On July 11, 2017, I was happy to give a talk to existing and budding entrepreneurs at the NYC Game Changers Meetup.
During the conversation I went over the basics of different company structures: the solo proprietorship, the partnership, the limited liability company (LLC) and the corporation (both "C" & "S" corps).
I also talked about the kinds of questions company founders should ask themselves and their partners as soon as possible, hopefully with an eye toward setting the information down in a formal agreement. Anticipating issues, and clearly communicating with your colleagues is the surest way to avoid bad blood, disagreements, and eventual break-ups. Not that there any sure bets: cooperation is easier when there's no or little money on the table, but as the stakes get higher, so run the tempers and expectations I find.
Still, having a professional walk everyone through potential pitfalls and writing it up while memories are fresh is a key way to mitigate future risks. If you are curious about some of these pro-tips please check out of my prior articles on the subject:
There was a consistent give and take vibrant exchange between us all, and I think everyone there, including myself, learned something new about each other, our industries and some of the business and legal aspects that affect us all. Hopefully, everyone there had a good time as well.
Special thanks to Dandan Zhu, CEO of Dandan Global (Organizer, Event Host) and Ryan Clarke, Financial Adviser, Empire Wealth Strategies (Assistant Organizer, Event Host) for inviting me to speak.