Back

Anonymous

Hey I am on Medial • 25d

Need Advice: Co-Founder in Unregistered Startup Hi all, A friend started a business and asked me to join as a co-founder with 28% equity , However, this was agreed informally over WhatsApp. The business is still unregistered, no GST number, no company bank account, he’s using his personal account for business now. I suggested creating a partnership deed or registering the company, but he wants to wait until it starts making profit due to GST costs. How can I legally protect my share or involvement at this early stage without formal registration? Any advice would be appreciated. Posting anonymously because he’s here too 🥲 Thanks!🙏🏻

2 Replies

Replies (2)

Cristiano Ronaldo

Turning ideas into i... • 25d

u cannot protect as it's not even a company

Mohammad Arshad

Be Subtle • 25d

why are you guys not registering it ? if there are transactions then u must file it coz even though u make 1L per month sales or more than that or whatever it may b u don't have proof incase if u need funding n all in future there is no proof for that and do open current account u will get OD as well on the statement of revenue Advice this co founder of urs explain him the benefits of registering the company then may b he would understand and wat GST charges u guys are afraid of there is a slab u don't even require gstin if u revenue is below 20L

Recommendations from Medial

Chamarti Sreekar

Fcuk imposter syndro... • 2m

Y combintor co-founder advice

1 Reply

Adithyan Selvaraj

Building Staynix🏠 • 1y

What are all the mandatory things needs to be considered while registering a private limited company? ( RoC, GST, Current Bank Account) Please mention other than the above things that are mandatory for the newly forming company.

20 Replies