So, you’re looking to start a business and have come across the Atlas incorporation service offered by Stripe? Well, the Atlas service can certainly simplify the process of setting up a company in Delaware and offers several valuable benefits for founders. It’s not the first as sites such as legalzoom, incfile, bizfilings, and other have been around and offer more flexibility. Atlas has garnered considerable attention lately due to its affiliation with Stripe. Here’s a closer look at what the Atlas service offers, and what you still need to be aware of as a business owner:

Atlas Incorporation Services:

For a fee of $500, the Atlas service will handle the following tasks for you:

• Forming a C Corporation or Limited Liability Company (LLC) in Delaware
• Obtaining an Employer Identification Number (EIN) from the US Internal Revenue Service (IRS)
• Setting up a Delaware registered agent
• Provide membership with the Stripe Atlas Community, a network of entrepreneurs from around the world
• Setting up a Stripe account for accepting payments from anywhere
• Opening a US business bank account
• Providing access to exclusive benefits worth 100,000 USD from Atlas partners, including legal and tax experts and technology platforms
• Providing free legal templates for common legal needs.

It’s important to note that while Atlas can handle the above tasks, there are still some ongoing responsibilities and obligations that you will need to be aware of as a US business owner:

• Filing US state and federal taxes each year
• Complying with US employment and other laws.
• Maintaining a Delaware registered agent to keep your company in good standing with Delaware (Stripe includes this in your 1^st year and ongoing years for additional fees)
• Filing annual reports with the State of Delaware
• Complying with the ongoing registration, reporting, and tax requirements in any locations where your business operates
• Maintaining a business bank account (fees and eligibility may vary by bank).

There are also several other business considerations including making an S election with the IRS and how to set up your accounting to optimize compliance and taxes.

In conclusion, the Atlas service offered by Stripe can be a valuable tool for entrepreneurs looking to set up a company in Delaware. By handling several important tasks, Atlas can simplify the process and provide valuable benefits and resources. However, it’s important to be aware of the ongoing responsibilities and obligations that come with running a US business and to seek additional resources as needed.

BCA can assist you in using the Stripe Atlas service should you want a Delaware corporation to ensure all information is entered correctly and you will not have issues in the future. We can also review all the other areas that Stripe/Atlas does not address that will keep your business in compliance and set it up for success.