Legal setup til danske startups: Fra anpartselskab til investor-ready

"We'll figure out the legal stuff later."

Denne sætning har kostet danske startups millioner og ødelagt countless deals. Juridiske problemer er som cancer - nemmere og billigere at forebygge end at kurere.

92% af de startups der fejler med at rejse funding har juridiske problemer der kunne være undgået med proper setup fra start.

Her er din komplette guide til at bygge solid juridisk fundament - så du kan fokusere på at bygge virksomhed i stedet for at reparere legal landmines.

Del 1: Choosing the right legal structure

Anpartselskab (ApS) - Den standard choice

Fordele:

• Limited liability for founders
• Professional credibility
• Can issue shares til investors
• Tax advantages for startups
• Required for most grants og funding

Requirements:

• Minimum capital: 40.000 DKK
• Registered address i Danmark
• At least one director resident i Denmark
• Annual reporting requirements

When to choose ApS:

• Planning to raise funding
• B2B customers (credibility)
• Hiring employees
• International expansion plans

Aktieselskab (A/S) - For larger operations

Fordele:

• Higher credibility med large customers
• Easier for international investors
• Can go public eventually
• More flexible share structures

Requirements:

• Minimum capital: 400.000 DKK
• More complex governance
• Higher compliance costs
• Mandatory audits above certain thresholds

When to choose A/S:

• Large initial investment
• International investor interest
• IPO potential
• Complex ownership structures

Enkeltmandsvirksomhed/I/S - Ikke recommended for startups

Problems:

• Unlimited personal liability
• No investor protection
• Difficult to transfer ownership
• No employee stock options
• Limited credibility

Only use for:

• Solo consulting
• Very simple service businesses
• Testing business ideas short-term

Del 2: Essential incorporation documents

Articles of Association (Vedtægter)

Standard clauses:

Company purpose: Should be broad enough for future pivots
Share capital: Start med minimum, allow for increases
Share classes: Plan for investor preferred shares
Board composition: Flexibility for investor board seats
Shareholder meetings: Clear procedures for decisions

Investor-friendly provisions:

• Pre-emptive rights for existing shareholders
• Tag-along og drag-along rights
• Anti-dilution protection framework
• Liquidation preference structure
• Information rights for investors

Shareholders Agreement

Key sections:

Founder vesting:

4-year vesting med 1-year cliff
Monthly vesting efter cliff
Acceleration on exit (single/double trigger)
Good/bad leaver provisions

Decision making:

• Board composition og voting
• Matters requiring unanimous consent
• Delegation af day-to-day decisions
• Conflict resolution procedures

Transfer restrictions:

• Right of first refusal
• Tag-along og drag-along rights
• Permitted transfers (family, trusts)
• Lock-up periods

Employment Agreements

Founder employment:

• Below-market salary (shows commitment)
• Performance-based compensation
• IP assignment clauses
• Non-compete (reasonable scope)

Employee contracts:

• IP assignment agreements
• Non-disclosure agreements
• Stock option frameworks
• Probation periods

Del 3: Intellectual Property protection

IP Strategy Framework

Identify your IP assets:

• Patents (inventions, algorithms)
• Trademarks (brand, logo, domain)
• Copyrights (content, software)
• Trade secrets (processes, data)

Patent protection:

When til patent:

• Technical innovation med commercial value
• Defensible competitive advantage
• Sufficient funding for patent costs (100K+ DKK)
• Clear commercial application

Patent process i Danmark:

1. Patentability search (10-15K DKK)
2. File application (15-25K DKK)
3. Prosecution (25-50K DKK)
4. Grant og maintenance (5-10K DKK annually)

Trademark protection:

Essential trademarks:

• Company name
• Product names
• Logos og brand elements
• Domain names

Filing strategy:

• Start med Danmark/EU
• File in key markets early
• Consider Madrid Protocol for international
• Register before first use

Costs:

• Danish trademark: 3-5K DKK
• EU trademark: 10-15K DKK
• International filing: 20-50K DKK

Software IP considerations

Source code protection:

• Copyright automatic upon creation
• Document creation dates
• Use version control med timestamps
• Register important algorithms

Open source compliance:

• Audit all third-party libraries
• Understand license implications
• Document compliance procedures
• Consider commercial alternatives

Employee IP assignment:

Template clause:
"All intellectual property created during employment
relating til company business belongs til company.
This includes code, designs, documentation, og ideas
developed using company resources eller time."

Del 4: GDPR og data protection

GDPR Compliance Checklist

Legal basis for processing:

• [ ] Consent (explicit og documented)
• [ ] Contract performance
• [ ] Legal obligation
• [ ] Legitimate interests (balanced test)

Privacy by design:

• [ ] Data minimization
• [ ] Purpose limitation
• [ ] Storage limitation
• [ ] Accuracy requirements

Required documentation:

• [ ] Privacy policy (public)
• [ ] Data processing records
• [ ] Data protection impact assessments
• [ ] Vendor agreements med processors

User rights implementation:

• [ ] Access requests (data export)
• [ ] Rectification (data correction)
• [ ] Erasure (right til be forgotten)
• [ ] Data portability

GDPR Implementation Costs

DIY approach: 20-40 timer founder time Legal assistance: 25-50K DKK Compliance software: 5-15K DKK annually Ongoing compliance: 2-5 timer monthly

Penalty for non-compliance:

• Up til 20M EUR eller 4% af global turnover
• Even small startups face 50K+ DKK fines

Data Security Requirements

Technical measures:

• Encryption at rest og in transit
• Access controls og authentication
• Regular security updates
• Backup og recovery procedures

Organizational measures:

• Staff training on data handling
• Incident response procedures
• Regular security assessments
• Vendor due diligence

Del 5: Employment law compliance

Hiring Your First Employees

Employment contracts:

• Must be written within 1 month
• Include specific terms og conditions
• Probation period (max 3 months)
• Notice periods (varies by seniority)

Required benefits:

• Holiday pay (12.5% af salary)
• Pension contributions (employer minimum varies)
• Parental leave provisions
• Sick pay obligations

Payroll obligations:

• A-skat (income tax withholding)
• AM-bidrag (labor market contribution)
• Pension contributions
• Holiday pay accrual

Stock Option Plans

Danish stock option framework:

• Tax-advantaged employee shares (medarbejderaktier)
• Maximum value: 10% af annual salary
• 3-year minimum holding period
• Tax on exercise, ikke grant

Setup requirements:

• Board approval af option plan
• Individual option agreements
• Tax authority notification
• Annual reporting requirements

Typical vesting schedule:

4-year vesting med 1-year cliff
25% after 1 year
Monthly vesting efter cliff
Acceleration provisions on exit eller termination

Del 6: Investor readiness legal preparation

Clean Cap Table

Current ownership:

• All shareholders documented
• Share certificate register updated
• Previous transactions recorded
• Outstanding options/warrants listed

Common cap table mistakes:

• Unissued founder shares
• Incorrect vesting schedules
• Missing option plan documentation
• Unclear transfer history

Due Diligence Preparation

Corporate documents:

• Certificate af incorporation
• All amendments til articles
• Board meeting minutes
• Shareholder resolutions

IP documentation:

• Patent applications og grants
• Trademark registrations
• Copyright registrations
• IP assignment agreements

Employment documents:

• All employment contracts
• Consultant agreements
• Non-disclosure agreements
• Option agreements

Commercial contracts:

• Customer agreements
• Supplier contracts
• Partnership agreements
• Lease agreements

Financial records:

• Audited financial statements
• Management accounts
• Tax returns
• Bank statements

Legal Issues That Kill Deals

Red flag #1: IP ownership problems

• Founder IP niet assigned til company
• Employee IP assignment missing
• Third-party IP infringement
• Open source license violations

Red flag #2: Founder disputes

• Unclear equity splits
• Vesting schedule problems
• Unresolved conflicts
• Missing founder agreements

Red flag #3: Regulatory non-compliance

• GDPR violations
• Tax compliance issues
• Employment law breaches
• Industry-specific regulation failures

Red flag #4: Messy corporate structure

• Complex ownership chains
• Unclear decision rights
• Poor governance practices
• Inadequate record keeping

Del 7: Ongoing compliance requirements

Annual Requirements

Corporate filings:

• Annual report fil Erhvervsstyrelsen
• Tax returns fil SKAT
• Beneficial ownership reporting
• Any changes til company info

Deadlines:

• Annual report: 5 months efter year-end
• Tax return: 6 months efter year-end
• Changes: Within 4 weeks af occurrence

Penalties for late filing:

• Late annual report: 1,600 DKK fine
• Very late filing: Forced dissolution
• Tax penalties: 0.7% monthly af amount owed

Monthly/Quarterly Tasks

Payroll compliance:

• Income tax withholding og remittance
• AM-bidrag calculations
• Pension contributions
• Holiday pay accruals

VAT compliance (if applicable):

• Quarterly VAT returns
• EU VAT registration for cross-border sales
• Reverse charge procedures

Board governance:

• Monthly board meetings
• Proper minute-taking
• Decision documentation
• Conflict af interest management

Del 8: Legal budget planning

Startup Legal Costs by Stage

Incorporation stage: 15-30K DKK

• Company formation
• Articles af association
• Initial contracts
• IP basics

Early stage (first year): 50-100K DKK

• Employment agreements
• Customer contracts
• GDPR compliance
• Ongoing advice

Growth stage: 100-250K DKK annually

• Option plan setup
• Investment documentation
• Commercial contracts
• IP protection

Fundraising: 100-300K DKK per round

• Due diligence preparation
• Investment documentation
• Legal negotiations
• Post-closing compliance

Cost-Saving Strategies

DIY where appropriate:

• Standard employment contracts
• Basic NDAs
• Simple customer agreements
• Routine compliance filings

Use lawyer efficiently:

• Batch legal questions
• Use templates they've created
• Prepare well for meetings
• Focus on high-risk items

Choose right lawyer:

• Startup-experienced attorneys
• Transparent pricing
• Efficient work practices
• Good network connections

Del 9: Choosing legal partners

What til Look for in Startup Lawyers

Essential experience:

• Danish startup formation
• Venture capital transactions
• Employment law knowledge
• IP protection experience

Good startup lawyers:

• Understand funding processes
• Know investor preferences
• Can draft investment-ready documents
• Have strong investor networks

Red flags:

• No startup experience
• Overly conservative approach
• Poor communication skills
• Excessive billing practices

Recommended Danish Law Firms

Tier 1 (large transactions):

• Gorrissen Federspiel
• Kromann Reumert
• Plesner

Tier 2 (startup focused):

• Bech-Bruun
• Accura
• Hjort

Boutique startup firms:

• Various smaller firms specializing i startup work
• Often more cost-effective
• More personal attention

Alternative Legal Services

Legal tech platforms:

• Incorporation services
• Contract templates
• Compliance tracking
• Document automation

Benefits:

• Lower costs
• Faster turnaround
• Standardized processes
• Good for routine matters

Limitations:

• No customization
• No strategic advice
• Limited for complex matters
• No relationship building

Del 10: Your legal action plan

Month 1: Foundation

• [ ] Choose legal structure og incorporate
• [ ] Draft founder agreements
• [ ] Set up basic employment contracts
• [ ] Register essential trademarks

Month 2: IP og Compliance

• [ ] Implement GDPR compliance
• [ ] Establish IP assignment procedures
• [ ] Create basic commercial contract templates
• [ ] Set up corporate governance practices

Month 3: Growth Preparation

• [ ] Prepare due diligence document room
• [ ] Establish option plan framework
• [ ] Create investor-ready corporate structure
• [ ] Build relationship med startup lawyer

Ongoing Maintenance

• [ ] Monthly compliance checklist
• [ ] Quarterly legal review
• [ ] Annual corporate housekeeping
• [ ] Continuous education on legal changes

Pre-Fundraising Preparation

• [ ] Complete legal due diligence audit
• [ ] Clean up any outstanding issues
• [ ] Prepare legal document package
• [ ] Engage fundraising-experienced lawyer

Konklusion: Legal foundation = Business success

Strong legal foundations aren't sexy, men they're essential. The goal isn't til have perfect legal setup - it's til have good enough setup that doesn't kill your deals eller opportunities.

De 3 gylden regler for startup legal:

1. Start right from day 1 - Fixing legal issues is 10x more expensive than doing it right initially
2. Be investor-ready always - You never know when opportunity will knock
3. Focus on business, ikke legal perfection - Good enough legal med great execution beats perfect legal med poor execution

Need help med legal setup? Connect med startup lawyers og other founders who've been through it på Crewlink.

Successfully navigated startup legal challenges? Del din experience på success@crewlink.io