Hey everyone,
I'm looking for some guidance on the appropriate document/agreement for co-pitching.
CONTEXT: We're about to start our pre-seed raise and have come across another person who has already built the foundations of what we're going after. He spent his own cash to have it developed but isn't an entrepreneur, just an enthusiast who wants to see change in the specific industry. Our capabilities and networks are mutually beneficial.
I convinced him to hold off on launching his own product, and to roll it into our company and join the team...once we have funding. It will save us 5 months of dev, plus he has support from the community and power players of the industry. We'll form the C-Corp once we're capital committed, so for now I'm just asking him to co-pitch with us with the intent of committing his IP and product into the newly formed corp.
ASK: What would be the best kind of agreement to commit our two LLC's to pitch together with the intent to merge into the newly formed entity?
Also, if you have any red flags about this kind of deal, I'll take them.
Thanks for your time!
[link] [comments]
