I've just registered my new startup with the government so now the company is officially incorporated! (yippee!)
I would now like to make a loan of about $5,000 to the company with my personal funds to get it off the ground. I consulted a lawyer who estimated that it would cost $1000 in legal fees to write up the paperwork. Is there a basic convertible debt term sheet that I could use instead? I just can't justify spending $1000 of the $5,000 that I'm putting in on lawyers fees upfront.
Any suggestions? Thanks!