CleanStart just had a great class aptly titled: “Keeping it Clean: Legal & Financial Essentials for Tech Startups”. With speakers from Weintraub Tobin and EY. It was a great opportunity that companies were able to take advantage of to get some of their questions answered. They presented issues newer and growing tech companies encounter; how to avoid common pitfalls; establishing a solid legal and financial foundation for your venture; why tax planning needs to be done now; and the benefit of running your company like you are prepping to sell. Check out their slides.
Here are some reasons companies took away:
- If Intellectual property is part of your business, you need to plan a strategy around it. Is it a trade secret or do you need a patent.
- Choose your business entity based on where you are and where you want to be in the Company’s life cycle.
- Tax planning needs to be future thinking not an afterthought.
- Small companies can qualify for tax goodies incentives that can significantly support growth.
- Tax Planning mean finding ways to pull forward losses and push out revenue to lower your tax liability.
- Keep financials in a professional manner. Companies have lost 8 digits (MORE THAN 10 MILLION) in valuation because they didn’t keep good financial.
All of this can be summed up in one sentence: “Engage with professionals now to keep your business Clean!” Doing so can help your business grow sustainably and avoid critical mistakes.
Please, if you want to know more, contact CleanStart or get to know the speakers better:
Jon E. Ancona
Jon is a member of the firm’s Corporate group. He helps clients with their legal needs at every stage of business, including entity formation, financing, corporate governance, mergers and acquisitions, reorganization, privacy, and securities matters.
Andrew D. McCarthy
Andy is a member of the firm’s Corporate group. His broad practice focuses on securities, mergers and acquisitions, commercial agreements, and other business transactions. Andy’s representations have included clients in an array of industries, such as technology, energy, consumer products, gaming, and multi-family housing, among others.
Raymond A. Loyd
Ray has over 25 years of experience serving growth-oriented public and private audit clients in diverse industries/sectors, including manufacturing, technology, hospitality and real estate. He routinely assists with complex accounting consultations related to revenue recognition, stock-based compensation, debt and equity transactions and business combinations.
Jason is a Partner in E&Y’s Northern California Tax Practice. He has served clients in many industries including consumer products, technology, agriculture, cleantech, biotechnology, manufacturing, and real estate.
ABOUT THE AUTHOR
Thomas is the Executive Director of CleanStart. Thomas has a strong background in supporting small businesses, leadership, financial management and is proficient in working with nonprofits. He has a BS in Finance and a BA in Economics from California State University, Chico. Thomas has a passion for sustainability and a commitment to supporting non-profits in the region.