Entrepreneur: Day 30

The bylaws are drafted – in my opinion they’re a bit of overkill, I’ll start pruning back some of the verbiage over the next day. But at a high level you need to answer how the Board of Directors conducts itself – how many seats, how are they elected, terms, scope of the director’s powers over the organization, how the board selects corporate officers, how they’re documented and who can appoint a director in the event of a vacancy. It also needs to state how the bylaws are amended and what constitutes a quorum. The first meeting to get all of this put together is the “organizational meeting of the Board of Directors” and that meeting is where all of this is agreed to and recorded in the meeting minutes. That meeting is this Friday evening. As I’m preparing the agenda and materials for that meeting I’m also working on stock issuance, vesting schedule and dealing with the rest of the paperwork. Also, as a reminder, if you’ve formed a company in Florida, Annual Reports are due May 1 of it’s a $400 penalty. Fortunately, you can file electronically.

Now, to blow off some steam I went with some great friends to Iron Maiden last night. Great show, one of the best I’ve seen in the Forum. Bruce Dickenson is about 52 or 53. He did not stop running for the entire +2 hour show. Non-stop, the guy was always moving. Really impressive and I didn’t see anybody in their seats for the whole show.