Tri-Cities
LAUNCH UNIVERSITY
Week [Number]: Legal
OVERVIEW
- The Team?
- The Thing?
- The Money?
THE TEAM
THE TEAM
- Ownership
- Roles and Responsibilities
- Decisions and Operations
- Communication
EXERCISE
What does your Dream Team look like?
How many are owners?
What is your role/title?
What are their role/tiles?
OWNERSHIP
- How do we value the speculation and divide?
- The rule of 1/N, or
- Efforts/Capital
- Vesting/Milestoning
- Departure/Dis-ownership
ROLES &
RESPONSIBILITIES
- Who is doing what work?
- Not all roles are equal in demand and time
- Not all team members are ideal for all roles
DECISIONS & OPERATIONS
- Respecting formalities
- Who is operating day to day?
- Who has the power to contract?
COMMUNICATION
- Planning for all of these in advance is critical.
- Documenting them should be paramount
STANDARD LEGAL TOOLS
- Master and Local Business License
- Articles of Incorporation
- Bylaws
- Organizational Resolutions
- Subscription Agreements
- Stock Certificates and Ledger
- Cap Table (derived from Ledger)
- Shareholder/Stock Agreements
- Asset Assignments
- S- Election
- 83 - B Election
- Stock Option Plan or Employee Stock Agreement
- Contracts and IP Agreements
THE THING
ASSETS & INTELLECTUAL PROPERTY
- Patent
- Trademark
- Copyrights
- Trade Secrets
THE BASICS ON IP
- Owner/Employee/Contractor
- IPA/NDA/SPA
- First to Market and The cost of protection
EXERCISE
What is your IP?
Write down a list, indicate what type, and who might own it.
THE MONEY
FUNDING NOT SO CLEAR
- Boot Strap or Investors
- Incorporation Exemption
- Securities Regulation
- No friends and family
- Crowdfunding
- Equity Crowdfunding
EXERCISE
How much will your thing cost to get to market?
How will you get the money?
IN A NUTSHELL
-
Plan with your Team
- Incorporate
- Draft the plan in contract
- Communicate often
-
Know your IP
- Protect it
-
Have a funding plan
- Don't sell too early
- Know the legal landscape of:
- Securities
- Tax