Way to go! Getting funding or your startup is no easy feat. You’ve definitely accomplished something here, but there’s more work to do.
Usually, an investor will have some expectation of how their investment should be spent within the business. If you haven’t covered that already, you’ll want to talk to them about their vision as well as your own. That should get you off to a great starting point as far as what to do with the money first.
I agree with previous answers that it’s time to get a shareholder agreement in place. Not only does it offer protection, but also outlines how you can deal with any sort of disputes in the future. It’s easier to prepare for potential problems now rather than put out fires later on.
So yeah, the short answer is that it’s time to get some legal documents in place to plan how the money will be spent and how to protect the investors and the business moving forward.
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