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Investment Company Status Considerations for Cash Positioning in Wake of Bank Failures
Raising Capital… Can you make a dollar out of .15? Create Free Term Sheets
TRUSTED ADVISORS CUTTING EDGE CLIENTS
Founder Insights
You’ve Got VC Money
You’ve Got VC Money: Board Meetings
Board meetings are your opportunity to check in with and give an update to your bosses and get feedback and guidance from the experienced members of your board. It is common for VC-backed startups to have four to six board meetings per year, though this frequency can…
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The Human Capitalist Series
The Human Capitalist Series P.1: The Basics
We’re excited to introduce a multipart and ongoing series about the basics of (and some advanced topics related to) equity for startup employees and contractors. The “Human Capital” aspect of any enterprise, especially a technology company, is its most valuable asset, and we hope to highlight the…
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Stock Plans/Equity
The Human Capitalist Series P.1: The Basics
We’re excited to introduce a multipart and ongoing series about the basics of (and some advanced topics related to) equity for startup employees and contractors. The “Human Capital” aspect of any enterprise, especially a technology company, is its most valuable asset, and we hope to highlight the…
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Operations
Investment Company Status Considerations for Cash Positioning in Wake of Bank Failures
Given this week’s headlines, many emerging companies may be asking themselves: “Why am I holding so much cash?” The Investment Company Act of 1940 (the 1940 Act) may be to blame. “But I don’t have any intention of being an investment company. Aren’t those mutual funds or…
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Investing
Angel Investors – Understanding Your Target
Most entrepreneurs will need to raise a small round of capital very early in their company’s life cycle to get the company off the ground. The amount is typically anywhere from $100K to $500K and is utilized to build the MVP (minimum viable product) and secure initial…
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Intellectual Property
When and How to Publish Technical Disclosures as Prior Art
Should you file a patent application or keep your innovation a trade secret? This question is routinely asked by key decision makers, such as inventors, managers, and legal counsel, when evaluating a new invention. While either choice comes with its own set of advantages and trade-offs, an…
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Governance
Fiduciary Duties in Insolvency
Regardless of its financial situation, a corporation’s board of directors owes fiduciary duties to the corporation. Boards of directors of emerging companies, like mature companies, should understand the scope of their fiduciary duties and to whom and what those duties extend as they respond to the corporation’s…
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Getting Ready to Raise
Getting Ready to Raise Series Pt. 4: So You Think You Are Ready to Fundraise
We are going to touch on the basics of what you need to increase the likelihood of a successful fundraising round. Keep in mind that you are competing against every other investment opportunity that comes across an investor’s desk. Investors are tight on time and resources, so…
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Fundraising
You’ve Got VC Money: The Punchlist
As outside counsel to thousands of VC-backed startups, we are often asked the same questions about what startups need to do after raising their first round of VC financing. Here is a quick and dirty list of those next steps. The action items below are described in…
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Funding
Angel Investors – Understanding Your Target
Most entrepreneurs will need to raise a small round of capital very early in their company’s life cycle to get the company off the ground. The amount is typically anywhere from $100K to $500K and is utilized to build the MVP (minimum viable product) and secure initial…
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Founders Issues
When Should I Form a Legal Entity?
As startup lawyers, we often receive inquiries from passionate entrepreneurs and founders seeking guidance on when they should consider taking their side projects to the next step by forming a legal entity. Forming a company is a “crossing the Rubicon” moment for any startup. It’s an essential step…
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Founders Insights
Distressed Bank Update as of March 16, 2023
In the three days since federal authorities announced sweeping measures to protect depositors of Silicon Valley Bank (SVB) and Signature Bank and help prevent additional bank failures (as discussed in our update of March 12, 2023), the U.S. banking system appears to have stabilized, at least temporarily.…
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Formation
When Should I Form a Legal Entity?
As startup lawyers, we often receive inquiries from passionate entrepreneurs and founders seeking guidance on when they should consider taking their side projects to the next step by forming a legal entity. Forming a company is a “crossing the Rubicon” moment for any startup. It’s an essential step…
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Exits/Exit Strategy
Term Sheets – Potential Traps for the Unwary
During its life cycle, a typical company enters into several key transactions. These can include debt and equity financings, an exclusive license of the company’s proprietary technology or an acquisition of the company by a strategic buyer. Before signing the “definitive agreement” for a key transaction, however,…
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