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  Post #2 (permalink)   07-14-2013, 07:41 AM
node24x7
HD Newbie
 
Join Date: Jul 2013
Posts: 17

Status: node24x7 is offline
Well apart from the suing part, I don't think there is any major problem. With regards to taxes, keep a proper book and divide the profits as individual income between the founders. Once you incorporate, start with a fresh book. This way you pay your taxes and still don't need to play catch up.
If you collect service taxes like VAT etc then it gets a little tricky.