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Looking for feedback for a Project Management Platform for SMBs, freelancers and Founders
Hi! A friend recently launched a Project Management software called Heycollab - I think it’s pretty cool and like the UI but I’d love to get more feedback - they’re very passionate about the product and would appreciate the help!
https://bit.ly/heycollablaunch
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Coach
If it is a single-member LLC it is a disregarded entity anyway, and you’ll be taxed as an individual on the flow-through to you from the LLC. It is basically as if you got the stock yourself. The key here is that your own LLC can offer liability protection. What I do is to have an SCorp then have that partner with an LLC where I am personally the other member. But I don’t have enough color here on what you want to do to say much more.
They are currently seeking series A funding, if that matters
Mentor
1) LLCs issue membership units, not stock. It’s basically the same thing but there is a legal distinction between the two. 2) if your friend already has a LLC agreement, then the LLC would
Issue you units, potentially having to either amend or amend and restate the LLC agreement if there is no function to use a joinder or if the current agreement is structured as a single member. Options will require a separate agreement and there will be tax implications. Not sure what you mean by the LLC gets revenue with stocks? You could set up a profits interest as well. Feel free to DM but long story short, you need a lawyer who deals in this stuff.
A1: sorry I wasn’t clear. I would like to set up an LLC for myself so I can provide services to my friend’s LLC. This would be a LLC for my freelance labor.
However, my freelancer LLC would not be making money, only compensated with stocks or stock options.
Mentor
^yes. But keep in mind a 2 member LLC will be taxed as a partnership unless you elect otherwise.
Thank you