Amy Sue L.

President, Concierge Legal

Washington, DC Metropolitan Area

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Summary info

Hourly Rate
$400
State License
CA, PA, VA
Years Practicing
25
Insurance
Yes
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2 Questions Answered / 2 Recent Answers
January 14, 2022
A: This is really a business question, as much as it is a legal question - although lawyers can certainly help you structure and document it once answered. That said, I think you're likely to find a spectrum of answers - on one end of the spectrum, there are 3 investors with equal shares (each having 1/3 of the equity - 2 of which receive their percentage in consideration for $ investments, while you receive yours for your efforts in running the business day-to-day- in this scenario, everyone and everything they bring to the table is equally valued); on the other end of the spectrum, there are 2 investors with equal or otherwise proportionate shares (each having 1/2 of the equity - or some other percentages that total to 100% - in consideration for their respective $ investments, which may differ depending on the value of the businesses underlying the loans), and you are considered an employee of the business (not an investor), who will receive compensation for running the business- presumably a salary and possibly including incentives based on the success of the business; and of course, there are some variations that could impact any or all parties in the middle of the spectrum. I suggest that you have a conversation with your potential partners to learn how each party views the value being brought to the enterprise by the others and begin the negotiation from there. Note also that this deal sounds simple in theory but may become a little complicated due to the funding mechanism being used on the back end.
January 14, 2022
A: A "letter of intent" is typically not signed by a lawyer, it is signed by two or more parties who intend to enter into a transaction together in the future, but who do not yet have sufficient details regarding the terms of the transaction to enter into a formal agreement. Has the trade show given any additional info / context about this request? - I think your question has not been answered because your use of the term "letter of intent" and "lawyer" in this context is unusual. More information about what you mean by "registered a startup" would also be helpful - if you have formed a company, you should be able to provide a certificate of good standing or other evidence of that formation to the show, which may be sufficient. If you cannot provide that documentation, I wonder if you are also using the term "registered" in another, non-traditional way (from a legal point of view)? Happy to try to help with more info!