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Y Combinator Startup Class #18 : Legal and accounting basics for startups

Slide utilisé dans le cours n°18 de la Y Combinator Startup Class de Standford ( donné par Ben Horowitz

Publiée sur slideshare pour pouvoir être intégrée à l'article

Y Combinator Startup Class #18 : Legal and accounting basics for startups

  1. Legal & Accounting Basics for Startups
  2. Carolynn Levy Kirsty Nathoo
  3. What kind of entity? • Delaware Corporation • Keep it Simple FORMATION
  4. Be Organized • Future due diligence requirements • Humdrum reality of running a startup FORMATION
  5. EQUITY Allocation Purchasing Vesting
  6. Allocation • Execution > Idea (ideas = 0) • How much equity for each founder? • Look forward, not backwards. EQUITY
  7. Purchasing EQUITY • Paperwork Alert! • 2-Sided Transactions
  8. Vesting • Vesting is earning the right to permanent ownership of the shares over time. EQUITY
  9. Vesting • Standard vesting = 4 years w/ 1 year cliff • If founder leaves, company can repurchase unvested shares. EQUITY
  10. Vesting • Why have vesting? • Single founders should have it too. EQUITY
  11. FUNDRAISING Logistics Investor Requests Company Expenses
  12. Logistics • Priced vs. Non-priced Rounds • Paperwork Alert! • Potential Dilution FUNDRAISING
  13. Investor Requests FUNDRAISING • Board seat • Advisors • Pro rata rights • Information rights
  14. Company Expenses • What is a business expense? • Keeping track of expenses. FUNDRAISING
  15. DOING BUSINESS Founder Employment Hiring & Firing Legitimacy
  16. Founder Employment • Founders are employees of the company and must be paid wages / salary. • Founder Breakups DOING BUSINESS
  17. Hiring Employees • Paperwork alert! • Consultant vs. Employee • Equity for Employees DOING BUSINESS
  18. Firing Employees • Fire quickly. • Communicate effectively. • Pay wages / salary up to point of termination. DOING BUSINESS
  19. Firing Employees • Eliminate access. • Repurchase unvested stock. DOING BUSINESS
  20. Legitimacy • Know your key metrics. • Balance Sheet & Income Statements • Tax Returns DOING BUSINESS
  21. Legitimacy • Register as a foreign corporation. • Financials, Tax Returns, Payroll Taxes • “Following the corporate form” = Board meetings, management structure DOING BUSINESS
  22. Legitimacy • Proper Contracting • Insurance DOING BUSINESS
  23. Biggest Take-Aways • During formation keep it simple, use the standard, and stay organized. • Be fair and forward-looking about equity ownership. Have Vesting! • Stock doesn’t buy itself.
  24. Biggest Take-Aways • Be savvy about financing instruments, terms, and common investor requests. • Founders need to get paid. • Employees must sign documents to assign IP to the company.
  25. Biggest Take-Aways • If an employee must be fired, do it quickly and professionally. • Know your key metrics. • Be a legitimate corporation by following the rules and taking it seriously.