Nick Dorsey and Amanda Gold are partners at Cravath, Swaine and Moore, LLP. Cravath has been known as one of the premier law firms in the US for more than two centuries. We talk about a wide variety of topics involving legal aspects for startups from incorporation to exit- incorporation, picking a law firm, equity split, vesting, hiring first employees or consultants, creating the right incentive structures using equity, valuation, negotiating with investors,  dilution of equity and safeguarding founder and employee equity. This is meant to be a primer on legal aspects for aspiring founders and also early stage founders listening to this podcast. Show notes: - https://www.cravath.com - Nicholas Dorsey, Amanda Gold - Incorporation:LLC, S-Corp, C-corp, Up-C structure - How to find a law firm to work with? - Charter, Bylaws, Shareholders agreement, 83b - Question to ask a potential co-founder: "How long do you intend to be at the startup?" - Can a startup pick more than one firm? - Equity split, vesting, rights - Hiring your first employees or consultants, creating the right incentive structures using equity - Restricted stock, RSU, stock options - Seed funding- Convertible notes, SAFE - Valuation, 409A, post-valuation, pre-valuation - Don't get stuck on valuation - Negotiating with investors, M&A, IPO - Tag along lines, drag along rights, consent rights - Liquidity, secondary sale - Trying to safeguard employee equity- providing liquidity to employees