article thumbnail

Legal Checklist for Startups

Scott Edward Walker

Incorporate in Delaware and qualify the company to do business in the state in which its principal office is located (see #2 here ). Button-down IP ownership and assignment issues (see post here ). Form a corporation — not an LLC (see post here ) or a partnership (see post here ).

article thumbnail

If I Launched a Startup

The Startup Lawyer

2) State of Incorporation: Delaware. (3) 10) Consideration for Founders Shares: Cash & IP. (11) 11) Handling of “Lost Founders&# : Lock Down the IP. 3) Investors: Accredited Investors. (4) Here’s what I’d do in the beginning: Incorporation. (1) 4) Type of Shares: Common Stock. (5)

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

If I Launched a Startup

The Startup Lawyer

2) State of Incorporation: Delaware. (3) 10) Consideration for Founders Shares: Cash & IP. (11) 11) Handling of “Lost Founders&# : Lock Down the IP (then Wish Them Well). 3) Investors: Accredited Investors. (4) Here’s what I’d do in the beginning: Incorporation. (1) Hell Yes. (9)

article thumbnail

What Is the “Walker Startup Package”?

Scott Edward Walker

Incorporate in Delaware and qualify the company to do business in the state in which its principal office is located (see #2 here ). Button-down IP ownership and assignment issues (see post here ). Form a corporation — not an LLC (see post here ) or a partnership (see post here ).

article thumbnail

The 5 Biggest Legal Mistakes That Startups Make

Scott Edward Walker

Mistake #2 : not buttoning-down IP ownership issues (at 10:20). Mistake #5 : not doing your due diligence on potential investors (at 38:36). you want to form a Delaware corporation. Mistake #2: Not Buttoning-Down IP Ownership Issues. Rule #1 : only sell “securities” to “accredited investors” – why? (i)

article thumbnail

The 5 Biggest Legal Mistakes That Startups Make

Scott Edward Walker

Prior to the event, I conducted a legal workshop entitled “The 5 Biggest Legal Mistakes That Startups Make,” which I have uploaded below. i) Rule 506 preempts State law, which means all you have to do is file a Form D and pay a filing fee; and (ii) no disclosure requirement/PPM Possible to sell to “friends and family” (e.g.,