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My hard-earned advice: no matter who you partner with, no matter how aligned you and your partner are and how certain you are that you two are a good fit, make
by michael_dorfman 19y ago
My hard-earned advice: no matter who you partner with, no matter how aligned you and your partner are and how certain you are that you two are a good fit, make sure you have the proper legal protections in place. You never know when somebody will wake up one day and decide to screw you with your pants on.
- bigtoga 19y agoTo expand on that a bit, you need to have 90 day and one year milestones at a minimum. You also need a strong Buy/Sell that includes what happens to your/partner's stock when you/he die/divorce/quit-working-for-the-company/etc. Lawyers are needed here for sure. If you can't afford a lawyer, try to convince one to work for equity. There are plenty of lawyers who will do your work for a percentage point. If you can't afford a lawyer and you can't convince one to work for equity, give it up for the time begin because otherwise it will cause you more grief in the long term. Come back to the idea when you can afford to hire an atty.