Chapter 1 of The Founder Playbook, free and in full: LLC versus C-corp, why Delaware is the default and when it isn’t, the incorporation steps in the order they actually happen, and the founder-equity mistakes that surface later as diligence problems.
Four entity forms compared side by side, including the public benefit corporation
Why most venture funds cannot take equity in a pass-through
Certificate of incorporation, bylaws, board consent, EIN — in sequence
Franchise tax math and foreign qualification, with Connecticut notes
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What’s In Chapter One
Four questions, in order
Done well, the decisions in this chapter cost a few thousand dollars and about a week, and produce a company that passes diligence without rework. Done poorly, they produce an entity that has to be converted later at real tax cost.
01
Which entity?
LLC, S-corp, C-corp, and public benefit corporation — what each does to your taxes and to your ability to raise outside money.
02
Why Delaware?
The Court of Chancery, the flexibility of the DGCL, investor familiarity — and the cases where that default is wrong for the company you are building.
03
The incorporation steps
Name, registered agent, certificate of incorporation, bylaws, sole incorporator action, EIN, bank account — with Connecticut-specific notes.
04
The first ninety days
Franchise tax math, foreign qualification, and the founder-equity mistakes that stay quiet until a term sheet drags them into the open.
“The single biggest mistake pre-seed startups make is failing to set up founder equity early and document it properly.”
The Founder Playbook · Chapter 1
Written By
Blake Turley
Blake Turley is a business attorney licensed in Connecticut, New York, and Massachusetts. Before law school he built software, which is why the Playbook reads like documentation instead of a brochure. He works with founders on formation, governance, financing, and the contracts that keep a company defensible.
Yes — in full, in your browser, with no purchase. It exists so founders make fewer expensive mistakes. Some later become clients; most just end up with a better-run company.
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Is this legal advice?
It is education, not advice about your specific situation. For that, the $50 consultation — thirty minutes, credited toward any engagement — is where to start.
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