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Starting Your Own Business
The Legal Details
I have an idea…
Cofounders
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Going into business together is like getting married. ! Sometimes things don’t work out. !
Make sure to protect yourself.
Consider: ! Nondisclosure Agreement ! Founders Agreement ! Vesting Schedules
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What’s in a name?
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The money question
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Getting it started…
Choosing a Business Entity
Your Choices: ! Sole Proprietor ! Partnership ! Corporation ! C-Corporation* S-Corporation ! Limited Liability Company ! Social Ventures ! Flexible Purpose Corporation Benefit Corporation
Choosing a State
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Equity
Investors
Types of Investors: ! Angel Investors ! Seed Investors ! Early Stage ! Late Stage ! Social Impact
Licenses
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Image courtesy of Wikimedia
Protecting Your IP
Trademarks
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Do you need a patent?
To employ or not to employ?
Employees v. Independent Contractors
It’s about control
Ask Yourself… ! Will I control… ! the way the work is performed? ! or where the work is performed? ! Am I… ! the worker’s primary source of income? ! providing benefits? !!
Considerations
Taxes ! Federal ! Social Security = 6.2% Medicare = 1.45% FUTA = 6.2% on first $7,000 ! State ! Unemployment Insurance = 3.4% on first $7,000 ! Employer Training Tax = 0.1% on first $7,000 ! Local ! San Francisco = 1.5%
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Starting Your Own Business
The Legal Details
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