Legal Structure of a Side Hustle

Larry Chiang had to be proficient with reading and abiding by USA laws because him and a mentor reverse engineered the FICO. Both Chiang and his Duck9 co-founder Matt Smith graduated with FICOs over 800. Being street smart and tweeting genius stuff lead to Chiang teaching Stanford Engineering’s class ‘Technology Tntrepreneurship’, Engineering 145. Being street smart was at the heart of his Bloomberg BusinessWeek column “What They Don’t Teach You at Business School”. Chiang’s Harvard Law keynote, was about street smarts of cofounding a law firm. Harvard Business wrote: “What They Don’t Teach You at Stanford Business School“ (it’s the same title as his NY Times bestseller). If you read his hilariously awesome “What a Supermodel Can Teach a Stanford MBA”, “Third Institution of Silicon Valley“, “How to Get Man-Charm”, and, “Hack Your Credit FICO Score as a Stanford CS Major Undergrad“, you will like his latest post “Legal Structure of a Side Hustle

by Larry Chiang

Rick Bentley said, “don’t forget to pay him and yourself both at least minimum wage for all the time you put into it, do all the withholding and payroll, create the c-corp, allocate the stock (you’ll both have to write checks for your RSPA’s), invention assignment agreements, get the EIN, have regular board meetings, hire lawyers to make sure that is all done right, hire accountants to make sure all the tax filings are right … and then find time to code 🙂

(someone on your page once chided me for not being able to pay cash on a project)”

David E. Weekly said,  “Thanks.”

A) No paperwork required to form a sole proprietorship nor is C corp filing mandated. That moots most of the concerns and tedious paperwork that I have had to file many times over.

B) it’s a 1099-MISC relationship if I am not dictating hours or style of employment.

C) Absolutely agreed on invention assignment and cash payment for services rendered.

This is an example of Roller Chiang photo credit @soumakc new york #consensus2017 #RollerChiang