Tuesday, October 6, 2009
Heard the legend about how, in 1998, Andy Bechtolsheim wrote out a $100K cheque to Larry Page & Sergey Brin for Google Inc?
The only problem was, Google Inc didn't have a checking account yet! Additionally, the legend goes (albeit debatably), Page and Brin had planned on calling their start-up Googol - after the number but Bechtolsheim's typo 'sealed their fate' - rather, their name.
Hopefully ShareMyCake runs a similar path (for non profits)...
During Arya's birthday (the 1st 'ad hoc' ShareMyCake birthday), we received 2 cheques for ShareMyCake. Only problem is, we don't have our account set up yet. Our auditor currently has his hands full. After a lot of discussion on the pros and cons of registering as a trust vs. registering as a Section 25 company, we opted for the Sec 25 option. It's not that we love the extra paperwork required. Though it requires more effort, we believe registering as a Section 25 'not for profit' company paves the way for better transparency & accounting norms. Once we get the paperwork out of the way, and the bank account thereafter, we can encash these cheques.
For now, Tina will simply pay Arya and Suyam herself, and square off later.
Considering that the 2 cheques came from good friends / well-wishers, we see good times 'a la Google' ahead.
Now to chase our auditor....