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-Shares of stock represent some fraction of the company ownership
-Shareholders control the corporation
-Board of Directors represents them
-CEO reports to the Board
-Staff reports to CEO

Company generates revenue if CAC (customer acquisition cost) is less
than LTCV (lifetime customer value)

FF stock is an effective way for founders to gain liquidity

Options are only worth something if they are in-the-money

83B election - Long term capital gains instead of regular income -
Forward exercise

Price of common*8=Price of preferred (approx.)
For preferred: Liquidity preference (preferred shareholders may have a
right to sell first, at a multiple of the money they put in)

In entrepreneur-friendly deals the liquidity preference ratio is 1,
and the stock is non-participating (means they can either take their
invested money out, our sell for a proportional amount)

Series Seed - standardized documentation used to avoid the legal
iteration hassle

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