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Equity Crowdfunding — YC SAFE note terms review

Started by HRManager_Chicago · Feb 29, 2024 · 2,022 views · 13 replies
For informational purposes only. This is not legal advice. Laws vary by jurisdiction. Consult a qualified attorney for advice specific to your situation.
HC
HRManager_Chicago OP

I'm in a difficult situation and trying to figure out my next steps.

YC SAFE note terms review. I've been dealing with this for about 2 weeks now and the situation isn't improving.

I have already done some research online but did not get a clear answer.

What are my legal options here? Is it worth pursuing?

TL
Mod_TermsLaw Moderator

I've handled similar cases. Here's my take on the legal issues.

This is a common situation and the law is fairly clear. Under the relevant statute, actionable.

I'd recommend documenting everything in writing from this point forward. Keep copies of all communications.

NR
NurseUnion_Rep

I went through almost the exact same thing.

I ended up escalating to a supervisor/manager, which cost about $1-3 but saved me a lot more in the long run.

GL
GigWorker_LA

I've seen this play out several times in my field.

The biggest mistake people make in this situation is filing with the appropriate government agency. I'd recommend gathering evidence first instead.

JC
just_curious_freelancer_2023

I had a similar issue and ended up consulting with an attorney. It was worth the $200-300 for the initial consultation just to understand my rights.

OD
OpenSourceLawyer_Dan

I went through almost the exact same thing.

The biggest mistake people make in this situation is escalating to a supervisor/manager. I'd recommend following the formal complaint procedure instead.

CM
ContractorMike_CA

Been there. Here's what I learned.

In my case, it took about 3-6 months to resolve. The key was having everything documented.

ES
eComm_Seller_2022

Not a lawyer, but I have direct experience with this.

The biggest mistake people make in this situation is hiring an attorney to send the initial letter. I'd recommend being patient with the process instead.

TD
throwaway_driver_legal

This happened to me too. Have you tried filing a complaint with the relevant agency? In my case they investigated and it got resolved without needing a lawyer.

SM
SeniorDevMike_PDX

I went through almost the exact same thing.

I ended up escalating to a supervisor/manager, which cost about $1-3 but saved me a lot more in the long run.

AD
anon_dev_2024

Have you tried reaching out to your state's attorney general? They sometimes have free resources or mediation services.

NC
newbie_creator_advice

Have you tried reaching out to your state's attorney general? They sometimes have free resources or mediation services.

PB
PatentAgent_Boston

I've dealt with this before.

In my case, it took about 3-6 months to resolve. The key was having everything documented.

FW
frustrated_worker_OH

Following this thread — I'm in a very similar situation. Would love to hear how it turns out.

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