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Albuquerque Business Lawyers
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It takes money to turn a great idea into a great product, but “money doesn’t grow on trees” and you may not have thousands of dollars just waiting to be spent. So how do you turn your dream into a reality? Here are some of the best options.
Self-Funding / Bootstrapping
Many entrepreneurs start with some level of self-funding (also known as bootstrapping) and, in fact, future investors likely will want to see that you have some “skin in the game”. Even if you can only put in a little money, it is worth considering the benefits. For example, you don't have to worry about keeping investors happy. You also can keep more profits to yourself. Many founders also hold off on taking a salary, consider tapping into the 401(k) retirement account, and/or have a side job to help make ends meet while they get their business up and running.
You also can use your
- 5 min read
What Is an Arm's Length Transaction?
"Arm's length" refers to a legal transaction in which buyers and sellers of products or services have no relationship to one another either by blood, marriage, or business dealings. Without a relationship, buyers and sellers can act independently. Without previous ties, an arm's length transaction makes sure neither person feels pressured by the other or acts in connection with one another.
The idea of an arm's length transaction, also known as an arm-in-arm transaction, came about in the real estate market as a way of handling tax authorities. Generally, family members and businesses with related shareholders are not acting at arm's length, which can cause ethical problems. Such ethical issues include a company's supervisor who forces an employee, under the threat of termination, to buy real estate using the boss's name.
In the 1997 case McNichol et al v. The Queen, the tax ju
- 3 min read
What is SOX?
SOX informally refers to the Sarbanes-Oxley Act of 2002, a piece of legislation created for the purpose of protecting investors from accounting fraud, specifically those that are related to shares sold by publicly traded companies.
The Sarbanes-Oxley Act is a deliberate attempt to mandate strict reforms with regards to how corporations made financial declarations. The law mandates increased vigilance with regards to disclosures related to the financial state of the company, particularly when it comes to earnings and profitability.
It is important to remember that this law regulates publicly traded corporations, those that sell shares of stock to the common people and institutional investors. The investors and potential shareholders will only agree to the listed price of the company's shares based on the company's value such as future earnings and current performance. Thus,
- 5 min read
What is Vesting?
Vesting is the process where an employee or founder earns shares over time. This means rather than having immediate equity in a company, you earn a percentage of shares on a monthly (or quarterly) basis over time. Vesting protects a company from giving up too much equity to someone who spends only a short time with the company.
Why Do Founders Need Vesting?
In most cases, if you apply for venture capital, you will be required to have a vesting schedule for your stock. The good newsis in nearly all cases, you get credit for "time" that you've invested into the company. For example, if you have been working on the concept and idea for your company for two years, a venture capitalist would credit your agreed-upon vesting schedule for those two years.
- 7 min read
Burn Rate: What Is It?
Burn rate is how quickly a company spends its cash reserves before it generates positive cash flow. This rate is tracked each month, so if the burn rate for a company is $50,000, it means that the company is spending $50,000 each month.
The two types of burn rates are gross burn and net burn. Gross burn includes all of the money a company spends in a given month in order to run the business. Net burn is the amount of money that the company loses.
Let's say that a small startup spends the following every month:
- $6,000 for office space/rent
- $18,000 for employee salaries and benefits
- $2,000 on server costs
- $1,500 on miscellaneous
That means that each month, the company's gross burn rate is $27,500. However, if the company is producing some income, you can subtract that amount to get the net burn. So if the company earns $15,000 in the month, the net burn r