[KUBS Startup Institute: Lecture on Demand #1] Special Lecture by Partner Hoseok Jung
“Official Documented Agreement Can Prevent Dispute between Shareholders”
On April 11 (Tue), the 2017 Lecture on Demand was held at the KUBS Startup Station. The first guest speaker was Seum Law Firm Partner Hoseok Jung. In the lecture, Jung shared practical knowledge such as △splitting shares between founders and △major issues when starting a corporation. Lawyer Jung is an alumnus of the 38th Class of the Judicial Research and Training Institute. Prior to serving at Seum, he was a partner at Shin & Kim. Jung mainly works with popular startups in Korea and abroad, IT companies, capitalists, and startup accelerators.
“A dispute over share occurs quite often in small startups,” Jung said. “Writing an official agreement with shareholders can prevent this issue in advance.”
“You must carefully allocate shares even if it is a small amount,” he added. Jung also talked about practical legal information including key issues when establishing a corporation and composition of executives.
A Q&A session was held at the end of the session. One of the audience asked whether a CEO must own more than 50% of stocks. “In order to make a decision effectively, CEO is required to own more than 50% of stocks. If not possible, you can make an adjustment through agreement with shareholders.” Jung said.
“I am actually planning to start my own business, and this session was helpful. Thanks to Lawyer Jung’s lecture, I have learned practical knowledge necessary for my future business,” said Jin Kyu Lee (Business Administration, ’14) who participated in the lecture.
The KUBS Startup Institute has been hosting a practice-focused lecture “Lecture on Demand” and a venture lecture “Lecture Series” to provide startup education. These special lectures are open to KUBS startup teams, KUBS students, and anyone interested in starting their own business. Any inquiries can be directed to the KUBS Startup Institute at 02-3290-2551.