MCED’s ‘Five Minutes with Rachel Green’Maine Center for Entrepreneurial Development Blog March 7, 2017
Rachel Green is featured in MCED's blog where she discusses our LaunchPad program - read more below.
Five Minutes with Rachel Green
What is the Launch Pad program, and what was the basis for its formation?
Most entrepreneurs understand the importance of entity formation for the long-term success of their business and protection of their personal assets. However, we found that many had no idea where to start, didn’t think they could afford an attorney, and generally found the whole legal process pretty daunting. So, in an effort to provide emerging businesses with some peace of mind, in 2014 we started Preti Launch Pad – a program designed to provide entrepreneurs, startups and small businesses in Maine, New Hampshire and Massachusetts with complimentary business formation legal assistance during the initial growth phase.
Launch Pad participants receive legal support and state filing services for their initial business formation at cost. There is no cost for the business formation legal work; participants are only required to pay the state filing fees which are typically around $200, depending on what filings are required. Our objective is to help entrepreneurs establish their business with a solid legal foundation and begin their journey with peace of mind.
What kind of entrepreneurs can Launch Pad assist?
One of the great things about Launch Pad is that we’re seeing all kinds of new business enterprises, across a wide range of industries, apply for the program. We do have some criteria that Launch Pad candidates must meet in order to qualify, which include, but are not limited to the following:
Participation is limited to business owners seeking to form a corporation or limited liability company to be organized in ME, NH or MA;
- Business must have 5 or fewer owners;
- Operating entities must have annual gross revenues of less than $250,000; and
- Participants cannot have a current or prior client relationship with Preti Flaherty.
How would an entrepreneur apply for Launch Pad? Is there a cost involved?
Applying for the program is easy and takes just a few minutes. And it’s FREE! Information about the program and an online application can be found on our website www.pretilaunchpad.com. We review every application, and a Launch Pad attorney personally contacts the applicant within two business days. We are generally able to schedule an in-person consultation with qualified applicants within a week, though we are happy to perform this consultation by phone if that’s more convenient. We definitely encourage people to visit our website to learn more and apply.
Preti Flaherty is very proactive in supporting start-ups. What other kinds of resources can entrepreneurs find through your firm?
Our Launch Pad team regularly partners with members of Preti Flaherty’s Employment, Intellectual Property, Banking and Financial Services, Real Estate and Energy practice groups to provide clients with comprehensive and effective tools for meeting their business goals. We can help startup enterprises and small businesses navigate issues such as protecting intellectual property, employee policies and classifications, compensation arrangements, contracting with outside vendors, raising capital, moving into commercial space, and more.
The Launch Pad team is proud to be well connected to Maine’s vibrant start-up community. Our partnerships with a wide range of community and professional organizations—like MCED—help us connect clients with the business resources they need to be successful. We employ a creative and innovative approach to build and grow startup companies in Maine, New Hampshire, and Massachusetts and can help a start-up evaluate their options and make decisions about taking on investors, incurring debt, crowdfunding, or whatever other issues and opportunities they may face.
For more information about the program visit: www.pretilaunchpad.com.