7 Figure Store Legal Checklist

0 Просмотры· 12/01/22
May It Please The Internet
May It Please The Internet
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IntroLots of questions about start ups, to us, these are not all that interesting. Reality is a true start up is going to do the bare minimum to get going. Ownership agreements between the founders are probably the most important, after that, it is completely dependent on what the business can afford.More interesting is to open the hood on businesses that have been around. What should you have in place if you have been around for 3, 5, 10 years. What could be considered a luxury for a start up can become an absolute need for a more mature businessNo business is perfect, you won’t have all of theseBut end of the year is approaching, it is time to pull out that dusty list of legal needs and start making plans to get things doneOrganizational Structurea. Internal corporate documents (bylaws/shareholder agreement/operating agreement) i. Clear outline on ownership/managers ii. Buy/sell agreementsb. Relations with investors You should be able to clearly, and without question, answer:all questions about your cap table, capital accounts, rights of first refusals, and your complete org structureknow your (and other owners) rights about sellingwhat happens if people die, divorcekey man insurance (and how to distribute the money) If you exit, this must be 100% clear or it will cause problems.2. Contractsa. Employment agreement i. Non-compete ii. Confidentiality iii. Work for hireb. Independent contractor agreements i. Work for hirec. Phantom stock / incentive agreementsd. Employee handbooks i. Workplace policies (time off, sick leave, benefits, etc)e. Service agreements (how you get paid)f. Real terms of useg. Real privacy policyh. Real copyright policy (copyright registered agent)i. Manufacturing agreementsj. Insurance ii. Property/personal property iii. Key man iv. health You should have organized documents that all have signatures. You will need to produce all of these documents in an exit.3. IPa. Trademark i. Federal/state registrations ii. Process to clear names before investment iii. Trusted counsel iv. Make sure registrations are owned by the correct entity v. International trademarks1.US only good for US2.Take advantage of Madrid3. File in “first to file” countries - chinab. Copyright i. Understanding what can/should be registeredIndustry specific but advantages for allc. Patent i. Knowing basics of when/how to act if you want to seek patent protection (or at least who to ask) ii. Contracts with employees help to make sure you have all rightsd. Trade secrets i. What they are ii. How you maintain trade secrets You should be able to:Explain and document all cases all alleged infringement on your IP and threats against youKnow where the business could invest in more IP protectionsHave a domain portfolio of domains registered for your brand, including defensive registrations to cover typos or even gripe site type domainsTaxesa. Understand tax structure, tax planning i. What states for sales tax – nexusb. Trusted CPAc. Paying quarterlyd. Taking advantage of tax laws i. Cars ii. Spouses / kidse. Not trying to nickel and dime, just do it right Accountinga. Clean books

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