My own corporation's stock

[Don Quixote de la Mancha]

I just incorporated my company, in California.  The Articles of
Incorporation authorized one million shares of stock, but none have
actually been issued yet.  It's going to be some time before we are
earning any real money, so for now everyone will be paid with equity
in the company.

I need help with properly accounting for my company's stock
transations.  I do plan to talk things over with an accountant as well
as an attorney but am not able to do so just yet.  It would be OK if I
have to adjust my accounts after I get their professional advice, but
I'd like a setup that I can work with at least for now.

Today I opened a corporate checking account by depositing a $100 check
drawn on my personal account.  My intention is to receive some stock
in return for that investment, and to get more stock as I put more of
my own money into the business.

There are two other members on the Board of Directors besides myself.
I don't expect them to invest any of their own money into the company,
but I do plan to pay them with some stock for being on the board.  My
hope is that they will knock some sense into me at appropriate times.
:-D

There is one other employee who is not a director, but whose labor
will be paid for with stock.

Because I didn't have a business checking account until today, I have
been paying for business expenses out of my own personal funds.  My
plan is for those personal expenses to be repaid with some more stock.

We haven't set the price per share for the stock yet, but I expect it
will be ten cents or so - it's a brand-new company with no real assets
yet.

So... how do I account for all this in GnuCash?

These stock transactions aren't stock options or Restricted Stock
Units.  There is no vesting period and no one is promised any
particular number of shares.  Instead the stock will be sold in return
for consideration, which can be in monetary form or for doing some
kind of work, such as attending a Board of Director's meeting.

When we actually issue some of the stock that is authorized, where
does it go in GnuCash?

I don't have many stock certificates, so I am planning to execute the
stock sales once each quarter.  So I will need an account for each
person who is owed some stock but hasn't actually received it yet, and
then I will need to account for the actual sale when it is completed.

I kept records of what the accounts should be for my out of pocket
expenses - office supplies, technical books and so on.  I will need to
submit an employee expense report that lists all the amounts and
accounts, but then the total of that should result in stock being owed
to me.

Thanks for your help!

Mike
-- 
Don Quixote de la Mancha
quixote at dulcineatech.com
http://www.dulcineatech.com

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