How to Avoid Snatching Defeat from the Jaws of Victory: The Most Common Legal Problems Entrepreneurs Encounter and How to Solve Them
By: Robert R. Kibby
2005
Areas of Concern - Ownership
- Employees (and Independent Contractors)
- Tax Matters
- Securities Law Matters
- Accounting Matters
- Stock Option Plan
- Recordkeeping
- Intellectual Property
Ownership
Problems: - Ownership of company undocumented
- Ambiguous or conflicting agreements concerning ownership of the company
- No agreement specifying what happens to stock of company upon stock transfers, death, disability, termination of employment, etc.
Ownership
Solutions: - Coach clients to have you review documentation concerning stock issuances before the stock is issued
- Adopt Board resolutions approving stock issuances when issuances are made
- Keep a stock ledger
- Enter into shareholders agreement specifying what happens to stock upon proposed transfers, death, disability, termination of employment, etc.
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