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Setting up your company

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Summary

This article provides insight into the process of setting up a company and what is required to do so. It includes advice from entrepreneurs on when the right time to found the company is, as well as the legal and financial requirements for starting a business. It also touches on the importance of having a good accountant and lawyer to help in the process of setting up a company.

Q&As

What is required to set up a startup?
Setting up a startup requires considering what the company does, how it generates revenue, how much it will cost, where to find the right people for the team, and where to find financing for the business. It also requires filling out paperwork, such as a memorandum of association and articles of association, and informing various registers.

What advice does Chris Thur, co-founder and CEO of Yousician, offer for founding a company?
Chris Thur advises that as long as you have a plan B, it will not become serious and move forward. He also suggests that if you know in your heart that this is the right thing to do and you believe in it, find something in that area to work with.

What do investors and customers look for when forming a company?
Investors and customers look for a memorandum of association that includes the founders agreeing to form the company, the share price, total number of shares, the business name suggestion, financial period, managing director, composition of the board and auditor information. They also look for a draft of the company’s articles of association or articles of incorporation.

What does Jenny Gyllander, founder of Thingtesting, say about becoming a full-time entrepreneur?
Jenny Gyllander says that she didn't take becoming an entrepreneur too seriously at first, so it never felt like a job. She also had support from her followers and her mentor, who advised her to go for it if she had a momentum and a passion.

What advice does the article give about hiring an accountant and lawyer for a startup?
The article advises that a startup entrepreneur should get a good accountant and lawyer. A good accountant will ensure that the business finances are run according to the law, that the tax authorities receive their dues on time, and that the records are properly documented. A good lawyer will help make sure that contracts are legal and drafted in the entrepreneur's favor. The article also states that a good lawyer and accountant are smart investments, as they can save the entrepreneur money in the long run.

AI Comments

👍 This article provides a wealth of great insights and advice for those looking to set up a company. It goes into great detail about the legal and financial aspects, which is very helpful for someone who is just starting out.

👎 This article does not provide any practical advice for how to actually go about setting up a business. It focuses mostly on the legal and financial aspects, but does not provide any tips on the logistics of setting up a business.

AI Discussion

Me: It's about setting up your own company. It provides some insights from entrepreneurs on their experiences and how to go about starting a business. It also provides information on the legal and financial aspects that need to be considered before taking the plunge.

Friend: Wow, that's really interesting. What do you think are the most important takeaways from the article?

Me: I think the most important takeaways are that becoming an entrepreneur is a risk, and you should be prepared to take the leap when you feel the time is right. You should also be aware of the legal and financial aspects that need to be taken care of before starting a business, and it's always a smart investment to hire a good accountant and lawyer to help with these matters. Finally, it's important to validate customer needs and gain external enforcement from family and followers before taking the plunge.

Action items

Research the legal requirements for setting up a business in your country.
Make a list of the documents you need to register your company.
Reach out to a lawyer and accountant to discuss the legal and financial aspects of setting up a business.

Technical terms

GMT: Greenwich Mean Time, the international time standard used to coordinate timekeeping across the world.
Side hustle: A side hustle is a way to make money outside of your regular job.
Unscalable: Not able to be increased in size, scope, or capacity.
Pitching competitions: A pitching competition is an event where entrepreneurs present their business ideas to a panel of judges in order to win a prize.
Yousician: Yousician is a gamified music education service.
Wolt: Wolt is a technology company known for its food delivery platform.
RELEX Solutions: RELEX Solutions provides solutions for retail optimization.
Thingtesting: Thingtesting is an online consumer guide that reviews the latest up-and-coming brands and products.
Memorandum of Association: A memorandum of association is a document that outlines the purpose and activities of a company.
Articles of Association: Articles of association are a set of rules and regulations that govern the internal management of a company.
VAT Register: A value-added tax (VAT) register is a record of all the businesses that are registered to pay VAT.
Employer Register: An employer register is a record of all the businesses that are registered as employers.
Financing for Startups: Financing for startups is the process of raising capital for a new business venture.
Accountant: An accountant is a professional who specializes in the preparation of financial statements and other financial documents.
Lawyer: A lawyer is a professional who specializes in the practice of law.