57:45Carolynn Levy And Panel (Jon Levy, Jason Kwon) - Startup Legal Mechanics
From Y Combinator · Published Jul 22, 2019 · Watch on YouTube
TL;DR
Carolynn Levy and panel (Jon Levy, Jason Kwon) present legal mechanics for starting a startup: incorporate in Delaware using an online platform like Clerky or Stripe Atlas, issue founder stock with four-year vesting, file an 83(b) election within 30 days of purchase, and keep signed documents organized.
Key insights
- The primary reason to incorporate in Delaware is ease, speed, and efficiency; many investors require it.
- Online platforms Clerky and Stripe Atlas handle both formation and post-incorporation documents (e.g., founder stock purchase agreements); other platforms often stop after formation.
- Founder stock must be purchased (nominal cash + IP contribution). Not buying stock is a real mistake – one case went undiscovered until Series B.
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