Do I Need an Attorney If I Use Upstock?
Generally, no. Yes, you will always need an attorney for everything from licensing, and founder agreements to corporate formations, transactions and intellectual property.
But with Upstock, what you likely won’t need is to spend $10,000-$20,000 or more on static equity plan fees.
Let’s look at this a bit more closely.
Upstock helps you save money on negotiations
Founder stock agreements and changes to them can take a lot of legal time. And at anywhere from $300-$800/hr, that’s very expensive time. Upstock’s pre-written “one-size-fits-most” legal documents (written by lawyers we’ve paid) eliminate most–if not all–of these costs.
Upstock saves you money on due diligence
When it comes to due diligence, the Upstock dashboard is a godsend. We automatically track:
- The contribution of each team member
- How much money was collected prior to the investment round
- Which team members the money was used for
- How much time and effort has been taken to get the company to its present state
- How much it costs for the product to be built and who paid for it
These are all costs you’ll never have to incur separately.
Of course, you’re going to need to spend money on attorneys. At Upstock, we believe you should spend it on those agreements and transactions you need, while leaving it to us to cut your legal costs, preserve your working capital and align your team members’ interests.