Ask the Collective

What legal documentation and compliance process should we follow for seed funding, including SEIS/EIS approval?

Members strongly recommend using **Seed Legal** for the documentation side—multiple members cited it as saving "so much fucking time, hassle and money." If you're in a co-founder situation, it's worth having someone review the model articles to protect both founders. For the investment process itself, members have taken two main approaches: - **DIY with professional support**: Handle the investment process in-house (issuing share application forms, applying for SEIS/EIS approval with HMRC), then engage your local accountant for the company secretarial work. You'll need a business plan, UTR, and financials to submit to HMRC. Your accountant can then issue shares, prepare board minutes, file with Companies House, and complete the follow-up SEIS/EIS paperwork with HMRC. Members report this is "quite a cheap approach." - **Startup lawyer route**: Some members use a dedicated startup lawyer for templates and guidance, though this is typically more expensive than the accountant-led approach. **Key requirements for SEIS/EIS approval**: Business plan, UTR (Unique Taxpayer Reference), and financial projections. The HMRC follow-up paperwork is noted as tedious—delegating this to your accountant is strongly recommended. Consider having legal eyes on co-founder protections via articles of association, even if using Seed Legal for the main documentation.