IDCEE 2013: 101 legal guide for startups - Michał Karwacki (Counsel @ Dentons)
http://idcee.org/p/micha-karwacki/ Michał Karwacki is a counsel in Dentons' Warsaw office and a member of the Dentons VC/PE International Legal Practice Team. Michał has over 13 years of professional experience and is identified by clients as a "reputable private equity specialist”, a “noteworthy lawyer who is thorough and committed” and endorsed for his "efficiency, experience and excellent skill set” in the international reputable legal ranking of Chambers Europe. Michał's main territories of interest are Poland, Turkey, Romania, Czech, Ukraine and Africa. Pic's are here: http://www.flickr.com/photos/idcee/sets/ More @ http://idcee.org Follow us on: YouTube: http://www.youtube.com/user/OfficialIDCEEChannel Facebook: https://www.facebook.com/IDCEE Linkedin: http://www.linkedin.com/groups/IDCEE-3940138 Twitter: https://twitter.com/idcee_eu Google+: http://gplus.to/idcee Flickr: http://www.flickr.com/photos/idcee/collections/
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IDCEE 2013: 101 legal guide for startups - Michał Karwacki (Counsel @ Dentons)
- 1. IDCEE 2013 Kiev, Ukraine 101 LEGAL GUIDE FOR STARTUPS Michał Karwacki 11 October 2013
- 2. 101 LEGAL GUIDE FOR STARTUPS Contents • About Dentons • Startup life cycle • P.O.P.E. • Planning (concept) • Organization (incorporation) • Positioning (operations) • Exit (sale) • Summary 11 October 2013 2
- 3. Meet Dentons A global law firm established in March 2013 by a combination of Salans, FMC and SNR Denton 2500 lawyers and professionals in 79 locations across 52 countries 11 October 2013 3
- 4. 101 LEGAL GUIDE FOR STARTUPS Planning • Your concept (barrier of entry, how „unique” factor, how to monetize the concept) • Costs and funding • Business plan • Feedback from others • How advisors can help 11 October 2013 4
- 5. 101 LEGAL GUIDE FOR STARTUPS Incorporation (available structures) Sole Proprietorship Partnership Corporation Difficulty to Establish Low Medium Relatively high Availability of Startup Capital Low Medium High You are the decision-maker Need to share – SHA Depends on the type of corporation n/a Medium Medium You are solely responsible Reponsibility shared Limited liability Low Medium High Control Ability to Terminate Tax Liability Corporate Regulation • Pros and cons • Liability issues • Raising capital • Tax issues 11 October 2013 5
- 6. 101 LEGAL GUIDE FOR STARTUPS Operations - commercial (1) • Services and sales • Internet site • Contracting with customers • General terms • Personnel relations • NDA • IP rights (employment vs. civil law contract) • IP protection • Trademark • Patents • Confidentiality and trade secrets 11 October 2013 6
- 7. 101 LEGAL GUIDE FOR STARTUPS Operations - funding (2) • Funding • Investment term sheet (HoT, TS, LoI) • Minority rights protection • Supervisory board • Anti-dilution • Reserved matters • Restrictions on sale of shares (lockup, drag along, tag along, call option, put option) 11 October 2013 7
- 8. 101 LEGAL GUIDE FOR STARTUPS Exit • Exit • Resale to Founders / MBO • Private sale or auction sale to the strategic investor or PE House • IPO 11 October 2013 8
- 9. 101 LEGAL GUIDE FOR STARTUPS Summary • Summary • Initial stage • Organization stage • Operations • Exits 11 October 2013 9
- 10. Key contacts Natalia Selyakova Partner T: +380 44 494 47 74 F: +380 44 494 19 91 natalia.selyakova@dentons.com Volodymyrska Str. 49-A, 01001 Kyiv, Ukraine Victor Naumov Partner, Head of IP, IT & Telecomunications Practice Group in Russia T: +7 812 325 84 44 F: +7 812 325 84 54 victor.naumov@dentons.com Moika Embankment 36, 191186 St. Petersburg, Russian Federation Igor Ostrowski Partner, Head of IP, Technology & Communications Practice Group in Poland and CEE Michał Karwacki Counsel, Venture Capital and Private Equity Group T: +48 22 24 25 673 F: +48 22 24 25 242 igor.ostrowski@dentons.com Rondo ONZ 1, 00-124 Warsaw, Poland T: +48 22 24 25 659 F: +48 22 24 25 242 michal.karwacki@dentons.com Rondo ONZ 1, 00-124 Warsaw, Poland © 2013 Dentons Dentons is a global legal practice providing client services worldwide through its member firms and affiliates. This publication is not designed to provide legal or other advice and you should not take, or refrain from taking, action based on its content. Please see dentons.com for Legal Notices.