When a company is first incorporated, the shareholders must actually buy the shares they are acquiring. This is typically done by writing a cheque to the company for the total amount so that the payment is clearly recorded.
When setting up the company, Founded will automatically set your initial price per share at $0.01. Since your company is brand new, Founded assumes the shares have a nominal value (although the value will increase as your company grows). So by default, Founded assigns the total value of your 1000 shares at $10.00.
Sometimes entrepreneurs want to change the initial price per share and the number of shares issued at the time of incorporation. This could be because they have decided to issue many more shares (for example, 10,000,000 shares). Or perhaps the founders have agreed to pay a larger sum for their initial shares as a way of financing the business, rather than paying a nominal amount.
How to edit price per share on Founded
To edit the initial price per share on Founded, you must first select 'Advanced Mode' in the Shares & Share Classes screen:
After you switch to Advanced Mode, you can edit the initial price per share:
Remember when editing the price per share, all of the shareholders will need to actually pay that amount to the company. So it is important to make the price per share reasonable and agreeable to all initial shareholders.