With over twenty years of experience partnering with bootstrapped founders, Mainsail Partners has established itself as a leading growth equity firm specializing in helping B2B software companies scale and achieve sustainable growth. The firm’s collaborative and hands-on approach is anchored by Mainsail’s Operations Team, comprised of individuals who work beside founders and management teams to navigate the opportunities and challenges in the critical growth stage between $5 million and $50+ million of recurring revenue. The mission of this team is to help portfolio companies recruit key executives, accelerate product development, scale go-to-market, and build out critical systems and data infrastructure to support growth.  …

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From early-stage startups to seasoned enterprises, businesses eventually form at least one legal entity to carry out their operations. Down the road, as opportunities arise for a business to expand, acquire others, merge, or otherwise liquidate their holdings, they often find themselves forming multiple legal entities as part of a larger corporate structure. However, regardless of whether a business is forming its first—or its four-hundredth—entity, all businesses should treat entity formation as a process that begins well before the filing of formation documents and which almost always includes drafting a set of governing documents. When businesses approach their initial governing documents with a strategic intention—as opposed to adopting boilerplate or form governing documents—they may reap certain advantages, including potentially bypassing the need for future legal expenses.…

Continue Reading Entity Formation as a Process: The Strategic Importance of Carefully Drafting Limited Liability Company Agreements Before Forming an Entity

Too often, entrepreneurs (who intend on starting the next IPO) pay little to no attention to their organizational documents. This is quite intriguing, as it is similar to buying a house, and not paying attention to whose name is on the title, or what is in the covenants, conditions, and restrictions or neighborhood association bylaws; or getting married and not discussing prior to such marriage who will pay the mortgage.…

Continue Reading Business Partner or Spouse? Why Organizational Documents Are So Important

On January 1, 2021, Congress enacted the Corporate Transparency Act (the “CTA”) as part of the Anti-Money Laundering Act of 2020 and its annual National Defense Authorization Act. The new legislation requires certain entities to report information about their owners, management and the individuals who helped create the entities to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”). The information reported to FinCEN is intended to assist law enforcement in combating money laundering, tax fraud, terrorist financing, and other unlawful activities that occur through shell and front companies.…

Continue Reading The Corporate Transparency Act (Part 1): An Overview

On January 1, 2021, Congress enacted the Corporate Transparency Act (the “CTA”) as part of the Anti-Money Laundering Act of 2020 and its annual National Defense Authorization Act. The new legislation requires certain entities to report information about their owners, management and the individuals who helped create the entities to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”). The information reported to FinCEN is intended to assist law enforcement in combating money laundering, tax fraud, terrorist financing, and other unlawful activities that occur through shell and front companies.

This is the second article in a new series about the CTA. This edition will provide a more detailed look at the exemptions from reporting requirements under the CTA. The CTA takes effect on January 1, 2024, so it is crucial that you familiarize yourself with your company’s potential reporting obligations now. …

Continue Reading The Corporate Transparency Act (Part 2): Exemptions from the Reporting Requirements

On January 1, 2021, Congress enacted the Corporate Transparency Act (the “CTA”) as part of the Anti-Money Laundering Act of 2020 and its annual National Defense Authorization Act. The new legislation requires certain entities to report information about their owners, management and the individuals who helped create the entities to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”). The information reported to FinCEN is intended to assist law enforcement in combating money laundering, tax fraud, terrorist financing, and other unlawful activities that occur through shell and front companies.

This is the third article in a new series about the CTA. This edition will outline the information required to be reported to FinCEN by reporting companies and highlight the timeline for reporting such information.…

Continue Reading The Corporate Transparency Act (Part 3): Reporting Requirements

On January 1, 2021, Congress enacted the Corporate Transparency Act (the “CTA”) as part of the Anti-Money Laundering Act of 2020 and its annual National Defense Authorization Act. The new legislation requires certain entities to report information about their owners, management and the individuals who helped create the entities to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”). The information reported to FinCEN is intended to assist law enforcement in combating money laundering, tax fraud, terrorist financing, and other unlawful activities that occur through shell and front companies.

This is the fourth article in a new series about the CTA. This edition highlights which individuals qualify as “beneficial owners” and “company applicants” of reporting companies and further explains the unique identifier that such individuals can apply for through FinCEN.  For more detail on what specific information is required to be reported for beneficial owners and company applicants, please read our other articles in this series: The Corporate Transparency Act (Parts 1-4).…

Continue Reading The Corporate Transparency Act (Part 4): Beneficial Owners and Company Applicants Defined Under the CTA

Alafair Biosciences is a privately held medical device company commercializing a clinically-driven technology platform using natural biopolymers to address postoperative soft tissue recovery. For over 10 years, Alafair has produced HA-rich class II medical devices for the protection of tendon, ligament, skeletal muscle, and peripheral nerve (including nerve root in spine procedures). Alafair’s technology platform is used primarily by hand surgeons, foot & ankle surgeons, and spine surgeons in a wide variety of procedures. Today, Alafair has sold over 10,000 units of its flagship product, VersaWrap®.…

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When a couple that is in love decides to get married, no one wants to think about how it might end in divorce but to protect their assets, sometimes a pre-nuptial agreement is necessary. No one should avoid making major business moves while they are in the honeymoon phase because the future is ultimately unpredictable—this is just as true for business partnerships as it is for traditional marriages.…

Continue Reading The Practical Approach to Business Partnership Disagreements

July Business Services Overview

July Business Services (JULY) is a national retirement plan services provider headquartered in Waco, Texas. JULY offers a modern suite of retirement plan solutions aimed at putting workplace plans within the reach of millions of small businesses. JULY’s proprietary technology solutions streamline, automate, and simplify all facets of retirement plan setup and operation while its high-touch service model elevates the experience of employers, their employees, and their financial advisors. Today, JULY serves more than 7,500 401(k), cash balance, defined benefit, and other retirement plans across the country and provides expert white label and back-office support for other organizations.…

Continue Reading July Business Services: National Retirement Plan Services Provider