Symbola is a free website that provides a complete legal toolkit for startups. Create various documents like form a Delaware C-corp, issue shares to the founders, and file a section 83(b) election.
Legal documentation is undoubtedly crucial for every business. Likewise, managing the organization from the top level is just as important. And Symbola helps you in both the cases. You can form a Delaware corporation easily using this website. Furthermore, this website helps you issue shares to the founders and file section 83(b) election as well. This website will take care of the legal procedure required for establishing a corporation in Delaware. And it is free for startups.
How to use Symbola
Contrary to other legal tools, Symbola is quite easy. The three main features of the website are:
- Creating a Delaware C-Corp: Establishing a company in the state of Delaware is easy and beneficial as compared to other states. The ease of doing business is better in Delaware. Hence, most of the businessmen incorporate their businesses in this state only. And Symbola helps you with it. Symbola takes your application to the authorities, gets them verified, and does all the other paperwork.
- Founder Shares: Symbola helps you in issuing shares to the founders of the business privately. Hence, splitting shares becomes easy with this website.
- Section 83(b) elections: After issuing shares, you can easily file your section 83(b) election simply with Symbola. Since, the time limit to submit the documents is 30 days, you have to do everything fast. But with Symbola, you can do it easily.
All of these features are free for the startups. More features will be added on this website soon. There is a screenshot below showing the list of features:
Now let’s learn how to use this tool in a few simple steps:
Step-1: Sign up
Visit Symbola. You will see a ‘Begin‘ button on the home screen. When you click on that button, you will be asked to sign up. So, sign up to the service first. You will get an option to signup directly with your Gmail account. Or, you can use any other email as well. The website will send you a verification link to your email. And then you can use the tool after verification.
Step-2: Select a Corporate Structure and proceed
The next step is to choose a corporation structure between C-Corp or LLC. After selecting, you will have to fill out a detailed form about your company. The form contains fields to collect information about the founders and the company. Some fields of the form are as follows:
- Company name
- Your name
- Address
- Other founders
Fill out the forms carefully, as these are your legal documents. And you’re registering your startup with the information in these forms. Below is a screenshot of a part of the form:
Step-3: Select company officers
In this step, you have to select the people for different posts of the company. You need to designate people with different posts. A person can have more than one position. Or a person can manage all the positions together. The positions are like, president, CEO, secretary etc.
Step-4: Finalize and Checkout
In this step, the website will show you the bill before checkout. There is no fee charged from the startups, so everything is free. Once you click on the website, it accepts your application submission for incorporation. Then, it will send you a mail for your digital signatures after the related authorities, approve your application. And then you can move further into the process. There is a screenshot below, displaying the checkout form:
Conclusion:
Symbola helps a lot in the legal procedure of creating a corporation in Delaware. It is simple to use too. But the verification of your application takes time. The website states that your verification reply will come in a working day or two. And after that you can move further into the process. Interestingly, the services for startups are free. They will charge nothing.
