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Legal overview for foreign owned startups
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Formation and Tax Considerations for Foreign Entities Operating in the US
1.
© 2020 Haynes
and Boone, LLP © 2020 Haynes and Boone, LLP Legal Overview; Formation, Financing StarCamp 12:00 to 1:00 pm May 12, 2020 1 Roger Royse @rroyse00
2.
© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Disclaimer No information contained in this presentation is to be construed as legal advice. No information contained in this presentation is intended or related to any particular factual situation. Nothing herein forms an attorney-client relationship. If legal advice or other expert assistance is required, the services of a competent professional should be sought. 2
3.
© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP 3
4.
© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP US Branch Versus US Incorporation US Branch A “branch” is generally a fixed place of business (i.e. an office or factory) in a foreign jurisdiction in which a corporation carries on its business. A branch is not a separate legal entity. Will be taxed on ECI, or “business profits” attributable to a permanent establishment, if the treaty is claimed. Need US Tax ID and FEIN. Branch Profits Tax may apply; branch rules compliance burdens. No liability shield. US Incorporation Incorporating means a new legal entity will be established in the US. Such entity will be taxed like any other US entity; i.e. on worldwide income. Need organizational documents; bylaws, management, etc. Need US Tax ID and FEIN. No Branch Profits tax. Transfer Pricing compliance burden may exist if US Sub engages in business with foreign parent company. Shields liability. 4 foreign Entity US Branch foreign Entity US Sub
5.
© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Effectively Connected Income (ECI) Applies to foreign entities with a “US Trade or Business” If the foreign entity performs (or performs through the use of certain types of agents) “considerable, continuous, and regular” economic activity in the United States, depending on the facts, such performance will be considered a “US Trade or Business” (or US T/B). Passive investments usually do not rise to the level of a US T/B. US tax on income “effectively connected” to the US T/B The income, gain or loss is “Effectively Connected” when either (1) it is derived from the assets used or held for use in the foreign Entity’s US T/B or (2) the activities of the US T/B were a “material factor” in the foreign Entity’s realization of such income, gain or loss. Tax Treaty (“Treaty”) Effect If the foreign entity qualifies for Treaty benefits and claims its benefits, the tax will be instead on the “business profits” attributable to its “permanent establishment” in the US, if any exist. 5
6.
© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Branch Profits Tax The Branch Profits Tax (BPT) operates to eliminate any tax preference a US branch may have over an incorporated subsidiary by treating the branch as if its profits were earned by a US subsidiary of the foreign entity. The additional 30% tax applies, generally, to “after tax E&P that is effectively connected” with the foreign entity’s US T/B (“ECE&P”) to the extent such ECE&P is either (1) not reinvested in a US T/B by the close of the taxable year or (2) disinvested in a later taxable year. US-China Tax Treaty eliminates the BPT for corporations that are “qualified residents” in China. A PRC resident enterprise is a qualified resident, unless (1) 50 percent or more (by value) of its stock is owned by individuals who are not residents of China and who are not United States citizens or resident aliens; or (2) 50 percent or more of its income is used (directly or indirectly) to meet liabilities to persons who are not residents of China or citizens or residents of the United States. 6 foreign Entity US Branch ECE&P taxed at 30% If ECE&P is reinvested, no tax
7.
© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Withholding Taxes Foreign recipients will be subject to US withholding tax on payments of US-source income (as determined under US internal law) that are either (1) fixed or determinable annual or periodical (“FDAP”) income or (2) certain capital gains specified by Section 1441(b). Generally, the withholding regime taxes all US-source income that is not already taxed in the “effectively connected” to a US T/B regime. FDAP income encompasses all types of income, except those specifically excluded by the regulations. FDAP examples are: interest (excluding “portfolio interest”), dividends, rents and royalties. FDAP tax is generally 30% on the gross amount of the payment. Duty to withhold is on US payee, and such payee could be liable if amounts are not properly withheld. 7
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Withholding Taxes – Treaty Effect Dividend & Interest Relief The Treaty provides for a maximum allowable 20 percent tax on gross dividends and interest paid by a resident company if the recipient is a resident of the other Contracting State and is the beneficial owner. The reduced withholding rate does not apply if the beneficial owner maintains a PE or fixed base in the dividend/interest source country. A total exemption from tax by the source country applies to interest derived by the government of the Treaty partner, its Central Bank, and any wholly-owned government financial institution in the Contracting State. Royalties Relief For most royalties, the source basis taxation is limited to 10 percent of the gross amount. For rental income of industrial, commercial or scientific equipment [ICSE rental], an effective maximum rate of 5 percent applies to the gross rental, in recognition of the costs associated with leasing capital equipment. A royalty is considered to be sourced in a Contracting State if paid by the government or a resident in that State. The reduced withholding rate does not apply if the beneficial owner maintains a PE or fixed base in the other Contracting State. Service Income Relief An individual performing services in the US, (1) under Article 14, as an employee of an foreign entity may avoid US taxation if the individual is present in the US for less than 183 days and the compensation is not borne by the foreign entity’s “permanent establishment” in the US, and (2) under Article 13, as an independent contractor may avoid US taxation if the individual renders professional services, without a fixed base in the US, and without staying in the US for 183 days (or more) during the taxable year. 8
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Transfer Pricing Under Code section 482, the IRS can re-allocate income among “controlled” entities, such as a India parent and a US sub, to properly reflect income. The prices charged between such related parties (“transfer prices”) are required to be arm’s length. Current regulations impose substantial penalties for understatements of US tax due to transfer pricing adjustments – 20% or 40% of the underpaid tax, depending on the size of the understatement. The US sub can avoid penalties, even if the IRS does not accept its transfer prices, by completing a transfer pricing study (“TPS”) before the income tax return has been filed. The TPS must meet the requirements of the regulations and apply the best method for determining the US sub’s transfer prices. Most often, the TPS will utilize the comparable profits method for determining the appropriate transfer price. Such method determines the “arm’s length price” by referring to objective measures of profitability derived from uncontrolled taxpayers that engage in similar business activities with other uncontrolled taxpayers under comparable circumstances. Article 8 of the US-China Tax Treaty states that when there is sufficient indicia of relatedness through participation in management, control or capital of the related enterprises, then the taxing authority has the power to re-allocate income, deductions and credits in accordance with an “arm’s length” standard. 9
10.
© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP BEA Filings Survey of New Foreign Direct Investment in the United States (Form BE–13) Quarterly Survey of Foreign Direct Investment in the United States (Form BE–605) Annual Survey of Foreign Direct Investment in the United States (Form BE–15) Benchmark Survey of Foreign Direct Investment in the United States (Form BE–12). 10
11.
© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Choice of Entity Limited Liability Company (LLC) S Corporation (S Corp) C Corporation (C Corp) Foreign Corporation 11
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Advantages of a C Corporation 1. Operating Agreements 2. S Elections 3. Suspended Losses 4. 704(c) Allocations 5. Venture Capital 6. QSB Stock 7. Stock Option Plans 8. LLC Debt 9. Reorganizations 10. Fringe Benefits 11. Audits and Liabilities 12. Contingent Allocations 12
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Qualified Small Business Stock – 1202 and 1045 General Requirements Original issue Five-year holding period 100% post-Sept. 27, 2010 C Corporation issuer Up to $10 million or 10 times basis exclusion 1045 Rollover treatment 13 $50 million Gross Assets Test Active Business Test No significant redemptions Note: California does not follow federal income tax treatment of QSB stock under I.R.C. § 1202.
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Splitting Founders Equity The founder’s first decision The case of Zipcar 50/50 handshake deal Co-Founder 1 (Robin) built the startup, crafted its business plan, and cold called customers. Cofounder 2 didn’t even quit her day job, and contributed little. Her rushed negotiation had compromised her team’s longer-term effectiveness by causing her “a huge amount of angst over the next year and a half.” 14
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Founder’s Equity 15 Dynamic Split Equal Percentages Subjective Formula
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Dynamic Split Models – General Concept Traditional fixed-split model: Equity given based on anticipated contributions. Dynamic-split model: Equity given based on actual contributions. Inputs to dynamic-split model: The dynamic model assigns a relative FMV weight to various contributions from each participant, and contributions put into model: Outputs: Depending on the relative weighted contributions of each team member, that member is allocated a corresponding percentage of outstanding equity. On “split,” members could return old equity, or be given new equity, to ensure each member gets appropriate percentage of company. 16 Time spent working Intellectual property Commissions Cash Facilities Equipment and Supplies
17.
© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP The Founders’ Pie Calculator 1. Created by Frank Demmler, professor, Tepper School of Business at Carnegie Mellon University 2. A founder’s value add is divided into 5 categories: Idea, Business Plan Preparation, Domain Expertise, Commitment and Risk, and Responsibilities. 3. Each category is given a value on a scale of 0-to-10. 4. The value is multiplied by the founder’s score to come up with a weighted score. 17
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Founders’ Pie Calculator Example 18 Founder 1 Founder 2 Idea 70 21 Business Plan 10 2 Domain Expertise 15 30 Commitment & Risk 28 42 Responsibilities 12 18 Total Points 135 113 248 % of Total Founder Equity Pool 54.43% 45.57% 100% Frank Demmler, professor, Tepper School of Business at Carnegie Mellon University
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Grunt Fund 19 Source: http://www.slicingpie.com/the-grunt-fund-calculator/
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Grunt Fund Detail 20Source: http://www.slicingpie.com/the-grunt-fund-calculator/
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Founder Protections Class F Stock is common stock with super-voting rights. Series FF Stock is common stock that is convertible into preferred stock in a sale. 21
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Vesting Who should vest How long? Acceleration? Change of control Termination without cause Double and single triggers 22 www.startuprounds.com
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP IRC Section 83 Taxable income equal to difference between value and cost to service provider 83(b) Election Timing Whose Obligation? 23
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Advisors 24 FAST Model Valuation Milestones and Deliverables Vesting Stock v. Options
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Currency Options RSUs Restricted Stock Phantom Plan Units 25
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Advisor Vesting How long? Milestone based vesting Change of control Acceleration? 26
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Employment Law Considerations Employee vs Independent Contractor Wage & Hour Laws Intellectual Property Issues Prior Employer’s Facilities Invention Assignments 27
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP The Story of Homejoy Used an algorithm to connect homeowners with contract-for-hire cleaners and to schedule visits Raised $40 million in venture funding Treated its cleaners as independent contractors, and not employees CEO said the “deciding factor” in failure to raise money and failure was worker classification lawsuits (Recode July 17, 2015) 28
29.
© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Dynamex Decision Dynamex Operations West, Inc. v. Superior Court of Los Angeles adopts a three-factor ABC test, which presumes a worker is an employee unless all of the following tests are satisfied Worker is free from control and direction of hiring authority Worker performs work outside the usual course of the hiring entity’s business, AND Worker is engaged in an independently established trade, occupation of business of the same nature 29
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP AB-5 California Assembly Bill 5 codifies Dynamex in the Labor Code and the Unemployment Insurance Code “For purposes of the provisions of this code and the Unemployment Insurance Code, and for the wage orders of the Industrial Welfare Commission…” Numerous carve-outs 30
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Wage and Hour Federal partners’ exception to minimum wage California minimum wage law PAGA Fee shifting 31
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Violating 409A 409A Penalties: 20% plus tax and interest 1. Stock Option Pricing 2. Deferred Salary 409A Requirements: Nonqualified Deferred Compensation Payable on separation from service, disability, death, fixed time or schedule change of ownership or control, unforeseeable emergency 32
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Using An Employer’s Facilities California Labor Code § 2870 Employee’s Time No Employer Facilities Not Related to Employer’s Business Doesn’t Result From Work Performed for Employer 33
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Intellectual Property Protect your intellectual property from employees, consultants, and/or competitors PIAIA or CIAIA Broadly Drafted Invention Assignments Federal Defend Trade Secrets Act Provisional Patents Material contracts 34
35.
© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Trademarks Research existing names and logos. Brand your company strategically and legally. 35
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Early Stage Investment Sources Founders Family & Friends Angel Investors Private Equity Funds Banks Venture Capital 36
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP 37 Seed Funding SAFE Priced roundsConvertible Debt
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Terms: SAFEs and Convertible Notes Convertible Notes Debt obligations that convert to preferred stock SAFE Convertible equity Conversion feature Valuation Cap Sets a maximum valuation at which note will convert Discount Early investors get a discount to the preferred price Change of Ownership Investors convert to common or get a multiple on a sale of the company prior to a priced financing round 38
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Cap Table Common Stock Options Warrants Convertibles Preferred Stock 39
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Capitalization 40 Founders 5,000,000 38% 5,000,000 45% Stock Pool 2,000,000 15% n/a Series A 3,000,000 23% 3,000,000 27% Series B 3,000,000 23% 3,000,000 27% total 13,000,000 100% 11,000,000 100% Fully Diluted % Issued %
41.
© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Capitalization 41 Founders 5,000,000 50% 5,000,000 63% Stock Pool 2,000,000 20% n/a Series A 3,000,000 30% 3,000,000 38% Series B 0% 0 0% total 10,000,000 100% 8,000,000 100%
42.
© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Capitalization 42 Founders 5,000,000 71% 5,000,000 100% Stock Pool 2,000,000 29% n/a Series A Series B total 7,000,000 100% 5,000,000 100%
43.
© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Capitalization 43 Founders 5,000,000 100% 5,000,000 100% Stock Pool 0% n/a Series A 0% Series B 0% total 10,000,000 100% 5,000,000 100%
44.
© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Pre vs Post Money Post-Money value = Pre-Money Value + Investment Amount Investor’s ownership = Investment / Post-Money value 44
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Pre vs Post Money 45 Photo Borrowed From The Full Ratchet
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Effect of Option Pool Investors will ask that Option Pool be increased pre close, so that founders take full dilution for the option pool 46
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Capitalization 47 Founders 5,000,000 38% 5,000,000 45% Stock Pool 2,000,000 15% n/a Series A 3,000,000 23% 3,000,000 27% Series B 3,000,000 23% 3,000,000 27% total 13,000,000 100% 11,000,000 100% Fully Diluted % Issued %
48.
© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Effect of Valuation Caps 48 Founders 4,000,000 100% 4,000,000 100% Stock Pool 0 0% n/a total 4,000,000 100% 4,000,000 100% Fully Diluted % Issued % Company sells a $1,000,000 SAFE with a $4,000,000 pre money valuation cap That means that the SAFE will take 20% of the capitalization ($1,000,000/$5,000,000)
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Capitalization 49 Founders 4,000,000 50% 5,000,000 63% Stock Pool 1,000,000 13% n/a 0% SAFEs 1,000,000 13% 2,000,000 25% Series A 2,000,000 25% 3,000,000 38% 8,000,000 100% 10,000,000 100% Fully Diluted % Issued %
50.
© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP VC Negotiations When to mention valuation Staged Investment Liquidation Preference Control Blocking rights Drags and tags Anti-Dilution protection 50
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Other Financiers Private Equity Crowdfunding Strategic Investors 51
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Private Equity For more mature companies Deals often leveraged Usually have cumulative dividend 52
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Crowdfunding 53
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Crowdfunding Campaign Overview Campaign owner selects crowdfunding platform (e.g., Kickstarter.com, Indiegogo.com, GoFundMe.com). Differences exist such as whether must hit target to get funds, whether for business or personal, others. Campaign owner creates a campaign, telling the story of their product, idea, concept or reason for fundraising. Third-parties “contribute” funds to the campaigns. Funds raised are distributed to campaign owner less any applicable fees assessed (e.g., by the platform itself, credit card processors, foreign currency conversion, etc.). Some sites require that “target” be met to get the funds. Campaign owner, in exchange for this contribution may: Do nothing, including provide nothing in return to the contributors Provide a product or ownership interest Provide a nominal value perk such as a logo tee shirt/tickets to an event 54 Slide provided by: Dawn Rhea, Moss Adams Carolyn Lee, Morgan, Lewis & Bockius Annette Nellen, San Jose State University
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP JOBS Act – Key Provisions Crowdfunding (Title III of the JOBS Act) Allows companies to raise a limited amount of funds from the general public (Effective as of May 16, 2016) Investment must be through an intermediary broker or funding portal General Solicitation (Title II of the JOBS Act) The SEC has extended the exemption for private offerings under Rule 506 to allow for general solicitation providing certain requirements are satisfied Can only issue securities to accredited investors and there are additional filing requirements New Regulation A, nicknamed “Regulation A+” (Title IV of the JOBS Act) Preempts state registration, allow for what some call a “mini-IPO” 55
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Crowdfunding Exemption from Registration The private company issuer (aggregated with predecessors and companies under common control) may sell up to $1.07 million of securities in a 12-month period [adjusted for inflation] Individual investments in all crowdfunding issuers in a 12-month period are limited to: If either their annual income or net worth is less than $107,000, then the greater of: $2,200 or 5 percent of the lesser of their annual income or net worth If both their annual income and net worth are equal to or more than $107,000, then 10 percent of the lesser of their annual income or net worth (up to a maximum of $107,000) Issuer may rely on intermediary’s calculation of investor limits, unless issuer knew it was or would be wrong Process is likely to prove expensive and overly burdensome Effective as of May 16th, 2016 56
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP The ICO: Crowdfunding on Steroids Utility Use of Token Secondary Trading Scarcity Voting + Democratized Law Securities Law Regulatory Tax AML/KYC Anti Fraud 57 Issuer $ Step 2: Build Platform Step 1: Pre-Sale $or Crypto SAFT Investors Step 3: ICO Tokens Investors
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Initial Coin Offering (“ICO”) Community supported crowd sale of cryptocurrency tokens issued by startups based on private Blockchain technology Creates liquidity and growth equity without giving up equity in a company Tokens are sold in exchange for Bitcoin, Ether, and government fiat No clear tax guidance 58
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP ICOs (cont.) In certain cases, the tokens or coins will be securities and may not be lawfully sold without registration with the SEC or pursuant to an exemption from registration Will depend on the facts and circumstances including the economic realities of the transaction Tokens can have different utilities and rights Regulation A, Regulation D, or Regulation CF can be used Potential CFTC and FinCEN Compliance US vs. Offshore Offering 59
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP STO - Security Coin Offering Tokenized Stock Token tied to asset or revenue stream Treated as security 60
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP STO – Pros and Cons Advantages: 1. It’s not an ICO, which are not doing well due to regulations and bad press 2. Liquidity, can be traded 3. Removes middleman, speeds up process 4. Broad access to investors Disadvantages: 1. Stigma due to ICO fallout 2. Regulatory uncertainty 3. Lack of governance 61
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Security Tokens - Implementation Stock with tokens attached Stock with right to future tokens Stock convertible into tokens Tokens with rights of stock Asset backed tokens or centralized stable coins 62
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP The Exit Taking Money Off the Table Earnouts and contingencies Acqui- Hires 63
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Taking Money Off the Table 1. Investor buys preferred shares from company and common shares from founders 2. Alternatively, investors buys preferred from company and company redeems common from founder 3. Founders common priced at above market 4. Tax issues for founder 64 Target Target Shareholders PEG Target Shares Cash Cash
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© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Earnouts and Contingencies Purchase price based on performance (earnouts) should be baked into formation documents Can structure for capital gains tax instead of ordinary income 65
66.
© 2020 Haynes
and Boone, LLP© 2020 Haynes and Boone, LLP Acqui – Hires Acquiring a company to recruit its employees The Marvell case Management carveouts 66
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AUSTIN 600 Congress Avenue Suite
1300 Austin, TX 78701 United States of America T +1 512.867.8400 F +1 512.867.8470 CHARLOTTE 101 S. Tryon Street Suite 2250 Charlotte, NC 28280 United States of America T +1 980.771.8200 F +1 980.771.8201 CHICAGO 180 N. LaSalle Street Suite 2215 Chicago, IL 60601 United States of America T +1 312.216.1620 F +1 312.216.1621 DALLAS 2323 Victory Avenue Suite 700 Dallas, TX 75219 United States of America T +1 214.651.5000 F +1 214.651.5940 DALLAS - NORTH 2505 North Plano Road Suite 4000 Richardson, TX 75082 United States of America T +1 972.739.6900 F +1 972.680.7551 DENVER 1050 17th Street Suite 1800 Denver, CO 80265 United States of America T +1 303.382.6200 F +1 303.382.6210 FORT WORTH 301 Commerce Street Suite 2600 Fort Worth, TX 76102 United States of America T +1 817.347.6600 F +1 817.347.6650 HOUSTON 1221 McKinney Street Suite 2100 Houston, TX 77010 United States of America T +1 713.547.2000 F +1 713.547.2600 LONDON 1 New Fetter Lane London, EC4A 1AN United Kingdom T +44 (020) 8734 2800 F +44 (020) 8734 2820 MEXICO CITY Torre Esmeralda I, Blvd. Manuel Ávila Camacho #40 Despacho 1601 Col. Lomas de Chapultepec, DF 11000 Mexico City, Mexico T +52.55.5249.1800 F +52.55.5249.1801 NEW YORK 30 Rockefeller Plaza 26th Floor New York, NY 10112 United States of America T +1 212.659.7300 F +1 212.918.8989 ORANGE COUNTY 600 Anton Boulevard Suite 700 Costa Mesa, CA 92626 United States of America T +1 949.202.3000 F +1 949.202.3001 PALO ALTO 525 University Avenue Suite 400 Palo Alto, CA 94301 United States of America T +1 650.687.8800 F +1 650.687.8801 SAN ANTONIO 112 East Pecan Street Suite 1200 San Antonio, TX 78205 United States of America T +1 210.978.7000 F +1 210.978.7450 SHANGHAI Shanghai International Finance Center, Tower 2 Unit 3620, Level 36 8 Century Avenue, Pudong Shanghai 200120, P.R. China T +86.21.6062.6179 F +86.21.6062.6347 THE WOODLANDS 10001 Woodloch Forest Drive Suite 200 The Woodlands, TX 77380 United States of America T +1 713.547.2100 F +1 713.547.2101 WASHINGTON, D.C. 800 17th Street NW Suite 500 Washington, D.C. 20006 United States of America T +1 202.654.4500 F +1 202.654.4501 © 2020 Haynes and Boone, LLP 67
Notes de l'éditeur
Money = customers, advances, investors, OPM, IRA, mortgages. People = Team, facebooks. Technology = patents, know how, brand, goodwill
Formula. E.g. relative base salaries
Money = customers, advances, investors, OPM, IRA, mortgages. People = Team, facebooks. Technology = patents, know how, brand, goodwill
Time = 2: Cash = 4; IP = development hours plus costs X 2; Relationships = commissions X 2
Advisors: .1 to 2%. 2 to 4 years. FAST – 2 years. Not a board.
409A valuation, S corporations, LLCs, Options with deferred price, tax issues
Caps, discounts, liquidation preference, CoC conversion, interest, debt priority, Term, liquidation preference based on price paid by lender or holder. Debt – investor favorable. SAFE – company favorable
Caps, discounts, liquidation preference, CoC conversion, interest, debt priority, Term, liquidation preference based on price paid by lender or holder. Debt – investor favorable. SAFE – company favorable
Marrone Bio
What is reverse vesting? Preemptive vesting; odds of losing a founder, Advisors
What is reverse vesting? Preemptive vesting; odds of losing a founder, Advisors
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