[MUSIC] If that speech sounds to you a little bit pessimistic is not so as I mentioned, broken cooperation but increase, eat a lot of positive site. Phil site is a structuring of actives what kind of factors you have in company, definitely if you are new economy company, the first active is intellectual rights. So, if you have a legal entity you can use some kind like a kind of container for intellectual right? You can describe that right, absolutely appropriately, you can describe the trade according to local low, you can register the right and you will put the right in your company and in that time was very significant. You will understand clearly the structure of individual rights on the common company property. It means that for example, if you and your friend or if you and your five friends started a company, you can very clearly describe the option and the share of everybody of humans that company and if you start with intellectual right for example, you have kind of software which registry. It is very good reason to sit and discuss what kind of profits owns the trade you have. Each of you and how you technically shares the traits but of course, you wouldn't have only intellectual right? You have some kind of old fashioned property, you have computer, probably you will have some place to sit. You have chairs, you have pants, coffeemaker, something like that and that kind of property, even in high tech companies growing surprisingly fast. So in that situation, you can also put those appropriately your computer and everything like that. In the company, and company view, be kind of junior realize that owner of that property and you clearly understand what shelves that property of computer on the coffeemaker belongs to each of you. The other scene, the CIO says more very important, his image of the company Is a little bit more difficult to fix and share, but definitely if you are growing company and if you are public, you will need to build up a image of the company, and of course that image must be connected with some form of entity, so you have trademarks which you will move around the world around your country and of course, all the trademark also must be landed in your entity. So, now you see that first purpose of legal entity for your first purpose of the company for you, is put all the actives and describe very clear rights of all the owners of the company of all your friend on that kind of active. The second sink, which we can discuss very briefly how you can share that property technically, of course here you also need the legal advice because companies structure corporate structure in different countries in different jurisdictions, very different. For example, in Russia we have relatively poor structure of company and some kind of rights of owners are described within quite a limited numbers of Bordeaux in the United States for examples as such option considerably more wider, but definitely basic idea that everybody of you have got some kind of share of the company as a basic mechanism of structure of properties sharing. So, if you're a public company you have shares of the company but definitely in the very beginning of your functionality you cannot be public company is that this senior officer very big and grow up startups. So to the moment you can have some kind of limited liability company in which also you have a shares of different kind. So you can fix the structure of your shares in the company you can pick up generally, you can say that for example, everybody a few of you have 20% of all the property or for the right of the company or you can share it much more individualist. So you can put in the companies that some of you have shares of intellectual access. Some you have shares of material property or some of you have got some kind of mix of shares of material property trademarks, intellectual property, something like that. So, also he is absolutely legal question you need to have got some kind of legal advice. Another question of legal structure of the company is related to come in on new participant and karma now to full participant. If you would like to attract some kind of investors, you need to understand a mechanism how new people will come and get rights on the share of the profits and the assets of the company. And of cause if someone of you became tired of the business it also or she. Must have some kind of clear option, how he can get out of business, what will happen to his property and how he can get his assets honestly, when he leaves a company
