SAN FRANCISCO, CALIFORNIA
Patrick and John Collison, CEO and president, respectively, of the $9-billion company Stripe, added a feature to Stripe Atlas. Stripe is a payment that, like PayPal, securely handles credit card transactions over the internet. Stripe Atlas is another product designed to help entrepreneurs. Described as a “company in a box,” it automates the registration of a Delaware corporation, opens a bank account with an Employer Identification Number, and sets the company up for receiving credit card payments with Stripe. The new feature calculates how much equity each founder is due, thus reducing drama and allowing creative people to spend more precious time making money. It was developed with help from Orrick, a law firm that drafted paperwork to be easily understood and legally-binding. The software can handle special terms of agreement, but it can only go so far. The Collisons say once somebody is calculating disbursements to early employees and outside investors, it’s time to hire a lawyer.