Remove Delaware Remove Entrepreneur Remove IP Remove Vesting
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Do It Right The First Time, Part II: Visit the Doctor or House Call?

Gust

I urge all entrepreneurs to consult and develop a good working relationship with a qualified startup lawyer. Determine the allocation of equity among co-founders, early employees or other service providers, and future contributors as applicable, as well as the vesting schedule , if any, that will apply. Caveat entrepreneur !

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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 ). Set-up vesting schedules for the founders (see post here ) and file 83(b) elections with the IRS (see #3 here ). Button-down IP ownership and assignment issues (see post here ). v=N1A44ShZfWo.

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The 5 Biggest Legal Mistakes That Startups Make

Scott Edward Walker

Mistake #2 : not buttoning-down IP ownership issues (at 10:20). Mistake #3 : not setting-up vesting schedules (at 17:19). By the way, my favorite part of the video is when an entrepreneur (and former lawyer) walks in late to the workshop and acknowledges that she made the first three mistakes (at 33:14).

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The 5 Biggest Legal Mistakes That Startups Make

Scott Edward Walker

If you would like to jump to different sections of the video, here’s how it breaks down: Mistake #1: forming the wrong entity (at 1:25) Mistake #2: not buttoning-down IP ownership issues (at 10:20) Mistake #3: not setting-up vesting schedules (at 17:19) Mistake #4: not complying with applicable securities laws (at 29:21) Mistake #5: not doing (..)