{"id":1521,"date":"2015-03-16T10:00:55","date_gmt":"2015-03-16T18:00:55","guid":{"rendered":"http:\/\/thinkapps.com\/blog\/?p=1521"},"modified":"2016-03-23T16:42:07","modified_gmt":"2016-03-23T23:42:07","slug":"how-start-startup-legal-and-accounting-advice","status":"publish","type":"post","link":"https:\/\/thinkapps.com\/blog\/entrepreneurship\/how-start-startup-legal-and-accounting-advice\/","title":{"rendered":"How to Start a Startup: Legal and Accounting 101"},"content":{"rendered":"

If you set up your\u00a0startup with the proper paperwork from the beginning, you’ll save yourself a lot of headaches in the future.<\/em><\/p>\n

It’s definitely one of the less glamorous parts of starting a startup, but filling out the right forms and setting up the right systems go a long way in getting investors and protecting yourself and your business.<\/p>\n

As part of\u00a0Y Combinator<\/a><\/span>\u00a0president\u00a0Sam Altman\u2019s<\/a>\u00a0<\/span><\/span>How to Start a Startup<\/a>\u00a0course at Stanford University,\u00a0Carolynn Levy<\/a>\u00a0and\u00a0Kirsty Nathoo<\/a>\u00a0<\/span>\u2014 Y Combinator’s very own legal and accounting pros\u00a0\u2014 dished out all you need to know to make sure you’re keeping things legal and official on the back end so you can succeed on the front end.<\/p>\n

(For more startup advice, check out How to Start a Startup: The Book<\/a><\/em>. It’s\u00a0the ultimate reference guide to creating a successful tech startup.)<\/strong><\/p>\n

Formation<\/h2>\n

The formation of your business seems like an obvious step, but make sure that it’s not overlooked. You have to start your company as a separate legal entity to protect yourself from personal liability and ensure that all of the money you make\u00a0belongs to the company.<\/p>\n

But how and where do you go about forming this legally-sound corporation? While you can pick any state, Levy says that your best option is Delaware.<\/p>\n

\u201c<\/span>Delaware is in the business of forming corporations,” she said. “The law there is very clear and very settled. It’s the standard.\u201d Also, investors are comfortable with it, so people already understand it. It\u2019s simple and familiar.<\/p>\n

Setting Up a Delaware Corporation<\/h3>\n

It all starts with a fax telling Delaware that you\u2019re creating a company. Then, Nathoo said, \u201cYou\u00a0need to complete a set of documents that approve the by-laws of the company.\u201d These documents create a board of directors by assigning officers of the company. Delaware requires that someone have the title of CEO, President, and Secretary.<\/p>\n

You also need to complete documents noting\u00a0any inventions or code that you as an individual have created for the startup in order to give\u00a0the company ownership of them. Keep in mind the difference between doing something as an individual and doing it on behalf of the company.<\/p>\n

To Get Incorporated<\/h3>\n

You can work with\u00a0a law firm, but what they often use with the YC companies is Clerky<\/a> \u2014 an online service that provides all the documents you need to get going with your business.<\/p>\n

Also, Nathoo emphasized again and again the importance of keeping\u00a0your documents in a safe place, because chances are if an occasion pops up where you need them, you’re going to\u00a0want them ASAP to give to a lawyer or an investor.<\/p>\n

Equity Allocation<\/h3>\n

When considering equity allocation, Levy says, \u201cExecution has way more value than the idea.\u201d While ideas are important, no one\u2019s going to buy one.<\/p>\n

\u201cValue is created when the whole founder team works together to execute on an idea,” she said. “You need to resist the urge to give a disproportionate amount of stock to the founder who is credited with coming up with the idea for the company.\u201d<\/p>\n

Going with the rule of thumb on allocation at YC, Levy said, \u201cStock allocation doesn’t have to be exactly equal. But if it’s very disproportionate, that’s a huge red flag for us.\u201d To investors, it can make your company seem\u00a0flighty, dishonest, and even self-indulgent. All in all, it just looks like your founders are not in sync with each other.\u00a0 <\/span><\/p>\n

Levy said this can all be clarified by looking forward and acknowledging among the founder group that everything that happened before the formation of the company shouldn\u2019t matter. No matter whose idea it was, who coded it or who designed it, from the day you formed the company, that\u2019s ground zero.<\/p>\n

Buying Stock (Yes, in your own company)<\/h2>\n

This is not just a given. You do have to sign some papers to get make your stock official.<\/p>\n

It\u2019s called a stock purchase agreement and\u00a0lets you buy part of the company as an individual.\u00a0<\/span>You can pay in cash, IP, invention or code, so that basically the company owns what you as an individual have done in the past on behalf of the startup.<\/p>\n

Nathoo said, \u201cWe also refer to that stock as being restricted because it vests over time.\u201d Since it\u2019s restricted and vesting, you need a super duper important form called the 83(b) Election<\/a>. Without that form and confirmation that you\u2019ve signed that form, your and the company\u2019s taxes are at stake, as well as any future deals with investors.<\/p>\n

Vesting<\/h3>\n

For those of you who don\u2019t know, vesting means you will attain\u00a0full ownership of your stock over a set amount of time.<\/p>\n

This means that if you deuce out before you\u2019ve built up that amount of time at the company, then the company can repurchase the unvested shares from you\u00a0at the same price you paid\u00a0for them. In Silicon Valley, the standard time for this is 4 years.<\/p>\n

Why Would You Vest?<\/h3>\n

Without a vesting system, if a founder\u00a0leaves,\u00a0a big part of the equity ownership is in flux, leaving\u00a0the other founders up a creek.<\/p>\n

But Levy says it\u2019s also because of \u201cthe idea that founders need to be incentivized to keep working on their startup.\u201d She said, \u201cIf the founder can walk away with his or her full ownership at any point and time, then why would you stay and grind away?\u201d<\/p>\n

This applies to solo founders, too, as a way to show investors their commitment but also to show employees. Levy says it\u2019s a culture<\/a> point that sets a tone for the company.<\/p>\n

Raising Money<\/h2>\n

There are two ways to do it: Priced<\/strong>\u00a0and\u00a0Non-Priced Rounds<\/strong>, which means the price (the valuation of the company) is set or the price isn\u2019t set.<\/p>\n

Generally, if a startup\u00a0is in what\u2019s called a \u201cseed round,\u201d the price has not been set. But if they are in Series A or Series B, then the price usually has been set.<\/p>\n

Nathoo said, \u201cNot setting the price is the most straight forward, fast route to getting money …\u00a0This is done through convertible notes or safes.\u201d There\u2019s a piece of paper that says the investor is paying<\/a> an amount now and in return will get stocks at a future date when the price is set by investors in a priced round. But until then, they\u2019re not a shareholder, which means they don\u2019t have voting rights.<\/p>\n

But these seed investors do want some perks for their riskier investment. For example,\u00a0when the startup goes into priced rounds, that seed investor has the opportunity to buy stocks at a lower price than other investors.<\/p>\n

Future Dilution<\/h3>\n

Nathoo says to keep in mind how much of your company you’re giving away, so that you don’t lose the reins once you hit the priced rounds.<\/p>\n

She said, “Remember that some money on a low valuation cap is infinitely better than no money at all. And if those [are the] term[s] that you can get then, then take that money. But it’s just something to be aware of and to follow through the whole process, so that you can see where this is going to lead you down the road.\u201d<\/p>\n

Also,\u00a0Nathoo says that family and friend investments of a few thousand dollars here or there usually end up causing the most trouble in the long run because they aren\u2019t familiar with the long-term process. To avoid this, Nathoo said that investors should be accredited: \u201cThey have enough money to be able to invest. They understand that investing in startups is a risky business<\/a>.\u201d<\/p>\n

Know the Investor Terms:<\/h2>\n

Board Seat<\/strong>: If an\u00a0investor wants to be on your Board of Directors, that\u00a0means they want to keep tabs on how their money is being spent or they want to give advice on your business, whether you want it or not. Levy says if this request comes up, most times it\u2019s best to say no. \u201cOtherwise make sure it’s a person who is really going to add value.\u201d<\/p>\n

Advisers<\/strong>: If an investor has given you money, Levy says they should be a defacto adviser. You shouldn\u2019t be offering up anything extra for the advice. A good investor will want to help you without extra perks.<\/p>\n

Pro-Rata Rights<\/strong>: Levy said that these give you the \u201cright to maintain your percentage ownership in a company by buying more shares in the company in the future.\u201d They\u2019re a way to prevent losing ownership each time the company sells stock to investors.\u00a0Make sure you know how these work.<\/p>\n

Information Rights<\/strong>: Sending investors periodic updates is\u00a0good, but it can be a\u00a0red flag when investors want weekly updates or frequent budget breakdowns.<\/p>\n

Company Expenses<\/h2>\n

This is where that divide between personal and company needs to, again, be super clear.<\/p>\n

As Nathoo put it, \u201cIf you were working at Google, you would not use a Google credit card to buy a toothbrush and toothpaste.\u201d<\/p>\n

Investors have trusted you with a big sum of money to help the company succeed. She said that, admittedly, this line can get fuzzy in the beginning when you’re working from your apartment 24\/7. But a good rule of thumb is to think, if you had to give a line-by-line breakdown to an investor of your expenses, would you be embarrassed by any of them? If so, it\u2019s probably not a business expense.<\/p>\n

Employment<\/h2>\n

Founder Employment<\/h3>\n

As a founder, you should get paid, and you should file your payroll taxes. Period.<\/p>\n

Besides just basic logistics, Levy says it\u2019s important to pay founders because, in the case of a breakup, unpaid wages are a way for the founder who\u2019s being\u00a0fired to use those unpaid hours as leverage to get something else that he or she\u00a0wants and isn\u2019t entitled to \u2014 like vesting acceleration.<\/p>\n

If he gets over on this deal, then Levy said you have a disgruntled ex-employee not only owning shares of the company, but the rest of the company is now kind of working for him. It\u2019s a nasty feeling.<\/p>\n

Also, setting up a payroll service\u00a0is something worth dishing out cash for. But she advises that, when it comes to paying employees, stay lean with minimum wage if possible in the beginning.<\/p>\n

Hiring Employees<\/h3>\n

When thinking about the proper paperwork for your employees<\/a>, first consider if they’re actual employees or contractors.<\/p>\n

Contractor<\/strong>: They sign an IP assignment agreement. They set their own hours, location, and project goals, and use their own equipment. They sign a consulting agreement, and the company doesn\u2019t pay taxes. Then at the end of the year, they get a 1099.<\/p>\n

Employee<\/strong>: They also sign a IP assignment agreement, but the\u00a0company withholds taxes and the employee receives a W2.\u00a0Your employees also need to have worker\u2019s compensation insurance and you need to ensure that the person has authorization to work in the U.S. Nathoo suggests services like ZenPayroll<\/a> to help you take care of that.<\/p>\n

Firing Employees<\/h3>\n

This is where things can get messy. But this may be one of the first things you do for your company to prove that you’re in it for the long haul.\u00a0It means doing what\u2019s right for the company instead of what\u2019s easy.<\/p>\n

Levy had some simple bullet points to make sure\u00a0any firings are\u00a0handled\u00a0quickly and professionally:<\/p>\n

1. Fire quickly \u2014\u00a0<\/strong>No good can come of keeping a bad employee on account of\u00a0procrastination. You\u2019ll only hurt\u00a0company culture and maybe even lose business.<\/p>\n

2. Communicate effectively\u00a0\u2014\u00a0<\/strong>Don\u2019t apologize or over-explain. Cut right to the chase, ideally\u00a0with a third party present.<\/p>\n

3. Pay all wages and accrued vacation right away\u00a0\u2014\u00a0<\/strong>It\u2019s the law. That\u2019s all there is to it.<\/p>\n

4. Cut off physical and digital access\u00a0\u2014\u00a0<\/strong>Do this as soon as the person is gone.<\/p>\n

5. Repurchase shares\u00a0\u2014\u00a0<\/strong>This, too, should be done right away to further cut all ties with the terminated employee.<\/p>\n

Take-Home Message<\/h2>\n

Complete\u00a0all of the proper paperwork up front and keep it in a safe place to avoid crazy legal battles or losing an investor in the future on account of disorganization.<\/p>\n

With all of your ducks in a row, you’ll be able to make the most of\u00a0the insights from the previous How to Startup a Startup lectures with the peace of mind that you’re keeping things legal.<\/p>\n

Next Steps<\/h2>\n

You can watch the video and read a transcript of\u00a0Levy and Nathoo\u2019s lecture here<\/a>.<\/p>\n

Also, if you enjoyed this post, be sure to check out\u00a0How to Start a Startup: The Book<\/a><\/em>. It’s\u00a0the ultimate reference guide to creating a successful tech startup.<\/p>\n

\"How<\/a><\/p>\n

Featured image was taken from the video of Levy and\u00a0Nathoo’s lecture<\/a>\u00a0at Stanford.<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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