So Your "Friend" Asked You to Build an App
...or "Other ways to ruin a friendship"
- @jaybobo
I am not a lawyer
I am not an accountant
The Basics
- yeah, you should get an LLC
- clients & shoes
- what's in an agreement?
- making sure you get paid
- when the fhit hits the san
Doing THE LLC THANG
- taxed like sole prop
- protection from liability
- simple paperwork
- creditors can't go after personal assets
- tax perks!
TAX BREAKS
- work-related education
- meals & entertainment
- business trips & travel
- medical expenses
- small business equipment
- rent & utilities (home-based)
CLIENTS
PICK YOUR CLIENTS
- how much work is really involved?
- do you really want to do it?
- can they afford to pay you fairly?
- do they have any money?
translation costs!
AGREEMENTS
WHATS IN AN AGREEMENT
- payment terms
- expenses
- ownership
- breach & remedy
- liability
- indemnification
- confidentiality
- governing law
- termination
- etc
GETTING PAID
payment on delivery
50/50
30/40/30
GETTING PAID
- mitigate your risks
- maintain your integrity
- communicate often
- hold assets if needed
PREFERRED PAYMENT TERMS:
PAYMENT IN ADVANCE
PREFERRED PAYMENT TERMS:
PAY PER TICKET
THIS IS MAYBE THE 4th
TO LAST SLIDE
MONEY AIN'T EVERYTHING:
Agreements
FYI
- lawyers are expensive
- small claims is a hassle
- documentation matters
- have a letter drafted
- time + money + stress
FIN
@jaybobo