Startup Legal Setup Guide
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Startup Legal Setup Guide
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Re: Startup Legal Setup Guide
#2This seems like it's more intended to promote Airtable than actually provide information. I've never heard of Airtable but it doesn't seem to be a good format for long blocks of text.
Re: Startup Legal Setup Guide
#3This seems like it's more intended to promote Airtable than actually provide information. I've never heard of Airtable but it doesn't seem to be a good format for long blocks of text.
The Airtable [0] containing the legal documents do not seem to comply with EU privacy laws; you will not even have the chance to learn that unless you have DNT enabled in your browser.
This is for US residents and visa-holders creating a US-based corporation doing business primarily in the US. If the majority of your income is generated outside the US (even Canada or Mexico) this probably won't help you too much.
Nothing within the article applies or helps EU or Asia-based startups.
[0] https://airtable.com/shrOQ3Gf4Hs3Gvvvc/tblbXrHGAKizU1U4P/viw...
Re: Startup Legal Setup Guide
#4(IAAL.) While the author is very likely coming from the right place, I find this kind of "legal" advice totally useless——hence the fact that half of this "article" is a disclaimer that you shouldn't bother relying on it. If I were one of the lawyers whose name is attached to this advertorial, I would hasten to get my name removed from it.
Re: Startup Legal Setup Guide
#5This seems like it's more intended to promote Airtable than actually provide information. I've never heard of Airtable but it doesn't seem to be a good format for long blocks of text.
Speaking of which, a spreadsheet widget is the worst possible delivery format for the long-form text in this article.
Re: Startup Legal Setup Guide
#6This seems like it's more intended to promote Airtable than actually provide information. I've never heard of Airtable but it doesn't seem to be a good format for long blocks of text.
Speaking of which, a spreadsheet widget is the worst possible delivery format for the long-form text in this article.
You can expand the long text cells by clicking the expansion arrows that appear in the top right corner of the cell. I would also highly recommend using the full-screen version rather than embed (by clicking "View Larger Version"): https://airtable.com/shrOQ3Gf4Hs3Gvvvc
I would also add that, while I'm certainly biased, there is benefit to making this a "cloneable" database that you can then use as a personal checklist, add notes, further attachments, etc which you wouldn't be able to do with a simple blog post, for instance.
Re: Startup Legal Setup Guide
#7Great post!
Re: Startup Legal Setup Guide
#8(IAAL.) While the author is very likely coming from the right place, I find this kind of "legal" advice totally useless——hence the fact that half of this "article" is a disclaimer that you shouldn't bother relying on it. If I were one of the lawyers whose name is attached to this advertorial, I would hasten to get my name removed from it.
I think the most important thing for anyone to understand about any sort of legal startup guide or sample agreements is that they don't replace the need for an actual attorney. If you think they're a quick and cheap alternative, it'll probably blow up in your face at some point. If you're aware of their limitations, then they can become a tool that can at least help you understand the process and the need for agreements and actions that might not seem obvious at first glance. They're references, no more and no less.
Anyhow, it looks like most of the sample documents attached to that spreadsheet are from Orrick's tech group:
https://www.orrick.com/Practices/Emerging-Companies/Pages/St...
Re: Startup Legal Setup Guide
#9(IAAL.) While the author is very likely coming from the right place, I find this kind of "legal" advice totally useless——hence the fact that half of this "article" is a disclaimer that you shouldn't bother relying on it. If I were one of the lawyers whose name is attached to this advertorial, I would hasten to get my name removed from it.
Author here, for the sake of constructive criticism, would love to hear why you don't find it useful?
The disclaimer is there because, while I tried my best to make sure all info in the guide is accurate, I don't think it's fair or necessary for me to take on legal liability if someone makes (or claims to make) a mistake by using this (free) guide. I certainly hope readers do not interpret this guide as a definitive and comprehensive substitute for proper legal counsel and research of their own--rather, it contains information which is designed to act as a supplement to those things.
In other words, it will hopefully help folks avoid false negatives in legal steps (i.e. forgot to file an 83b within 30 days or register with their city's business department), expose them to lesser-known alternatives that their own lawyers may not have told them about (using FF preferred stock to provide a small measure of founder liquidity down the road without skewing 409A valuations), and understand why it's necessary to do certain things (like adopt bylaws, file a Form D, etc).
The scope of the guide is strongly biased towards U.S. startups incorporating as a Delaware corp (a common approach, even for companies not based in Delaware itself).
Re: Startup Legal Setup Guide
#10(IAAL.) While the author is very likely coming from the right place, I find this kind of "legal" advice totally useless——hence the fact that half of this "article" is a disclaimer that you shouldn't bother relying on it. If I were one of the lawyers whose name is attached to this advertorial, I would hasten to get my name removed from it.
I think the most important thing for anyone to understand about any sort of legal startup guide or sample agreements is that they don't replace the need for an actual attorney. If you think they're a quick and cheap alternative, it'll probably blow up in your face at some point. If you're aware of their limitations, then they can become a tool that can at least help you understand the process and the need for agreeme…
I've amended the guide to more strongly recommend the reader consult with a startup attorney, even if they plan on filing the paperwork themselves to reduce costs. FWIW, I actually had stronger wording in an earlier draft of my guide, but somehow it got lost in subsequent revisions :(.
Under the section for "When should I use a lawyer", I added the below (I also introduced "Finding a lawyer" as the first step of the Delaware corp checklist tab): Though the formation documents are sometimes similar, mistakes can be made easily and are often costly (or impossible) to later remedy. I strongly recommend consulting with a startup attorney to provide guidance throughout the process and review important documents before you finalize them, even if you wish to file most of the incorporation paperwork yourself to reduce legal costs. Many startup lawyers will even do the basic incorporation for free of labor charge (passing through only the filing fees directly to you) in the interest of gaining your business as a long-term client down the road. Other lawyers will also/alternatively allow you to defer payment for legal work (up to a certain maximum, sometimes as high as the $10k range) until you've raised funding.
See here for a horror story involving DIY incorporation: http://bit.ly/incorporatinghorrorstory And the corresponding HN thread from 5 years ago: https://news.ycombinator.com/item?id=2399139 (I had to use a bit.ly link=>web archive because it seems the original link is now dead).