Setting up your company 1.22.2013
- 2. If nothing else remember to document the following Items: Entity People Assets
- 3. What flavor is your startup: LLC Corporation S-Corporation State? Utah, Delaware
- 4. Product or Service Raising Money? How soon? Based Number of Income Bracket members/shareholders
- 5. Of course you should consult an attorney, but consider the following: https://secure.utah.gov/osbr-user/user/welcome.html
- 7. It’s a marriage – Do some dating! Consider Founder Vesting to protect the company and each other = dating Equity is expensive, so be careful to whom and how much you offer up. You don’t have to give up too much to attract talent If you do make a promise – document it.
- 8. Contributions - cash Capitalization - ownership Control Protective Provisions Transfer: Prohibition, ROFR, ‘tag along’, ‘drag along’ Vesting Mostly handled in Articles/Operating Agreement
- 9. Duty of Loyalty Your employer may own that code you’ve been working on afterhours. Be familiar with your employment agreement (if any) before leaving. Employer’s can be bullies – Story (KC)
- 10. Your Company is a Vault Within Which to Store Your Assets Own Employee and Contractor Work PIIA - http://btjd.com/forms/piia.doc
- 11. Look before you leap; Domain name availability does not mean trademark availability Snatch up all domain names, twitter names, FB names, app names, etc. Beware the cybersquatter. Register your mark. – BBB Story; Gnome Use TM symbol prior to registration.
- 12. If IP is central to your business make sure you own it. PIIA is a must for all founders, employees, and contractors. Places IP into the company vault; and Protects company through confidentiality and possible non-solicitation/non-compete. PIIA - http://bit.ly/WlcRZf Let others know about your rights by using ©.
- 14. a. Blogs b. NVCA.org c. Ycombinator and Techstars d. Fenwick and West deal terms e. Orrick.com (term sheet generator - https://tsc.orrick.com/) f. WSGR.com (term sheet generator) g. EDGAR and scraped agreements
- 15. a. PIIA - http://bit.ly/WlcRZf b. NDA - http://bit.ly/10FjgF5 c. Steve Blank Startup Tools - http://steveblank.com/tools-and-blogs-for- entrepreneurs/ d. University Centers for Entrepreneurship e. Free Money – Competitions
- 16. Terms and Conditions Generator http://terms-of-service-generator.legalriver.com/ Privacy Policy Generator http://privacy-policy-generator.legalriver.com/
- 17. Securities Laws Raising money has serious implications consult attorney first Taxes Bringing on partners after company organization can cause tax issues
- 18. Jared Richards – Bennett Tueller Johnson & Deere 801.438.2040 | jrichards@btjd.com | WWW.BTJD.COM FORMATION AGREEMENTS FINANCINGS EXITS—MERGERS AND ACQUISITIONS http://twitter.com/UTStartupLawyer http://www.linkedin.com/in/jaredrichards