Most C corps start by establishing director(s) who must then unanimously approve (usually by unanimous written consent) an organizational consent to appoint officers, establish officer authority (such as control of the bank account), approve the issuance of stock, and more.
83(b) elections must be filed within 30 days of issuance or you’ll recognize income upon vesting.
Lawyer on behalf of yourself.
Manager managed LLC with you as sole manager. Co-founders/employees receive profits interest.
What does the cap table look like? I understand you’re the only two employees, but does your cofounder own the other 77%?
FYI you have a little bit of leverage if you haven’t assigned your IP to the company. That usually goes hand in hand with equity grants and if you’re just getting to your contact now, it sounds like you might still own your inventions.
Source: venture attorney
Venture attorney here. I don’t see why you can’t structure a fee based on raise amount and/or valuation. It may also make founders/investors less anxious by having you off the cap table and calling it a fee. Feel free to DM.
Venture attorney here but not your attorney Not to be an enormous buzzkill but you may want to check the securities exemption your company relied on and the relevant solicitation rules.
Messaged you!
Startup/VC attorney here. Just messaged you.
Messaged you.
Probably best to authorize more shares when you’re ready to issue to advisors or take on money.
Investors will want preferred stock rather than the founder’s common and, more importantly, investors can’t take advantage of QSBS when receiving their shares from the founder instead of the company.