Re^3: On Code Ownership

Thank you for your response! I've read through this a couple of times trying to digest everything you've said. I'm always willing to listen to advice, process and evaluate it. And I think what you've given me is good advice, too.

Just a few notes for clarification really. The first is that, even though I am "becoming [my] own company," I'm not really intent on doing this often anytime soon (especially since I have two years of college left), and I don't think it would be fiscally sound to hire a lawyer for such a small, possibly isolated project. Oh, and I don't plan on being like your brother-in-law. I don't have enough guts to think I'm good enough to pull down enough money with my meager skills to survive, much less have the business skills to make it possible. Nope, I actually have a good job this summer (by good I mean I should gain a lot of experience), and plan on "being a drone" when I get out of college, too.

The second is that I don't consider myself an expert on project management, but I have taken a course in my college (called "System Analysis and Design") that was offered by a professor who I respect immensely, and who has had very recent experience in the profession (by that I mean, she isn't just a professor who has been out of practice for the last 20 years, instead she has been doing it for a while, and just this year took a job to teach). Obviously there is ALWAYS room for improvement (in everything anybody does), but at least I'm not walking into the project thinking I'm gonna sit down, start coding, and get it done right.

Once again, I do appreciate your response, it has been helpful, I hope I don't sound as if it isn't helpful. I just thought I'd let you know where I'm actually coming from here, so you don't think I'm some fresh-out-of-college greenhorn striking out on my own into uncharted waters, just waiting to be beat down with experience! :D Thanks again!

-Bryan

Comment on Re^3: On Code Ownership

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Re^4: On Code Ownership by Tanktalus (Canon) on Jun 19, 2005 at 13:58 UTC
You have a professor who taught a project management course? What's your relationship like with her? Did you ask lots of questions in the course? Does she recognise your face? If so, I highly recommend forgetting you even started this thread here, and just talking to her! She is likely to be your best possible resource on this question. She can help guide you on how to proceed way better than anyone here if only because she's in the same legal jurisdiction as you, so she can tell you what legal advice she was given, how to legally incorporate, etc., or if that really is the best advice. PS: that course you refer to is precisely the type of course I was referring to, although for me it was called something else. I will wager that it was only a minor intro, but it will suffice for the purposes of working with an acquaintance. If you decide to continue along this road, taking a more complete project management course will serve you incredibly well. If you decide to get a regular job, it is likely going to be a few years before it will serve you at all ;-)	[reply]
Re^4: On Code Ownership by 5mi11er (Deacon) on Jun 19, 2005 at 13:14 UTC
(Assumption: you live in the USA, I'm not at all familliar with other localities...) Becoming your own company, ie. Incorporating, is actually relatively cheap. To do so, one simply needs to find a lawyer that does this, and pay them. I've had my own corporation setup for about 5 years now, even though I also hold down a "normal" job. Back when I incorporated, it cost less than $700 for the whole setup. There are several reasons it is a good idea to create a corporation, taxes is one, and protection is the other big one. It protects your client, as they don't have to worry about tax and employment issues that could come up if they did a 1099 type payment. And, it protects your personal assets should something happen in the line of business, and someone wants to sue the corporation (this isn't fool proof, ask the lawyer about the details). It also frees you up to be able to get or offer other benefits. Buying wholesale is easy, just hand them your corporate tax id number. And in general Companies (ie. people within these companies) are much more at ease when dealing with a corporation than they are when dealing with individuals. So, just because you don't plan to make this corporation the center of your universe now, I still suggest you look into the benefits that can come from setting it up... -Scott	[reply]
Re^5: On Code Ownership by techcode (Hermit) on Jun 19, 2005 at 15:11 UTC
I'd like to comment on this : And, it protects your personal assets should something happen in the line of business, and someone wants to sue the corporation (this isn't fool proof, ask the lawyer about the details). It just happend to be - that I was looking into this matter as I want to make my own firm/company. While there are obvious differences between USA and Serbia (where I live) this is what I found out (actualy most of knowledge came from some USA specific books): Unlimited liability - basicly you are the company, and you are solely responcible with your own property (house, car, wife, children, just kidding :) Limited liability - like INC and stuff. You are not responcible with your whole property But as allways in life there are few catchs. BTW. All this is Serbia specific, but should be about same in USA. It's much cheaper to found and run first one. It's also easier from book keeping point of view. And easier to close it. The second in more expencive, and more complicated to run, canot close it easily ...etc. O and, I could add that it is seems much easier to sue someone in USA than here :) Atleast from the movies and what others told me - I still havent been to USA. Also, in the case of limited liability - dont think that you are 100% secured. As you will be the CEO, worker ..etc. In case of problem, you are going to be responcible person - so you can still be sued. This came from USA specific document. Author wrote about starting your own web design business (very similar) in USA. He recommended unlimited liability for starters. And a good lawyer. So that he would write you contract template that you would use with clients, give recomendations ...etc He also mentioned that, generaly you couldnt be sued for more than what client paid you - especialy in that business. The doc that I'm talking about is : "The webmasters BUSINESS Masters Course" - sitesell.com - by Mark Frank; You might want to take a look as it's USA specific and is good enough (best I could find actualy) on that matter.	[reply]