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Hi,
Any vc’s here?
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I'm an emerging companies lawyer so grain of salt here, but it is often worth the upfront expense. Many firms in this space will incorporate your company and handle the initial paperwork for a reduced fee. I can't tell you how many companies need corporate cleanup for much greater expensive because they took the DIY route. Even legalzoom and similar sites can go awry. If you're serious about taking on investment in the future, it's a chunk of change, but will save you money in the long run by doing it right the first time.
Coach
This is important advice, and keep it a C-Corp. and do it in Delaware.
Does anyone have a recommendation for firms or attorneys who have structured VC funds? Have done angel, have had good results and I am now looking to raise a proper Fund I.
How many funds have you raised?
I am a lawyer so I do all my own legal work, but the more important question is what are you doing? Your business model will depend on what kind of legal advice you’ll need, if any. Opening a bank versus selling stuff on Etsy are two different things!
For those that have used lawyers. What are rough expenses tied to them?
$1k/hr…and def worth it once you get to the fundraising stage, or are in a highly-regulated industry such as fintech.
Trademarks, C-Corp/LLC formation, etc, can all be achieved with legal zoom.
Depends on the business
Could save you later, even if you were good at executing at a type of business before hand you might not have been privy to all the background legal work (trademark, tax structures, etc. )
There are a lot of risks an attorney can help to minimize when using them to start your business or in the early stages of your business. I think it is worth the investment. Some firms offer very affordable deals!
Echoing my fellow colleagues, get an attorney. I’ve know clients who’ve had to pay over $30k bc they messed up their books with DIY and it took legal experts to get it sorted out for them.
Mentor
It’s a good idea to get legal involved if you’re formalizing your equity in a company, (to ensure you don’t get diluted) or if you’re making agreements with others. The idea is to protect yourself from lawsuits in 5 years in case the company goes sideways. Or, ensure you get your piece if the company takes off. You might also want to get a lawyer to review your first customer services contract if you’re doing something complex or financially risky.
Basic things like biz formation or operating agreement with a small number of equal partners can be done via legal zoom.