Investors, when you’re making an investment into a startup, you’ll save time if you ask the right person for information.
For example, ask the company’s accountant about tax matters. E.g., if you think you will need to provide a W-9, the accountant will know.
Ask the company’s lawyer about legal matters. E.g., if you have comments on legal documents, they go to the company’s lawyer.
Ask company itself for its own sensitive information, such as its bank details.
Don’t ask the company’s lawyer for the company’s bank details or for confirmation that your investment funds have been received. Why on Earth would the lawyer know?
Don‘t ask the company’s accountant for access to the company’s data room. Why on Earth would the accountant know?
Use common sense when figuring out who to ask for something. If you’re unsure, ask the company officer who you’re in touch with and that person will direct your question to the right person. Asking the company’s lawyer or accountant for things such as the company’s wire instructions just causes delay.
