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FI Incorporation Dan Shapiro 11-17-2010

FI Incorporation Dan Shapiro 11-17-2010

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Published by Founder Institute

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Published by: Founder Institute on Nov 18, 2010
Copyright:Attribution Non-commercial

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02/24/2014

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Incorporation
Dan Shapirowww.danshapiro.com/blogwww.twitter.com/danshapiro
 
T
o thineown self be true
Bootstrap / Small angelVC / Big angel
Maximize expected returnMaximize upsideI can get started for lessthan $250kI cant get started for less than $500k+I will be happy with a base hitIm swinging for the fencesMy company will be profitableMy company will be soldI want to build and run my own companyI want my company to existI want to work for myselfI want to learnon someone elses dimeMy conceptis lucrativeMy concept is bigI will spend my time on the companyI will spend my time on fundraisingI will succeed, despite what they all think
T
hey all think I will succeedLLC, Scorp, or C corpS corpor C corp
 
Lawyers: Dont screw this one up
Get a lawyer who specializes in your kind of company
 ±
At least 10 clients like you (either VC or bootstrap)
T
hese are not interchangable
Get at least 3 references given that its a spectacularexcuse to network, get all 10
If youre going for VC, they should defer all hourlyfees until youre funded
 ±
No interest, no personal liability
 ±
T
hey get 0.25%-0.75% in warrants or shares for theprivilege
 ±
If shares, get their proxy

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