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Startup Science: The Formula for Launching Your Startup Right
Below are key startup tips that you should consider when starting your new company. In most cases, they apply straight up with no deviation. At worst, they will cause you to analyze and think about important startup issues when you decide how to structure and launch your new company.
1. Delaware
Incorporate your startup there.
2. C-corporation
Use a C-Corporation especially if you plan to raise money and set up a stock option plan. Don’t forget about qualified small business stock and the potential tax savings.
3. Vesting
Keep your co-founders focused on the mission at hand. If they leave early on, then some or all of their stock is repurchased. Remember to file the Section 83(b) Elections within 30 days of the stock being issued.
4. Protect Your IP
All employees and consultants should sign Proprietary Information Agreements, so that the company owns its secret sauce and starts to build value.
5. No Equity Promises
Document your ownership arrangements properly and well.
6. Employees
Comply with applicable employment laws. Everyone is not an independent contractor.
7. Documents
Make sure that they are all signed, named, organized and filed. Buy a scanner and use it. Do It!
8. Raise Money Properly
Your startup does not need lawsuits or visits from the securities regulators.
9. Get Insurance
And make sure that you pay the premiums.
10. Keep It Simple
Does your company really need a Chairman of the Board at startup?
Make sure to consider the above issues and your startup will be headed in the right direction.
Your Turn:
Which of the above startup tips were most important to you when you launched your new startup company?
