The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 7 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Levy: Founders not paying themselves violates labor law but goes unenforced
“Strictly speaking, it's against the law not to pay yourselves although obviously this isn't a thing that That gets enforced.”
Levy: Most public companies and investor requirements make Delaware standard
“Most public companies are Delaware companies, so that saves you a little time if you're gonna go public. And some investors actually will require that you're in Delaware before they, before they'll fund you.”
Levy: Delaware franchise tax is minor for startups when calculated correctly
“If your startup is a Delaware corporation, there is an annual tax you have to pay to that state, but if you calculate it correctly, the tax owed is really minor for startups.”
Levy: The vast majority of angels and VCs will not fund LLCs
“The vast majority of angels and VC firms will not invest in an LLC.”
Levy: SAFEs are not debt, accrue no interest, and lack maturity dates
“One of the most important things, I say this a lot, the safe is not a loan. It is not debt. It does not accrue interest. There is no right to be repaid at some point in the future at some maturity date. So please don't call it a safe note.”
Levy: Startup corporate boards do not require an odd number of directors
“There's a misconception that board of directors have to have an odd number of directors, but that is not necessary.”
Levy: Typical startup SAFE discount rates range between 10% and 20%
“Typical discount rate ranges in between 10 and 20%, so for example, ah, if the series A round that your SAFE is converting in is the lead investor has priced it at a dollar per share, and you've negotiated a 20% discount, your effective price is 80 cents a sha…”