_davis_smith
New Contributor
- Joined
- May 4, 2018
- Messages
- 8
Rep Bank
$65
$65
User Power: 100%
Hey everyone,
So I thought I'd reach out to anyone in here that knows more about structuring businesses more than I do.
We're a group of 4 young guys (20-25 years old), and we're all working to create an interactive educational platform for blockchain development.
Since we're going to be starting out primarily as a content/educational site, we don't really have any assets to protect, so we won't really be liable for much.
Right now, the CEO and I are unsure how much each member will end up contributing in the long run. One member is a developer that can be replaced easily, in my opinion. The other has a great network in our field, and some valuable knowledge regarding the industry - but not many skills of great value once we begin pushing towards higher quality work.
How do we go about structuring the business in a way that doesn't leave anyone feeling like they aren't valued, yet protect ourselves from wasting equity and resources on a member that is eventually not worth their weight?
We're thinking we're going to structure as an LLC with each person receiving percentage in equity, and then restructure to a C corp if we get funding from any investors.
Should we succeed in getting that far, are there any vesting schedules or options that can help us prepare down the road?
We just want to protect everyone's best interests, including the other members if either the CEO or I ever decided to leave the project early.
Any advice or direction would be greatly appreciated. Thanks!
So I thought I'd reach out to anyone in here that knows more about structuring businesses more than I do.
We're a group of 4 young guys (20-25 years old), and we're all working to create an interactive educational platform for blockchain development.
Since we're going to be starting out primarily as a content/educational site, we don't really have any assets to protect, so we won't really be liable for much.
Right now, the CEO and I are unsure how much each member will end up contributing in the long run. One member is a developer that can be replaced easily, in my opinion. The other has a great network in our field, and some valuable knowledge regarding the industry - but not many skills of great value once we begin pushing towards higher quality work.
How do we go about structuring the business in a way that doesn't leave anyone feeling like they aren't valued, yet protect ourselves from wasting equity and resources on a member that is eventually not worth their weight?
We're thinking we're going to structure as an LLC with each person receiving percentage in equity, and then restructure to a C corp if we get funding from any investors.
Should we succeed in getting that far, are there any vesting schedules or options that can help us prepare down the road?
We just want to protect everyone's best interests, including the other members if either the CEO or I ever decided to leave the project early.
Any advice or direction would be greatly appreciated. Thanks!
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
