Darby Wong
@darbyw
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Co-founder and CEO of @clerkyinc, helping startups and their attorneys get legal paperwork done safely. Ex-@orrick startup attorney.
Lafayette, CA
Joined September 2007
RT @RashiShrivast18: In the Prompt this week: @jakejolis is building an "AI receptionist" that can answer calls from customers while small…
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RT @jakejolis: Hey very small Twitter gang of mine :) it's an honor to show you what I've been working on. From the depths of stealth mode,…
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Heads up! If you incorporated on or shortly after September 25, your FinCEN BOI report deadline is coming up very soon — possibly as early as today! As many are reporting, FinCEN has extended the deadline for a lot of startups to January 13, 2025. But... The deadline for startups incorporated September 25 through December 2, 2024 remains unchanged at 90 days after incorporation. That means a startup that incorporated on September 25 is required to file an initial BOI report by the end of today (90 days after September 25). Get on it if you haven't already!
🚨 FinCEN BOI reports are now required again! This just changed after a court ruling yesterday. Here's what you need to know: ✅ Most startups now need to file an initial BOI report with FinCEN (if they haven't already) ✅ The requirement had been suspended by a court but it's back ✅ This filing requirement is still being challenged in courts, so the situation could change ✅ The deadline depends on when your startup incorporated (details below) ✅ Startups that incorporated on or shortly after September 25: your filing deadline is coming up and could be as early as today! How do you figure out what your deadline is? The deadline depends on when your startup incorporated: Before January 1, 2024 — Deadline: January 13, 2025 January 1 through September 3, 2024 — Deadline: 90 days after incorporation September 4 through September 24, 2024 — Deadline: January 13, 2025 September 25 through December 2, 2024 — Deadline: 90 days after incorporation December 3 through December 23, 2024 — Deadline: 111 days after incorporation December 24 through December 31, 2024 — Deadline: 90 days after incorporation January 1, 2025 or later — Deadline: 30 days after incorporation
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@zachglabman @gefensk Hey, cofounder of Clerky here — we wouldn’t be a good fit for an S corp since we only serve startups but did you run into issues with us? Please feel free to DM with more details and I can into it.
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Startups can set up as a PBC from the start on @clerkyinc! No need to worry about hostile takeovers or activist investors early on, but PBCs are a great option if your startup has a mission that goes beyond profit. Oh, and ~25% of all Delaware PBCs incorporate on Clerky 😊
Sam Altman's start-up is planning to restructure as a new and rare type of company model, also adopted by AI rivals Anthropic and Elon Musk's xAI. A key benefit of this structure is its potential to thwart an unwanted acquisition or an activist's demands.
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Could it be argued that the minority does rely on the controller though, implicit in their decision to become a minority shareholder? It would be irrational in most cases to become a minority stockholder if you knew the controlling stockholder would self-deal at your expense. So the decision to be one implies some degree of trust that won’t happen.
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💯 Never gets old finding out a Clerky startup is now publicly traded 🤯
@engineers_feed Wrong. Form company on clerky Work and grow a few years $1B + at your IPO.
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