Anyone have any tips or advice on what to do when you’re representing a contractor who will receive membership interest in a startup company as compensation and the startup has expressed they do not have attorney to draft the company docs such as the membership transfer agreement and the amendment to the operating agreement? Nor do they have the funds.

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That’s honestly what I’m thinking but not sure if I am being dramatic. I already drafted the agreement for services that our client is providing in exchange for membership interest.

I would provide the client with a basic list of what he should be expecting to sign/receive from the startup as a routine part of an exchange of services for equity. Phrase it as “you may receive the following documents” and include a brief 1-2 sentence explanation of each document’s purpose. I think it’s a courtesy you should do the client, and it will come closer to CYA in case the deal goes sour.

In that case, as long as you advise the client that those documents are necessary to accurately protect his equity interest and that in their absence he is assuming a lot of risk and you strongly advise against it, I feel like you’ve done enough to mitigate your own risk.

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Client should get a tax attorney involved. Getting a membership interest rather than a profits interest can bite them in the ass

For some more context, the Startup is transitioning to a Corp in the near future

Seems your contractor has the upper hand, well played🤷🏼‍♂️

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