As someone who’s programmed for almost 20 years, and managed a number of software products, here are my top 5 questions about #web3 🧵
1. Why do we need it?
2. Why do we need it?
3. Why do we need it?
4. Why do we need it?
5. Why do we need it?

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More from @mike_frederick

Aug 9
There is always a lot of confusion around entity types (Sole Proprietor, LLC, C-Corp, S-Corp, B-Corp) and how you should form.

Let's clear some of that up. 👇
First and foremost, if you are doing business, you should have a legal entity of some type. Cross Sole Proprietor off your list.

A legal entity will protect your personal assets incase something goes wrong. Someone can sue for your company's assets, but not yours.
To clarify a point of confusion, you are never actually an S-Corp or B-Corp from a legal standpoint:

• An S-Corp is a tax designation from the IRS. It does not change whether you are an LLC or C-Corp.
• A B-Corp is simply a designation, something like a badge.
Read 10 tweets
Aug 6
🧵 My personal perspective of investment terms founders should consider if things continue to get rough.
First, you need to recognize the past 5 or so years was way different than the 5-10 prior. We're in unpredictable territory.

For instance, the SAFE has become relatively standard. I know a lot of investors that hate the SAFE will rarely invest in one.
Liquidation preference.

1x or bust. If I see a 2x liquidation preference, I will want it, too. There's legit reason for investors to get paid out first, but not more than they invested.

Payouts should not be disproportional. Avoid investors asking for more.
Read 13 tweets

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