美国创业的法律环境金路德律师 Tel: May 2019

美国创业的法律环境金路德律师 rjin@jinlex.com Tel: 646 863 5903 May 2019
北大创业训练营：美国创业的法律环境美国创业的法律环境金路德律师 Tel: May 2019

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北大创业训练营：美国创业的法律环境金路德律师简介北京大学法律系毕业。北大以全奖学金派到日本留学，在东京大学读法学硕士/博士，教书，写论文等。后在美国乔治城大学读法学院并做国际经济法机构的学者。金律师在美国国际律师事务所，Orrick Herrington & Sutcliffe LLP, 工作多年。9年前，金律师创立金坤佩尔律师事务所，目前和前任纽约州法务部长等合伙，代理无数的客户。金路德律师是美国商业公司法/证券法专家。从2013年起，金律师被美国Thompson Reuters的超级律师杂志评选为超级律师，并被纽约时报评选为纽约优秀律师。 © Jin & Koppell, PLLC All Rights Reserved.

© Jin & Koppell PLLC All Rights Reserved. www.jinlex.com
北大创业训练营：美国创业的法律环境第一部：如何开始一个企业选择企业类型（CHOOSING A CORPORATE FORM）美国没有联邦公司法。每个州有不同的公司法。选择合适的州。除了某些投行以外，注册公司不需要注册资本。个人公司（Sole Proprietorship）：不是法人，不用注册，方便自由。可以选一个商业名- 给州政府邮寄 Assumed Name Certificate 没有有限责任，风险大。没法得到投资。主人死，公司也死，公司没有延续性外国人可以开个人公司，但不能违反签证 © Jin & Koppell PLLC All Rights Reserved.

北大创业训练营：美国创业的法律环境第一部：如何开始一个企业选择企业类型（CHOOSING A CORPORATE FORM） B. 合伙（Partnership）：必须是2人以上；没有公司税一般合伙（General Partnership）不需要登记每个合伙人有个人责任，没有有限责任 2) 有限合伙（Limited Partnership）一个有限责任合伙人，至少一个无限责任合伙人。很多风险私募基金用这个类型。管理合伙人是GP 3）有限责任合伙（Limited Liability Partnership) C。有限责任公司（C Corporation）要交公司法人所得税 © Jin & Koppell, PLLC All Rights Reserved.

北大创业训练营：美国创业的法律环境第一部：如何开始一个企业选择企业类型（CHOOSING A CORPORATE FORM） C。有限责任公司（C Corporation） Subsidiary v Branch （子公司？分公司？）公司法人税+个人所得税股份可以转让；融资方便；股东去死，公司不死。 D。S Corporation 有限责任公司（Limited Liability Company）没有法人税可以减少不管理的股东/成员的权利。 © Jin & Koppell, PLLC All Rights Reserved.

北大创业训练营：美国创业的法律环境第一部：如何开始一个企业 C 合同和商业法（CONTRACTS AND COMMERCIAL LAW）州法；案例法；UCC Sale of Goods （物品买卖）：UCC 承销/分销合同（distributorship agreement）：代理关系（principle-agent arrangement, the principle is liable for actions of its agents）销售代理合同：代理人的行为，销售方不负责。递交条款：FOB；CIF，等 Sale of Services （服务买卖） © Jin & Koppell, PLLC All Rights Reserved.

SWEAT EQUITY ISSUES IN EARLY STAGE BUSINESS
Jin & Koppell SWEAT EQUITY ISSUES IN EARLY STAGE BUSINESS © Jin & Koppell, PLLC All Rights Reserved.

© Jin & Koppell, PLLC. All Rights Reserved.
北大创业训练营：美国创业的法律环境 Introduction Table of Contents: What is “Sweat Equity”? Designing Equity Compensation Restricted Stock Options or Warrants Phantom Stock and SARs Performance Stock Profits Interests Choice of Entity Founders’ as Employees © Jin & Koppell, PLLC. All Rights Reserved.

北大创业训练营：美国创业的法律环境 What is “sweat equity”? SCENARIO: Adam and Betty decided to start a business together. Adam will contribute $100,000, but Betty has no money but will work 20 hours/day and is the heart and soul of the business. Adam and Betty hope to own NewCo 50/50. PROBLEM WITH “SWEAT EQUITY”: Upon receiving 50% of NewCo, Betty has taxable income $100k. Calculation: Adam gets 50% of NewCo in exchange of $100k  NewCo’s Value x 50% = 100k NewCo’s Value = $200k  Betty gets $100k value of security upon receiving 50% of NewCo . Future Services is not a contributable asset under Code Section 83(a)  Betty pays 35% ordinary income tax. There is no such thing as “Founders’ Stock” exempting tax liability for sweat equity. © Jin & Koppell, PLLC. All Rights Reserved.

What is “sweat equity”? SOLUTION: Issue “Grid” Notes: Adam put $1k and loan NewCo $99K payable in 7yrs or convertible to equity; or Issue Restricted Stock to Betty (subject to forfeiture) if Betty is willing. PARTNER #3 or Employee #1 Comes Along: In year 2, NewCo is worth $500k but no profit yet. David, IT expert, wants to join NewCo as COO, and Adam and Betty wants to give David 10% of NewCo (=$50k at the time of grant). David doesn’t want to pay taxes on $50k, and A/B don’t want to pay David’s tax liability. . © Jin & Koppell, PLLC. All Rights Reserved.

Designing equity compensation
北大创业训练营：美国创业的法律环境 Designing equity compensation Equity Compensation Options: Restricted Stock Options or Warrants with vesting schedule “Phantom” Stock Plan Stock Appreciation Rights (SARs) Performance Stock Companies often use equity compensation as a retention tool by requiring the holder to continue to provide services to the company through each vesting date. © Jin & Koppell, PLLC. All Rights Reserved. .

北大创业训练营：美国创业的法律环境 Designing equity compensation RESTRICTED STOCK: Pro: Shares of restricted stock are actual equity of the company that carry restrictions on transfer and sale that lapse over a specified vesting period or upon the achievement of specified vesting conditions. Retention and incentive tool. Designing Restricted Stock: First, the Restricted Stock must be created by NewCo’s governing documents, equity compensation plan or award agreement. The vesting of restricted stock can be accelerated upon a change-in-control event (Ex: sale of company). Vesting can also be accelerated upon termination without cause or termination due to death or disability. NewCo can award shares of restricted stock outright or it can require holders to pay a purchase price for the stock. © Jin & Koppell, PLLC. All Rights Reserved.

北大创业训练营：美国创业的法律环境 Designing equity compensation RESTRICTED STOCK: The plan or award agreement should specify the holder’s rights as shareholders with respect to unvested shares of restricted stock. Unless otherwise provided, the default rule is that because shares of restricted stock are considered actually issued upon grant, holders generally have same dividend rights and voting rights as other shareholders. Can create non-voting class with different dividend rights. © Jin & Koppell, PLLC. All Rights Reserved.

北大创业训练营：美国创业的法律环境 Designing equity compensation RESTRICTED STOCK: How Is It Taxed? Restricted Stock is not taxed on grant. Holder recognizes taxable income on vesting (only when there’s no substantial risk of forfeiture). Taxable income = FMV of shares upon vesting – purchase price Holder can elect to recognize taxable income in the year of grant. Then taxable income = FMV of shares upon grant – purchase price Such Section 83(b) election must be filed with the IRS and NewCo within 30 days of the grant date. After making the election and paying initial taxes, Holder pays no more taxes on the subsequent vesting. If Holder later sells the vested shares, any appreciation in value is subject to 15% capital gain’s tax and not 35% ordinary income. Disadvantage: If Holder filed 83(b) election and his stock is forfeited before vesting, can’t get the paid tax refunded -> could end up with nothing. © Jin & Koppell, PLLC. All Rights Reserved.

北大创业训练营：美国创业的法律环境 Designing equity compensation OPTIONS: What is Stock Option? It gives the holder the right to buy shares of company stock at specified price. NewCo can grant the option fully vested or with a vesting period specified in the grant notice.  Retention and Incentive Tool Ex: NewCo grants David options to buy 200 shares of Company Stock to be vested in 4 equal installments on each anniversary of grant date or to be vested in full upon certain achievement or trigger events. NewCo can put acceleration clause for change-in-control or termination without cause or termination due to death or disability. © Jin & Koppell, PLLC. All Rights Reserved.

北大创业训练营：美国创业的法律环境 Designing equity compensation OPTIONS: How Is It Taxed? Incentive Stock Options (ISOs) ISOs are not taxed on grant, vesting or exercise. Holder has taxable income or deductible loss when s/he sells the shares after exercising the options. If Holder has held them more than 1 yr after exercise and 2 yrs after grant, he pays capital gain’s tax. If not, it will be treated as NSO. To qualify, the options must satisfy several requirements of Code Section 422 Company may only grant ISOs to employees. Directors and consultants are not eligible. ISOs must be exercisable while employed or no later than 3 months after termination (exception: death (expiration) & disability (1yr)) © Jin & Koppell, PLLC. All Rights Reserved.

北大创业训练营：美国创业的法律环境 Designing equity compensation OPTIONS: How Is It Taxed? Incentive Stock Options (ISOs) c) ISOs must only be granted pursuant to a written plan approved by shareholders within 12 months before or after the plan’s adoption (# of shares and employee classification/eligibility). d) Grant ISOs within 10 yr from plan adoption; expire in 10 yrs. e) Exercise price must be no less than the FMV of the underlying share as of Grant Date. Exception: if Grantee owns more than 10% of all outstanding stock, 110% of the FMV. f) Plan or Award Agreement must provide that ISOs can only be transferred by will or the laws of descent and must be exercisable by the Holder during his lifetime. g) For each employee, the aggregate FMV of shares thru exercising ISOs (at the time of grant) that are exercisable for the first time in any calendar year cannot exceed $100k. © Jin & Koppell, PLLC. All Rights Reserved.

北大创业训练营：美国创业的法律环境 Designing equity compensation OPTIONS: How Is It Taxed? 2. Non-statutory Stock Options (NSOs) More flexible than ISOs and can be issued to all types of service providers (employees, directors, independent contractors). Do not have to issue them at FMV Are not subject to holding period restrictions. Taxed at ordinary income tax rate on exercise price – FMV How to Be Exempt from Section 409(A) Exercise price at least the FMV at grant date. Issued as service recipient stock. Contains no deferral features. © Jin & Koppell, PLLC. All Rights Reserved.

北大创业训练营：美国创业的法律环境 Designing equity compensation PHANTOM STOCK ; STOCK APPRECIATION RIGHTS (SARs); PERFORMANCE STOCK When They Are Appropriate? Founders don’t want to give out equity and voting rights, but only share the economic value of company’s equity. Company already has an equity compensation plan, but wants to provide additional equity incentives without providing stock. The company is a division of another company, but can create a measurement of its equity value and wants employees to have a share in that even though there is no actual stock. Company is a nonprofit (meaning, no shares of company stock) © Jin & Koppell, PLLC. All Rights Reserved.

北大创业训练营：美国创业的法律环境 Designing equity compensation Phantom Stock: NewCo sets “bench mark” at $1m and David gets 10% of actual increase in value above $1m, in cash. David is taxed only upon payment; but no voting right or deductible loss. SARs Holder has right to receive the excess of the FMV of equity – exercise price. Similar to options but no actual purchase of shares upon exercising. Typically has a vesting based on time and/or performance. Company can pay out either in cash or stock. Company can offer acceleration upon death/disability/termination without cause or change-in-control). Taxed like NSOs. © Jin & Koppell, PLLC. All Rights Reserved.

北大创业训练营：美国创业的法律环境 Designing equity compensation Performance Stocks: Company agrees to issue a # of shares to David based on achievement of specified performance milestones after a measurement period. Ex: In 3 years, if ABC happen, issue up to 100 shares (target share) If in 3 yrs, only AB happened, issue 2/3 of the target number of shares If in 3 yrs, more than ABC happened, issue 150% of target number. Or “all or nothing” approach: If all of ABC don’t happen in 3 yrs, zero shares. Different from Restricted stock: Company doesn’t actually issue performance shares until it vests v. Company issues restricted shares on grant date. Company issues restricted stock as a flat number of shares, but issues performance shares with up-side or down-side possibility. How Is It Taxed: It’s not taxed upon grant. Taxed at ordinary income tax rate upon actual issuance of shares. © Jin & Koppell, PLLC. All Rights Reserved.

北大创业训练营：美国创业的法律环境 Designing equity compensation Profits Interest: Available only for partnerships and LLCs. The holder has the right to participate in the future income and growth in value of the awarded units. Ex: Class B can be defined as “profits interest” and David can get # of Class B Units equal to 10% of NewCo equity. It can have vesting and forfeiture upon termination. Profit interests are not “capital interest” Often not taxed upon grant but taxed upon receiving the distribution (exceptions) Often no voting; no management. Created in the LLC operating agreement. © Jin & Koppell, PLLC. All Rights Reserved.

What entity should you choose?
北大创业训练营：美国创业的法律环境 What entity should you choose? Entity Comparisons based on Taxes: $500k in Profit with No Salary C Corp LLC 21% Corporate Income tax: $500k x 21% = $105k No corporate tax Individual Owner Tax: $395k x 35% = $138,250k Individual Owner: Social Security tax: $117k x 12.4% = $14k Medicare Tax: $461,750 x 2.9% = $13,391 High Income Addit Med Tax: $ x 0.9% = $1,906 Fed. Income Tax: $486,508 x 27.64% = $134,318 Total Tax: $243,250 Total Tax: $ © Jin & Koppell, PLLC. All Rights Reserved.

北大创业训练营：美国创业的法律环境 What entity should you choose? Entity Comparisons based on Taxes: 2) $500k in Income With Salary of $300K: C Corp: $200K x 20% = $40k $300k x 35% = $105k FOUNDERS AS EMPLOYEES C Corporation: Betty is the CEO and Betty’s annual salary is $250K; Adam is the CFO and his annual salary is $250k. If the compensation is too high compared with equity contribution and revenue, and if it is a C corp., the IRS will characterize it as dividend. If Compensation is too high, it’s a red flag and the IRS may audit. Compensation must be “reasonable.” © Jin & Koppell, PLLC. All Rights Reserved.

北大创业训练营：美国创业的法律环境 What entity should you choose? FOUNDERS AS EMPLOYEES 2. S Corporation: Betty is the CEO and Betty’s annual salary is $10K; Adam is the CFO and his annual salary is $10k. If the compensation is too low compared with equity contribution and revenue, and if it is an S corp., the IRS will characterize it as dividend. If Compensation is too low, owners can avoid social security tax. Compensation must be “reasonable.” 3. LLCs If compensation is too low, not an issue for the owners. Social security taxes are due for partnership profits allocation and guaranteed payments alike. Two prong tests: (1) payment is reasonable in relation to services performed; AND (2) payment was intended to be compensation. © Jin & Koppell, PLLC. All Rights Reserved.

北大创业训练营：美国创业的法律环境 What entity should you choose? FOUNDERS AS EMPLOYEES “Reasonableness” Standard Judicial reliance: Objective criteria such as BoD approval Disinterested shareholder approval Payroll tax treatment Deducted as salary in books and records Employee’s qualifications The nature, extent, and scope of the employee’s work The size and complexities of the business A comparison of the salaries paid with the gross income and net profit of the business. The market practice. A comparison b/w salaries and distributions to owners. Subjective Criteria: What would an independent investor do? © Jin & Koppell, PLLC. All Rights Reserved.

北大创业训练营：美国创业的法律环境 What entity should you choose? FOUNDERS AS EMPLOYEES Subjective Criteria: What would an independent investor do? If the rate of return is high, the performance of the CEO is really amazing, would an independent investor want to compensate this CEO with the same amount of salary, bonus and incentive stocks? If yes, it’s an indication that the compensation is reasonable. © Jin & Koppell, PLLC. All Rights Reserved.

北大创业训练营：美国创业的法律环境第3部：如何扩大 A. 融资：公司融资必须和SEC登记公司的股份和公开与其有关的信息(公开说明书）。例外：投资人是accredited investor, qualified purchaser, Reg S. Accredited Investor: 过去两年的个人年收入：$200,000 (夫妻： $300,000) 今年也不会变, OR 个人或夫妻资产$100万（不包括房产）投资说明书（类似于公开说明书）入股合同书和其他合同非公开入股方式估价：估价太高 ---》每股的价格高。在很多优先股入股合同中，投资人会要一个条款--》公司估价低于入股时的价格，会投资人会有一系列的权利（和一般股交换比例-创始人会淡稀的很厉害；赎回权（redemption right）, etc. © Jin & Koppell, PLLC All Rights Reserved.

北大创业训练营：美国创业的法律环境第二部：如何扩大 A. 融资：估价公司章程和公司登记书一定要修改（AMENDED AND RESTATED CERTIFICATE OF INCORPORATION) DISCLOSURE SCHEDULE INDEMNIFICATION AGREEMENT （保障合同）：投资人所派的董事得到保护；私募基金本身也得到保护。也要求D/E保险投资人权利合同： INVESTORS’ RIGHTS AGREEMENT 情报权, 股份登记权；优先购买权，优先拒绝权；第一交易权，投资后承诺。管理权力书（MANAGEMENT RIGHTS LETTER）：参加管理，加入董事会，为了避免基金受 ERISA（Employee Retirement Income Security Act of 1974）共同出售合同（CO-SALE AGREEMENT） © Jin & Koppell, PLLC All Rights Reserved.

北大创业训练营：美国创业的法律环境第三部：如何扩大 A. 融资： 7) 投票合同（VOTING AGREEMENT）：如果你是跟投或自己不具有足够的股份，和其他股东进入投票合同，同意一起投票。又是用于大股东来压制不喜欢的股东。 Voting Trust Voting Agreement 8) 分期付款的投资方要求公司有里程碑计划（MILESTONE EVENTS） © Jin & Koppell, PLLC All Rights Reserved.

北大创业训练营：美国创业的法律环境第四部：公开上市（IPO）4种方式上市的缺点费用大：律师费，审计费等责任增加：股东会每天关注公司的举动；容易被告失去隐私权，失去灵活性：每季度报告；每重要事情，报告（8K/10K）- 短期的估价变成很重要；长期计划不好执行。失去控制 – 51%以上必须是独立董事公司价值会上下变动。整个过程需要5-6个月 © Jin & Koppell, PLLC All Rights Reserved.

北大创业训练营：美国创业的法律环境 2. 决定上市组成工作团队公司内部： CEO, CFO, 内部法务部等投行/承销商（Lead Underwriter/Co-Managers）：领投的找很多跟投的承销商。领投做公司尽职调查，并做股份估价，并且策划交易架构。如果公司和领投之间，关于股份价格打不成协议，一般用第三方评估公司。领投会做路演等。要选在相关产业做过IPO的投行。他们的销售能力要和公司的融资需求一致 3) 独立的上市咨询公司或人 © Jin & Koppell, PLLC All Rights Reserved.

北大创业训练营：美国创业的法律环境上市条件决定上市规模和股份价格 (I) Whether to include primary or a secondary component or both, if so, their relative sizing; projected financial performance; business and management and other factors; compare with similar companies in the market; industry factors; market condition; how much control founders want to give to the public. (II) How much “overhang” in place: Unsold shares (III) Directed Share Program: allow a company to reserve a percentage of the IPO shares for friends and family. © Jin & Koppell, PLLC All Rights Reserved.

北大创业训练营：美国创业的法律环境 2) 会计和审计问题 i. 公开说明书必须包括财务审计报告；备考财务报表 (有公司收购或出售); ii. 有些产业（矿产，银行等）还需要提供其他财务报告 iii. 过去3年的财务 iv. 过去2年资产负债表 v. GAAP C. 选择交易所：纽约交易所和NASDAQ 1) 公司内部管理条件基本相似 2) 如何选择：看公司产业；公司品牌 3) 纽约交易所：1792年成立，人在里面炒股 4) NASDAQ：1971年成立；全部要通过电子系统炒股 © Jin & Koppell, PLLC All Rights Reserved.

北大创业训练营：美国创业的法律环境 3. 上市之前的公司整理 A. 董事会： 1) 也要有足够的独立董事； 51%以上 2) 必须有审计委员会，全部由独立董事构成 3) 要有提名委员会，薪酬委员会，全部由独立董事构成。如果没有，要说明理由。 B. 具备防御设施： 1) 上市前，公司章程容易改。上市后，难改。 2) 董事会董事有不同的任期 3) 只能有董事会填补空缺的席位 4) 允许董事会增加董事会规模 5) 只能有理由才能罢免董事 6) 不允许股东会可以有不开会的决议 7) 公司合并需要绝大多数股东同意 © Jin & Koppell, PLLC All Rights Reserved.

北大创业训练营：美国创业的法律环境 4. 上市过程 A. 登记前期：安静期 1) 不能offer卖公司股票，不能有将来的预测；不能通知员工 2) 30天之前，和上市无关的内容 B. 登记后；等候期 1) 可有口头offer 2) SEC会提出问题，公司要答辩几轮。 3) 公开说明书成效 C. 公开说明书成效后 1) 可以出售公司股份 2) 证券出售时，必须发给购买人公开说明书。这期间，公司不应该有重大变化。如果有变化，要修改S-1，修改成效之前，不能卖股票。 © Jin & Koppell, PLLC All Rights Reserved.

北大创业训练营：美国创业的法律环境 5. 证券法上的法律责任和后果 A. 根据美国证券法，上市公司对公开说明书的内容有严格责任（不管有意，没意，不管疏忽与否） B. 高级职员和董事有个人责任 – 尽职调查的预防 –根据尽职调查，相信内容是正确的 – 没有责任 C. 承销商，审计师，律师有法律责任 –尽职调查的预防 D. 每个销售人有法律责任 E. 控制人的责任 – 所有人控制以上的人（section 20 & 15） F. 尽职调查内容： 1) 管理尽职调查：和管理层人员讨论公司一切问题 2) 书面尽职调查：章程，合同，董事会会议记录等 3) 财务尽职调查 4) 生意策略尽职调查 5) 顾客历史和来源 6) 统计报告 © Jin & Koppell, PLLC All Rights Reserved.

北大创业训练营：美国创业的法律环境 6. 主要文件 A. 公开说明书和登记书 (REGULATION S-K) 1) 美国上市公司要交S-1 2) 外国公司要交F-1 3) 要公开财务，5%以上的股东名单等等 4) 公司章程，承销合同，重要商业合同，薪酬合同，高层员工合同，员工股份计划，等 5) 公开说明书是一种对公众的广告 -故事要讲好；但符合法律要求 B. 承销合同 1) 最大努力承销 2) 完全购买承销（可以同意完全购买一部分） 3) 如何并何时卖，买卖价格，则扣率 4) 要求法律意见书 5) 承销商在什么条件下可以退出合同 6) 责任报销：如果它被告，因公开说明书不正确 – 公司负责 © Jin & Koppell, PLLC All Rights Reserved.

北大创业训练营：美国创业的法律环境 Alternative IPOs。不同的上市方式反响并购：买一个已经上市但没有实际营业的公司。和普通上市比较，优势：上市时间更快：购买合同以及尽职调查做好的话，只需要（2-3个月），就能完成反响并购。如果一切顺利，公司本身准备好的话，7个星期就能完成上市。一般的上市需要6个月。所介入的当事人更少。反响并购一般只需要壳公司的控股股东；买方公司的管理团队；双方的律师，会计师即可。并不需要承销商，也不面临政府的干涉。一般的上市需要一帮当事人：包括美国投行管理局(FINRA); 一帮承销商等。承销商对上市股价的控制和影响更小。普通上市的承销商可以在最后时刻降低上市股价或放弃整个上市，反响并购没有这个风险。既有股东的股份淡稀程度更低。不同种类的壳公司：根据公开壳的性质：Form10 壳/Rule 419壳/经营不善而变成壳公司交易的壳 /非交易的壳和联邦证券局报告的壳公司/不报告的壳公司干净的壳公司/不干净的壳公司反响并购的结构 © Jin & Koppell, PLLC All Rights Reserved.

北大创业训练营：美国创业的法律环境 Alternative IPOs。不同的上市方式 2. 特殊上市公司：Special Purpose Acquisition Companies (SPACs) 由于买一个壳公司比较贵，并且找一个干净的壳公司不容易，你可以让新的上市壳公司卖你。有一家小型的投行公司和他们的小型律师行叫Graubard Miller在90年代开始了这一类上市方式。美国证券法第419条规定，如果一个公司只有5百万美元的资产想上市，这个公司就不需要符合证券法的有些约束。譬如：没有必要把钱放在信托账户或如何用钱。利用这个条款，投行建立一个壳公司，建立高端管理团队，上市融资。之后融资的钱放到信托账号。该上市公司受大概2年的时间约束，在2年内找项目收购。如果找不到，就退钱。 SPACs股份可以在OTC交易，也可以在美国主办股市（纽交所或NASDAQ）交易。如果在上市之前，你已经知道要收购那个公司，那你必须在公开说明书里介绍并说明这个公司并公开潜在风险。 © Jin & Koppell, PLLC All Rights Reserved.

北大创业训练营：美国创业的法律环境 Alternative IPOs。不同的上市方式 3. Form10 Shells：Voluntarily report to SEC but shares not registered – no trading 在DE注册公司：创始人股份/董事会/执行团队准备并报表Form 10: 财务报表融资购买经营公司 4. 直接挂牌上市(direct listing) 5. 中小型公司上市（IPO under Regulation A） © Jin & Koppell, PLLC All Rights Reserved.

美国创业的法律环境金路德律师 Tel: May 2019

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美国创业的法律环境 金路德律师 Tel: May 2019

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美国创业的法律环境金路德律师 Tel: May 2019

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