Law Office of Paul H. Spitz – Blog

Anatomy of a Term Sheet 6 — Protective Provisions

April 11th, 2014

Welcome back to my series on the Anatomy of a Term Sheet. In this series, I am going through the model term sheet provided by the National Venture Capital Association, which you can find here. Read More

Anatomy of a Termsheet 5 — Voting Rights

April 11th, 2014

Welcome back to the fifth installment of my series on the Anatomy of a Term Sheet. In this series, I am going through the model term sheet provided by the National Venture Capital Association, which Read More

Anatomy of a Term Sheet 4 – the Liquidation Preference

April 10th, 2014

Welcome back to the fourth installment of my series on the Anatomy of a Term Sheet. I hope this series is helpful to startup founders, and helps break down some of the legalese in venture Read More

New CrowdHall Forum

April 10th, 2014

I've just set up a new forum at a site called CrowdHall, where you can ask, and I can answer, questions about legal issues facing startups. You can find the forum here, so drop by Read More

Anatomy of a Term Sheet 3 – Dividends

April 9th, 2014

Welcome to Part 3 of my series, Anatomy of a Term Sheet. If you are new to this series, I am analyzing in detail a Series A investment term sheet, using the model term sheet Read More

Anatomy of a Term Sheet 2 – Pre-Money Valuation and the Option Pool

April 7th, 2014

Welcome to Anatomy of a Term Sheet Part Two. In the first part, we looked at the introductory language and some of the basic offering terms in the model term sheet of the National Venture Read More

Anatomy of a Term Sheet – Part 1

April 4th, 2014

Today I start a new series, Anatomy of a Term Sheet. I’m going to take a fairly standard term sheet for a Series A venture capital funding, and explore the various provisions in detail. There Read More

Startup Checklist

April 1st, 2014

In previous posts, I have provided a lot of information on various aspects of getting a startup company established. I thought it would be useful to put a lot of that information in one post, Read More

Bring Your Own Device – Pitfalls and Policies

March 31st, 2014

A fairly recent issue facing businesses and their employees is the trend known as Bring Your Own Device, or BYOD. This term describes the practice where an employer relies on its employees to bring their Read More

Splitting the Founders Equity

March 27th, 2014

A question that would-be startup founders often ask is how they should split the equity among themselves. This is an excellent and extremely difficult question, and also one that I cannot answer for them. Ultimately, Read More

Is Crowdfunding a NonStarter or a Kickstarter?

March 26th, 2014

In 2012, Congress passed the JOBS Act, which among other things, created a new exemption under federal securities laws for crowdfunding. Under the law, companies will be able to raise funds through crowdfunding in exchange Read More

Bitcoin To Be Treated As Property, Not Currency

March 26th, 2014

The IRS has just announced that it will treat Bitcoin and other virtual currencies as property, rather than currency. [Although there are a number of different virtual currencies, to keep things simple I will just Read More