[55] Legal issues for startups with Scott Christiansen

This week Rachel Sipperley joins Scott Christiansen in a discussion of legal issues that challenge startups and how to resolve them in a practical cost-effective way. Learn some of the biggest issues facing startups and how to resolve them before they tank your company. What you will learn in this episode ✧ How to make sure you and your cofounder don’t wind up stuck together if things don’t work out✧ What investors will expect when they look at your legal docs✧ How much of the legal docs do you “really” need to read and understand✧ How to pick a the right lawyer for your business Tangible Tips✧ How to form an LLC on your own without creating an issue later✧ When to spend money with a lawyer✧ Key issues to make sure you get right in your entity structureRecommended Resources ✧ Venture Deals-https://www.amazon.com/Venture-Deals-Smarter-Lawyer-Capitalist/dp/1118443616To follow and connect with Scott you can find him here: www.instagram.com/startuplawyertx www.crcounsel.com Or send an email to [email protected] or, heaven forbid, call at 214.924.9215. More about ScottThe greatest compliment I get is when someone says “I can’t believe you are a lawyer”. I work with startup and privately held companies through the entire life cycle from formation, funding, operation and ultimately a successful exit (hopefully). I have worked in a big firm, as the general counsel for Lehman Brothers’ private equity group and in my own firm (in different iterations). In all of those roles my singular focus has been business transactions.I have discovered a few things along the way, the most important of which is that I only work with people I like and that usually means a good sense of humor and passion for what you do. As a result, I am not a fit for everyone (my wife will be more than happy to tell you how difficult I can be).I have been a corporate lawyer for over 20 years. During that time I have worked through the dot.com bubble and the financial crisis (actually had a really expensive front-row seat with Lehman Brothers). In between there were a lot of successes. The tough times were likely more valuable than all of the successful times in between. Lots of people can generate documents quickly and cheaply, but knowing and understanding what can (and probably will) go wrong during your business venture can only be earned through gray hair (although some of the color and loss of hair is from my three daughters, I must admit).I have all the legal stuff you are supposed to be impressed with as well. I went to Montana State University for a Mechanical Engineering Degree (yes I can do math) then drove my pickup to Malibu California to Pepperdine University School of Law (yes you can study by the beach). When I went to law school the plan was to go back to Montana and work as a general attorney or district attorney in a small town. Five minutes into my Corporations class with Professor Kerr I was completely hooked on corporate work and my entire mindset shifted to working with entrepreneurs. I was on the law review and national moot court team which is really only impressive to other law geeks and my parents, but was required to get a job so I nerded out. I moved to the Dallas area right after graduation in 1997 to the joy of thirty plus days of 100 degree heat and the bar exam. I stayed and have called the area home since. I worked for Winstead Sechrest & Minick which at the time was a 350 plus lawyer firm. At Winstead I learned how to be not only a lawyer, but to consider things from a business...