Representing The Startup Venture (2016)
Total Credits: 7.5 (Professional Practice 6.5, Ethics 1.0)
Technically, any new business is a “startup,” regardless of what it does. But there are significant differences between a “small business” engaged in a basic retail or service business operated by its founders, and a “venture startup” backed by outside investors that is engaged in a manufacturing, high technology, e-commerce, Internet or media business. One of the most common mistakes business attorneys make is to confuse the two, assuming that what works for an antiques store will also work for an e-commerce website. When representing an entrepreneurial company, you cannot afford to be a “specialist”. Your client will expect at least a certain level of familiarity with corporate, contract, intellectual property, employment, international, immigration, tax and securities law issues it will face in building its business and raising capital. As fast-moving, demanding risk takers with limited funds to pay for legal services, startup ventures and their founders will also challenge your time management, client management and ethical practice skills to the utmost.
This program focuses on representing the venture startup and dealing with the often complicated legal, tax, financial and ethical issues involved in working with fast-growing enterprises run by time-challenged entrepreneurs and backed by professional investors.
Topics to be covered include:
• Choosing the right legal entity for different businesses
• Drafting shareholder and operating agreements
• The right way to draft “buy-sell” agreements for different ownership structures
• Using preferred equity instruments in a limited liability company (LLC)
• Putting money into, and taking money out of, an LLC in a taxwise manner
• Compensating employees and “sweat equity” owners in an LLC or corporation
• Structuring employee relationships in a startup venture
• Patent, trademark, copyright and other intellectual property issues your client will expect you to handle
• Immigration and other issues that are presented when startups have overseas owners or investors
• Raising capital from “friends and family,” angels and venture investors
• New York State’s assistance programs for venture startups
• Plus “cutting edge” ethical issues that are unique to the startup environment
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Areas Of Professional Practice Credit(s):
Ethics and Professionalism Credit(s):