David Young is a partner at DLA Piper (http://dlapiper.com/). You can watch more content here on Docstoc.
There are two common pitfalls companies fall into in the early stages.
- IP ownership. Any company when going to raise money needs to own its own intellectual property.
- Vesting of common stock. Over a period of time, you earn into the stock, if there are multiple founders you must impose this early on.