7 tips for saving money with your attorney
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Traklight hosts its first of a series of monthly webinars to help startups and businesses.TRANSCRIPT
Top 7 Tips to Save $$ with your Attorney
Juliet PetersFounding Partner
Becker Peters, PLLC
Tip #1:“Do it Yourself” Isn’t Always Low Cost
Context is Cost Saving.
Equity Issues
LLC CORPVS.
Tip #2: Know the Compensation Options
Compensate Founders› How much to pay them?› Do they have equity? How much?
Employees vs. Contractors Interns (paid vs. unpaid)
Compensation Options
Sweat Equity Vesting Transfer
Buy-BuyFor Cause Forfeiture
s
Compensation Issues
Tip #3: Short Term Thinking = Dollars Out the Door Later
Document Your Company Formation
Buy-Sell Language Provisions for Death or Divorce Different Classes of Units “Profits Interest” Language Valuation Formula Deadlock Provision
Your (LLC) Operating Agreement Must Have:
Tip #4:Identify & Protect your Intellectual Property
Technical Co-Founder
Outsourcing Your Development
In-House Development
Identify & Protect Your IP
Actively protect it
Trademarks
Patents
Trade Secret Protection
IP Identification and Storage Product Traklight at www.traklight.com
Safeguard Your IP
Business Lawyer ($$$) IP Lawyer ($$$$$) Traklight.com ($)
IP Identification & Protection Options
Do it Yourself IP Identification & Protection ID your IP
› Know prior knowledge of IP required- like TurboTax!
› Get a custom report outlining potential IP and providing strategic advice for protection
IP Vault› Encrypted storage for sensitive documents,
ideas, files› Time-stamped verification
Traklight.com
Tip #5:Make Sure You Own It
Technology Assignment Agreement or Exclusive License
• Broad as possible• Terms should be worldwide, right,
title or interest to company and forever (perpetual)
• Confidentiality • Ability to get injunctive relief• Strong Reps and Warranties
Ensure Your Ownership When Working with a Technical Co-Founder
Tip #6:Have the Right Contracts in Place
…from the Beginning!
Whether Outsourcing or Developing In-House
Development, Consulting or Work Made for Hire Agreements
Work Made for Hire but Cover Your Bases
Master Agreement with SOW Attached
Reps and Warranties, Indemnity, Insurance
Non-Disclosure Agreements
Non-Competes?
Bonus Tip: Have an Advisory Board
…and/or Technology Advisors
Tip #7:Hire the “Right Fit” Lawyer for You
INTERVIEW AT LEAST THREE EXPERIENCE—TECHNICAL,
BUSINESS PHILOSOPHY ASK FOR REFERRALS FLEXIBILITY VALUE
Finding the Right Lawyer
30% OFFID your IP Traklight.comUse the coupon code NEWMEM30offer ends 5-3
Get started on Tip #4 Today
Stay informed about IP!
@traklight
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May Free Webinar: AVOID Litigation with attorney Maria Speth When: May 22nd from 11:30-12:30 PSTCost: FREEEmail with registration link to follow presentation.