Roundtable: Legal Advice for Start-ups

					
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We celebrated our last event before the summer break with a roundtable at the elegant offices of Uría Menéndez, where we invited some exceptional legal experts from some of Spain’s most important and active law firms dedicated to the legal assessment of start-ups: José Soria Sorjús, Partner at Uría Menéndez, Julio Veloso Caro, Partner at Broseta and Gonzalo de Ulloa Lapetra, Founding Partner at Youandlaw.

After listening to a brief presentation about the services offered to start-ups on behalf of Uría Menéndez, followed by the latest news from sides of Faraday, our Chief Investment Officer, Gonzalo Tradacete Gallart invited our invited guest to the round table where they dove into more detail regarding the legal issues that can afflict start-ups, such as the Partner’s Agreement, its main clauses and the major controversies that may surface as a result. At the round table, we also discussed the importance of the Administrator and the observer. Likewise the guests discussed the most aggressive clauses they’ve experienced and shared how they had faced and resolved them.

Other topics that were discussed included anecdotes of the mistakes and learnings acquired throughout their careers. Finally, we closed the round table with a Q&A session, in which the speakers responded directly to the questions posed by the participants themselves.

INTRODUCTION

  • Minute 0:08
  • Presentation of the most recent activities of Uría Menéndez. Minute 0:37
  • Summary of the latest from Faraday Venture Partners. Minute 6:22
  • Invitation to the roundtable. Minute 14:50
  • Presentation by José Soria Sorjús (Uría Menéndez). Minute 17:24
  • Presentation by Gonzalo de Ulloa de Lapetra (Youandlaw). Minute 19:55
  • Presentation by Julio Veloso Caro (Broseta). Minute 24:18

ROUNDTABLE THEMES

  • Partner’s Agreement or no Partner’s Agreement? Minute 28:39
  • Main clauses and controversies… Minute 43:50
  • Administrators vs. “observers” Minute 1:00:03
  • The most aggressive clauses in a series A, B round… Minute 1:06:30
  • Mistakes, anecdotes… and take-aways! Minute 1:21:00
  • Q&A. Minute 1:30:20
    1. Is there a way to make the closing of a Partner’s Agreement or the negotiation of a possible exit for investors that live abroad easier? Minute 1:30:58
    2. What is the quantity that you have to include or the period of time after which you need to update your Cap Table in function of your “Phantom shares”? Minute 1:35:03
    3. I wanted to ask you your opinion and experience regarding the new law of Partner’s separation within a company. Minute 1:40:30