Should co-founders always impose vesting?
Yes, co-founders should always impose vesting on their equity. Life happens—one founder may leave early, whether due to a change in circumstances, a disagreement, or simply a loss of interest. If there’s no vesting, that...
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Convertible Notes: Benefits to Founders (@Harvard – Angel Investing Bootcamp)
In this presentation, Greg Pilarowski, Founding Partner of Pillar Legal, breaks down the critical terms behind convertible notes – a vital but often misunderstood early-stage financing tool. Since there is no standard form, reviewing complex...
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SAFE: Benefits and Hidden Risks to Founders (@Harvard – Angel Investing Bootcamp)
Greg Pilarowski, Founding Partner of Pillar Legal, provides a practical deep dive into the Y Combinator Simple Agreement for Future Equity (SAFE) – a widely adopted instrument for early-stage startup financing. This presentation originally delivered...
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Where should I incorporate my U.S. tech startup?
Delaware. Why? Because everyone else does, and when approaching investors, it’s best to look like everyone else, at least with respect to incorporation jurisdiction. Your pitch deck can look different, of course. Nevertheless, some have...
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Should I hire a lawyer to incorporate my company, or use an online service?
Incorporation is a well-established, mostly clerical process that can be completed without the assistance of an attorney. Many online services form companies at lower cost and sometimes even faster than an attorney. The incorporation process,...
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Startup Financing Legal Document Options
You have formed your company, perhaps you personally provided some funds to pay initial set-up costs, now it is time to raise external financing. What legal documents should you use? Three Ways to Fund a...
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Y Combinator’s Post-Money SAFE: Risks for Founders
Y Combinator, one of the most famed Silicon Valley startup accelerators, introduced the “Simple Agreement for Future Equity” (commonly referred to as the “SAFE”) in late 2013. Recognized within the early investment community for its...
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America’s New Beneficial Ownership Reporting Regime
On January 1, 2021, Congress enacted the Anti-Money Laundering Act of 2020 (the “AMLA”) to combat money laundering and terrorist financing by expanding the regulatory power of the Financial Crimes Enforcement Network (“FinCEN”), a financial...
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FTC Proposes Ban on Non-Competes
On January 5, 2023, the Federal Trade Commission released a Notice of Proposed Rulemaking to prohibit employers from using contractual terms with workers that prevent such workers from seeking or accepting employment from another employer...
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