Keyword/Phrase

Business concept and technology

Limited liability company

Confidentiality
Contractual communication
Representations
Dispute Resolution
Disclosure
Mediation
Warranties
Consensus of the founders
Mutually agreeable seperation
Proprietary rights
 Explanation
An idea for a business that includes basic information such as the service or product, the target demographic, and a unique se

A limited liability company (LLC) is a corporate structure whereby the members of the companycannot be held personally liab
A clause, especially in a contract, that says you must not give other people or companies private information about your empl
Contracts can be made through different forms of communication – orally, written or implied by conduct.
A representation is an assertion as to a fact, that is given to induce another party to enter into a contract or to take some othe
Dispute Resolution processes are used to resolve disputes among the parties, including negotiation, mediation and arbitration
The founders shall take all reasonable precautions to prevent any unauthorized use or disclosure of Confidential Information.
Mediation is an informal dispute resolution process where mediator, a neutral third person encourages those in the dispute to
Warranties are assurances that one party gives to another party, coupled with an implied indemnification obligation if that fac
The entire share ownership of the company shall be divided and be reached with th consensus of the founders.
Termination by mutual agreement covers situations where both the employer and employee consent to a separation. Example
The rights that belong to the owner of a business in respect to that business are his proprietary rights.
cept may involve a new product or simply a novel approach to marketing or delivering an existing product. Once a concept is developed, it
nce a concept is developed, it is incorporated into a business plan.
 Keyword/Phrase
Unvested shares
Unanimous consensual disclosures
 Explanation
If a company has set aside a certain amount of stock for you but stipulates that certain conditions have to be met before these
Disclosure of the Business Concept and Technology will occur only on an as-needed basis and only upon consent of all Founde
o be unvested shares.
 Keyword/Phrase
Intellectual Property
Mutual collaboration
Vesting period
Option share pool
 Explanation
A category of property that includes intangible creations of the human intellec, primarily includes of patents, trademarks, copy
Agreements in mutual collaboration are made with the consent of all the collaborating parties.
Vesting period is a period of time before shares in an employee stock option plan or benefits in a retirement plan are unconditi
Option pool is an amount of a startup company's common stock reserved for issuance to employees, consultants, advisers and