Question
I want to have a startup, and I'm still in the idea phase. I 'm not planning to incorporate until I 'm done with the MVP or pretty close . My questions are -
- How can I report the money paid for this, like domain names, lawyer fees, graphic designers, software developers ..etc that was made before incorporation, as expenses for tax purpose?
- After incorporation, can I keep moving money FROM my personal account to the company business account, to cover more expenses and provide liquidity?
- If the initial deposit was not enough, and the revenues were delayed or not enough?
Answer
You are lucky to get the relevant wisdom from the professionals as Jason Knott, Assaf Ben-David and Dane Madsen on the subject.
I personally feel that for any startup, profitability must be the prime focus. Though there are many points to focus on but I will share the two most relevant ones.
The first part is to develop and invest your professional expertise and the required time in 100% so that you don't need a major capital investment. And the second is to develop your product/service as unique and valuable so that the people who need you don't have to focus on the price.
To know more on the subject please visit www.ProfitMentoring.com
