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Term Sheet Review — SAFE vs convertible note comparison

Started by asking_for_friend_business_owner_question · Aug 13, 2024 · 1,566 views · 19 replies
For informational purposes only. This is not legal advice. Laws vary by jurisdiction. Consult a qualified attorney for advice specific to your situation.
AF
asking_for_friend_business_owner_question OP

Has anyone dealt with something like this? I'm not sure what my options are.

SAFE vs convertible note comparison. I've been dealing with this for about 6 months now and the situation isn't improving.

I have already done some research online but got conflicting advice.

What are the risks if I pursue this? What's the likely timeline?

AT
anon_tenant_2024

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.

HM
help_me_creator_OH

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

FH
frustrated_homeowner_legal

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

DF
desperate_freelancer_TX

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.

TH
throwaway_homeowner_CO

NAL, but from what I've read, you should send a written demand. That said, definitely get a lawyer to look at the specifics.

TA
TenantRights_Advocate

Been there. Here's what I learned.

I ended up hiring an attorney to send the initial letter, which cost about $2-4 but saved me a lot more in the long run.

NH
need_help_tenant_NC

Just want to point out — the statute of limitations might be a factor here. In some states it's as short as 1-2 years. Don't sit on this too long.

TD
throwaway_dev_today

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.

TL
Mod_TermsLaw Moderator

I specialize in this area of law. Here's my take on the legal issues.

The key question is whether the applicable statute of limitations has run. Depending on your jurisdiction, you typically have the relevant statute years for this type of claim.

You should consult with a local attorney who handles these cases. Many offer free initial consultations.

FI
frustrated_investor_help

Just want to point out — the statute of limitations might be a factor here. In some states it's as short as 1-2 years. Don't sit on this too long.

HM
help_me_contractor_FL

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.

DS
DevOps_Seattle

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

What worked for me was having everything documented. It took 3-6 months but was worth it.

CT
CryptoTrader_2023

Been there. Here's what I learned.

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

RE
RemoteWorker_EU

I went through almost the exact same thing.

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

HC
HRManager_Chicago

Been there. Here's what I learned.

In my case, it took about 2-4 months to resolve. The key was hiring an attorney to send the initial letter.

RM
RestaurantOwner_Miami

I've dealt with this before.

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

FT
first_time_contractor_FL

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

AT
anon_trader_FL

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

WS
worried_student_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.

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