We are partnering with an early stage startup that has not
We are partnering with an early stage startup that has not had a valuation event. They will be compensating us in cash and equity (stock options vested over the course of the project). How can we ensure that the stock is the same type as that of the founders so that it gets diluted the same way when they issue new shares?Also, are stock options the best method?
I am a founder and president of a non profit organization. I
I am a founder and president of a non profit organization. I truly need to protect what I've started. The officers are asking that we have a 3 year term of office, however I've invested time, my own person money to help the organization grow. How do I protect what I've started?JA: Can you tell me where the nonprofit is registered?Customer: Chicago, IllinoisJA: Has anything been officially filed? If so, what?Customer: Articles of incorporation, but no by laws yet!JA: Anything else you want the lawyer to know before I connect you?Customer: I think that's all
Writing bylaws for a NPO in Maryland. We currently have 5
writing bylaws for a NPO in Maryland. We currently have 5 directors, 3 that actually manage the group. can we have a pres, vp1 and vp2. vp1 also serves a treasurer, vp2 also serves a secretary OR can the Pres also serve as sec or treasurerJA: Because laws vary from state to state, can you tell me where the company is registered?Customer: marylandJA: Has anything been officially filed? If so, what?Customer: we recently obtain IRS determination letter.JA: Anything else you want the lawyer to know before I connect you?Customer: very small charitable performing arts org. had to "reorganize' upon death of founder. want all ducks in a row to solicit/accept donations
On December 15, 2015, the IEAU received its DOL stamp. In
On December 15, 2015, the IEAU received its DOL stamp. In early 2016, the founder of IEAU started to create local chapters to fall under the IEAU (it's mother union)One of the chapters, APAG, held an election for officers, and the IEAU founder appointed other officers, for offices for which there were no nominees. On June 6. We were sworn in, and we submitted our bylaws to DOL, and have since received our own stamp.We are veterans within our industry, with little to no previous union experience.In late July, it became apparant that the founder of IEAU, was operating outside of her rights as the founder. When the APAG officers started to reject her demands, and attempt to move forward to build a stronger structure, the IEAU founder started to threaten us, and arbitrarily claim that we are dismissed from office. She has contacted us numerous times, to the point of harassment, INSISTING that we must sign an unsound contract, in order to remain officers for the positions we've already been sworn-in to.Is it usual for the FOUNDER of a mother union, to contact OFFICERS of a local chapter, and insist they sign a contract in order to remain an officer?
I would like to start a social enterprise ( online platform
I would like to start a social enterprise ( online platform for mentally ill teens) - would like to know if non-profit incorporation or for profit incorporation is better. Need initial "seed" donation/funding and then over time have revenue sustain operations. All profits will be invested back in growing the community. Over time there are likely to be two to three employees others would volunteers. The revenue model is via online sponsorships and ads as well as direct revenue from referrals to professionals.
Corporate office bearer C&O question. I am currently own
Corporate office bearer C&O question.I am currently own my own VA LLC which is a single member LLC. I am also a practice manger for my wife's practice, a small healthcare practice.Recently (since Feb 2016) couple of my acquaintances asked me join their VA LLC as partner. It is staffing and IT consulting company. It so happened that when I joined the company I was named as 'Chief Manager' which in LLC terminology runs the company day to day operations. I do not have access to and do not operate financial activities and I do not operate payroll activities either. However, I myself want to be very careful in omission or commission of the company. Are these two (1) Being a partner in the operating agreement and (2) being the chief manager of the company two independent events? That is my first question. Assuming company does some mistake without my knowledge ( this is hypothetical question please) will I be responsible in the context of the above two points? Assuming company does something wrong by misleading me (again hypothetical please) will I be responsible in the context of the above two points?Two partners of the company are H1B non-immigrants. According immigration sources H1B people can own business in US. The original founder is a US citizen, who is considered the President and CEO of the company. Company is trying to replace the original founder with an African American to bring diversity to company management (this is my suggestion), which can give me also a very good opportunity to step down from chief manager position as the new incumbent is willing to take over management. One of my thought processes is to stay as Partner in the operating agreement and step down as chief manager ( I guess it may almost become like a silent partner), I can assume an individual contributor role as Business Development Associate and Facilities Manager (who will take company office and company condo etc). This company works with non-immigrants and often works in the scope of immigration law. So I would like to be even more careful. I am not a business executive by any means, but I am trying to bring expert help to these people. I am asking various consulting experts in the payroll, HR and accounting, and even immigration aspects so that these people will get educated in running the business 'as per law of the land'. I do not tolerate any exception to the law, does not matter what it costs. Even then I want to be careful and do not get involved at levels unnecessary to my risk bearing abilities. I know startup companies do not have enough money to follow every rule. But my way is to raise money by loans and partner contributions and stand out and respect law. i am telling them this exactly and I see they are listening.I need your suggestion what is best for my personal safety legally. They love me to be partner and if possible to lead the company. But they will insist me to be at least partner and a lower level employee (honorary because they may not have enough money to pay me though). Bot***** *****ne I do not want to be in the news because company did something stupid.
We are looking advice regarding a startup company. We are
Hello,We are looking for legal advice regarding a startup company. We are determining the ownership percentages for the company and are looking for an opinion based on the following scenario:There are 2 founders of the company who came up with the idea for the business, will be doing what is necessary to get the business started, and will be operating the business full time going forward. The founders negotiated with the only manufacturer of a specialized boat that this manufacturer cannot sell this boat to anyone else for a period of 18 months and that we would have the option of purchasing another boat within this period in order to extend this territory protection clause. It is a 30 mile radius from a restaurant in Tampa, FL. Therefore, nobody else will have the ability to purchase this boat and offer this service in the entire bay area.The necessary startup capital for this business is $340,000. The founders will be each putting up $40,000 for a total of $80,000. There are two silent investors who will each be putting up $130,000.We have discussed a potential 65/35 or 70/30 split between founders and investors. In your opinion, is this fair to both sides or are we off base? Thank you.