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.

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7 Tips for Saving Money with Your Attorney

  1. 1. Top 7 Tips to Save $$ with yourAttorneyJuliet PetersFounding PartnerBecker Peters, PLLC
  2. 2. Tip #1:“Do it Yourself” Isn’t Always LowCostContext is Cost Saving.
  3. 3. Equity IssuesLLC CORPVS.
  4. 4. Tip #2:Know the CompensationOptions
  5. 5.  Compensate Founders› How much to pay them?› Do they have equity? How much? Employees vs. Contractors Interns (paid vs. unpaid)Compensation Options
  6. 6. SweatEquityVesting TransferBuy-BuyFor CauseForfeituresCompensation Issues
  7. 7. Tip #3:Short Term Thinking = DollarsOut the Door LaterDocument Your CompanyFormation
  8. 8.  Buy-Sell Language Provisions for Death or Divorce Different Classes of Units “Profits Interest” Language Valuation Formula Deadlock ProvisionYour (LLC) Operating Agreement MustHave:
  9. 9. Tip #4:Identify & Protect yourIntellectual Property
  10. 10. Technical Co-FounderOutsourcing YourDevelopmentIn-House DevelopmentIdentify & Protect Your IP
  11. 11.  Actively protect it Trademarks Patents Trade Secret Protection IP Identification and StorageProduct Traklight at www.traklight.comSafeguard Your IP
  12. 12.  Business Lawyer ($$$) IP Lawyer ($$$$$) Traklight.com ($)IP Identification & ProtectionOptions
  13. 13.  Do it Yourself IP Identification & Protection ID your IP› Know prior knowledge of IP required- likeTurboTax!› Get a custom report outlining potential IP andproviding strategic advice for protection IP Vault› Encrypted storage for sensitive documents,ideas, files› Time-stamped verificationTraklight.com
  14. 14. Tip #5:Make Sure You Own It
  15. 15. Technology Assignment Agreementor Exclusive License• Broad as possible• Terms should be worldwide, right,title or interest to company andforever (perpetual)• Confidentiality• Ability to get injunctive relief• Strong Reps and WarrantiesEnsure Your Ownership WhenWorking with a Technical Co-Founder
  16. 16. Tip #6:Have the Right Contracts inPlace…from the Beginning!
  17. 17. Whether Outsourcing or DevelopingIn-HouseDevelopment, Consulting or Work Made forHire AgreementsWork Made for Hire but Cover Your BasesMaster Agreement with SOW AttachedReps and Warranties, Indemnity, InsuranceNon-Disclosure AgreementsNon-Competes?
  18. 18. Bonus Tip:Have an Advisory Board…and/or Technology Advisors
  19. 19. Tip #7:Hire the “Right Fit” Lawyer forYou
  20. 20.  INTERVIEW AT LEAST THREE EXPERIENCE—TECHNICAL,BUSINESS PHILOSOPHY ASK FOR REFERRALS FLEXIBILITY VALUEFinding the Right Lawyer
  21. 21. Juliet PetersBecker Peters, PLLCScottsdale, AZJuliet@beckerpeters.com480.214.9548Thank You
  22. 22. 30% OFFID your IP Traklight.comUse the coupon code NEWMEM30offer ends 5-3Get started on Tip #4 TodayStay informed about IP!@traklightfacebook.com/traklightMay Free Webinar:AVOID Litigation with attorney Maria SpethWhen: May 22nd from 11:30-12:30 PSTCost: FREEEmail with registration link to follow presentation.

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