matters.
Recently, we stumbled upon a post on Reddit about the necessity of filing Form 83-b within 30 days of incorporation, which was new to us. Upon inquiry, Doola informed us that it's now too late to file this form. Additionally, my co-founder has since left his job and is ready to join full-time, but we haven't added him yet due to confusion regarding the 83-b filing.
Here's where I need your advice:
P.S. Sorry if we seem a bit inexperienced in this area - it's our first time handling such matters, and despite opting for the best plan available through Doola, we still find ourselves in need of guidance.
A few months ago, my co-founder and I began working on a startup idea. As we progressed, we decided to incorporate to apply to a few accelerators. At the time, my co-founder was still employed full-time, and due to his employer's rules, he would have to disclose if he owned a significant stake in any company. Therefore, we decided I would incorporate the Delaware C-Corp under my name alone and add him once he could join full-time.
We consulted Doola about our situation, and they assured us that adding a co-founder later in a C-Corp is straightforward. So, we proceeded to register the C-Corp under my name with Doola's Total Compliance Plan (costed decently, $2k), which promised to handle all compliance matters.
Recently, we stumbled upon a post on Reddit about the necessity of filing Form 83-b within 30 days of incorporation, which was new to us. Upon inquiry, Doola informed us that it's now too late to file this form. Additionally, my co-founder has since left his job and is ready to join full-time, but we haven't added him yet due to confusion regarding the 83-b filing.
Here's where I need your advice:
- Currently, based on our understanding, no stocks have been issued but only authorized in our corporation which is the default option in Doola and we haven't set up any vesting as well. If I now add my co-founder and we initiate vesting for both of us, can we file Form 83-b at that point? Would it still be valid, or is it definitely too late?
- If filing Form 83-b now isn't an option, what would be the best way to proceed? We are in the process of fundraising and need to resolve this issue promptly. Should we consult a startup lawyer? If so, any recommendations would be greatly appreciated, especially considering our poor experience with Doola.
P.S. Sorry if we seem a bit inexperienced in this area - it's our first time handling such matters, and despite opting for the best plan available through Doola, we still find ourselves in need of guidance.
