Der EMBARK.LAW Blog: praktische Beiträge zu Startup-, Finanzierungs- und M&A-Recht
Term Sheet Cheat Sheet
Von Jan Ritter · 30. September 2026
Die 5 Klauseln, um die ihr in eurem ersten Term Sheet kämpfen solltet
Ein Term Sheet umfasst nur wenige Seiten, und alles, was danach kommt, richtet sich danach. Rechtlich ist es unverbindlich, aber wirtschaftlich wird der Deal nach der Unterzeichnung nie besser.
Beitrag lesenWie wir arbeiten und was es kostet
Von Dario Kvasnicka, Barbara Nägeli · 22. September 2026
Vom ersten Call bis zur monatlichen Rechnung: So arbeiten wir und so rechnen wir ab.
Wenn ein Founder eine Anwaltskanzlei mandatiert, ist die erste Frage meistens, ob sich das Problem lösen lässt. Die beiden Fragen direkt danach: Was kostet das und wie arbeitet ihr? Unsere Antworten auf beide Fragen findet ihr unten: unsere Ansätze, unsere Abrechnungsregeln und wie ein Mandat vom ersten kostenlosen Call bis zur Monatsrechnung läuft.
Beitrag lesenFounders' Assessment
Von Jan Ritter · 4. August 2026
6 Themen, die ihr vor der Gründung mit euren Co-Foundern besprechen solltet
Eine gute Demo zeigt, dass die Technologie funktioniert. Ein eingespieltes Gründerteam beweist, dass daraus ein echtes Unternehmen wird. Die meisten Konflikte unter Gründern haben wenig mit der Technologie zu tun. Sie entstehen oft aus Annahmen zu Vision, Rollen, Geld und Einsatz, die niemand besprochen hat, solange alles noch einfach war.
Beitrag lesenRepresentations and warranties: What sellers are really promising
Von Armin Trautmann · 30. Juni 2026
Selling your business: six critical M&A decisions, part 6
For many business owners, signing the transaction documents feels like the finish line. In reality, one of the most important aspects of any transaction concerns what happens after closing if something turns out not to be true. These are precisely the questions that representations and warranties are designed to address.
Beitrag lesenThe highest price is not always the best offer
Von Armin Trautmann · 30. Juni 2026
Selling your business: six critical M&A decisions, part 5
When business owners receive an acquisition offer, attention naturally gravitates towards a single number: the purchase price. Yet one of the most important lessons in M&A is that valuation and value are not necessarily the same thing. The most successful transactions are rarely determined by valuation alone. The overall economic outcome matters.
Beitrag lesenHow buyers really assess a business during due diligence
Von Armin Trautmann · 30. Juni 2026
Selling your business: six critical M&A decisions, part 4
You have selected a buyer. The principal commercial terms have been agreed and exclusivity is in place. Many sellers believe the transaction is now largely on track, but one of the most important phases is only just beginning. How buyers really assess a business during due diligence.
Beitrag lesenThe term sheet: Where many M&A transactions are really negotiated
Von Armin Trautmann · 30. Juni 2026
Selling your business: six critical M&A decisions, part 3
For many business owners, receiving an offer from a prospective buyer is an exciting milestone. At this stage, many sellers make a critical mistake: they focus almost exclusively on the headline valuation. In practice, many of the most important commercial aspects of a transaction are negotiated and agreed in principle at the term sheet stage.
Beitrag lesenStrategic buyer or private equity investor: Which is right for your business?
Von Armin Trautmann · 12. Juni 2026
Selling your business: six critical M&A decisions, part 2
When business owners begin considering a sale, one of the first questions is often: "Who is likely to buy my company?" In practice, the universe of potential buyers is often much broader than expected, and the highest valuation does not always come from the buyer that ultimately proves to be the best fit.
Beitrag lesenWhy most business owners start preparing for a sale far too late
Von Armin Trautmann · 12. Juni 2026
Selling your business: six critical M&A decisions, part 1
For many founders and business owners, selling a company is one of the most significant transactions of their professional lives. Yet many sellers only begin preparing when they have already decided that they want to sell. By then, valuable opportunities have often been lost. The most successful exits often begin years before the transaction itself.
Beitrag lesenThe Startup Law Firm
Von Michel Kertai · 4. März 2025
EMBARK.LAW founder Michel Kertai interviewed by Legalcommunity.ch
EMBARK.LAW founder Michel Kertai interviewed by Legalcommunity.ch about Switzerland's law firm specializing entirely in startups.
Beitrag lesen"Während Harvey Specter mit der Brechstange agiert, setzen wir auf langfristige Beziehungen"
Von Michel Kertai · 4. März 2025
EMBARK.LAW ist eine auf Startups spezialisierte Anwaltskanzlei. Von Finanzierungsrunden bis hin zu Mitarbeiterbeteiligungen sorgen das Team und Mitgründer Michel Kertai für Rechtssicherheit bei Startup-Gründern. Ein Gespräch über typische Fehler, die Auswirkungen künstlicher Intelligenz und die Dynamik in der Startup-Szene.
Beitrag lesenCLA taxation: Why the 10/20 non-bank rule matters
Von Michel Kertai · 22. Oktober 2024
Convertible loan agreements (CLAs) are a top choice for financing Swiss startups. They offer a way to secure funding without lots of paperwork or having to negotiate the company's value right away. However, CLAs can bring tax risks. The biggest one is the "10/20 non-bank rule", and not following it can lead to withholding taxes and income taxes on interest and discount.
Beitrag lesen10 Things to think about when founding a startup
Von Barbara Nägeli · 1. April 2021
For the commercial register to accept your chosen company name, it needs to be free and meet certain requirements – for example, it shouldn't misrepresent what the company does. We also recommend checking whether the name can be freely used as a trademark, so you don't infringe on somebody else's trademark rights.
Beitrag lesenGmbH or AG?
Von Michel Kertai · 21. September 2020
Why your startup should be an AG instead of a GmbH if you plan on raising venture capital
In Switzerland, founding an AG is costly – not least because AGs have a high minimum capital requirement of CHF 100k (50k need to be paid in at founding). It's easier to come up with the CHF 20k required to start a GmbH. But if you plan on raising venture capital, an AG is the better choice than a GmbH. Here's why.
Beitrag lesenLiquidation preferences in startup financing
Von Michel Kertai · 18. Juni 2020
Who gets how much when a startup is sold?
Startups usually depend on financially strong partners to grow. During financing rounds, investment agreements are concluded, and liquidation preferences are often one of the major deal terms to be negotiated. They are THE main feature of preferred shares (versus common shares allocated to founders and employees) investors can (and in most cases should) negotiate for.
Beitrag lesen