Bootstrapping new company. 2 co-founders. One of us is going full time now and the other will remain part-time for next few months. We’ve already incorporated the company 45%/45% with 10% option pool for future hires. Any way to do something like issue the co-founder going full time now a SAFE without having to do any monetary exchange? #equity #startup
Interesting thought! Though we are both currently trying to think of ways that won’t implicate any cash flows. Ideally we want to try to form a SAFE note for her at say $5k consideration monthly that would be capped at say $50k with provisions that say it would convert to a pay salary in the event of outside funding.
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One Idea... Set up a payment structure (we called ours guaranteed payments) where they get most of your business income (assuming you have any) but you retain your share without taking the profits. If business profits exceed income/GPs, you can do dividends