The Shoobx platform includes over 50 workflows that generate legal documents that are automatically saved to your data room. This article will explain what workflows are and how they work.
What is a Workflow?
- A workflow is a process on Shoobx that will allow you to electronically create, upload, sign, and/or review legal documents.
- The first page of a workflow will contain some helpful information on the subject of the workflow and may include links to Toolbx knowledge base articles.
- A few examples of the documents that can be uploaded or generated on Shoobx via a workflow include:
- Equity: Stock Incentive Plans, Stock Option Agreements, Restricted Stock Agreements, and Founder Restricted Stock Agreements.
- Human Resources: Offer Letters, Employee Confidentiality and Assignment Agreements, and IP Contribution Agreements.
- Corporate Governance: Board Consents, Board Minutes, and Stockholder Consents.
- Fundraising: SAFEs, Convertible Notes, and the NVCA and Series Seed equity financing documents.
How Do Workflows Function?
- A workflow life-cycle begins by walking the user through a step-by-step process of gathering information, then generates legal documents based on that input.
- The documents are circulated for legal review (if needed) and sent out for electronic signatures.
- Once signed, the documents are stored in a secure data room, and data from those documents automatically populates other reports in Shoobx.
- Workflows create documentation for all types of corporate activity: from changing an employee's start date to creating a bridge note.
Uploaded and Generative Workflows
- Workflows can be run in either generative mode, meaning that Shoobx will create the documents for you, or in upload mode, which allows you to upload the previously executed documents and capture important information about them.
- The first page of a workflow will give you the option of choosing between "upload" or "create."
- You should choose to "upload" a document to Shoobx if you have already completed a process. This is especially useful for when you want to documents created outside the platform (and the information in them) to appear in your equity reports (like the cap table), HR reports, or data room.
- You should use the generative workflow if you have not yet created the documents and need Shoobx to create the documents for you. For instance, you can generate offer letters for your new employees on Shoobx and electronically sign them.
- In some cases, it is possible to use the upload workflow but still generate stock certificates at the end of the workflow. This feature is available in Shoobx's equity financing and stock transfer workflow, among others.
- Regardless of whether you upload or generate documents on Shoobx, once this information is on our platform, this data seamlessly populates other important documents or reports.
Frequently Asked Questions for Generative Workflows
What is the Checkpoint Page?
The checkpoint page is a moment in the workflow that allows you to review and confirm all documentation that has been generated so far.
Each document on this page will have a PDF document that should be downloaded and reviewed. If any changes need to be made, the "edit" button allows you to view the document section by section, and make edits as needed.
You will also see a button on the checkpoint screen that allows you to share documents with the person who will eventually be signing them (i.e. the investor in a bridge note workflow, the grantee in a grant shares workflow, etc.)
What Happens After The Checkpoint Page?
It is very important to review all documents in their entirety at this point. Once you confirm the information on this page, the documents will go out for signature. After these legal documents have been signed, it may be difficult or impossible to make changes.
Once you proceed past the checkpoint, it may or may not go to counsel for review, and then the workflow will begin collecting the necessary signatures.
Your company may require this workflow to be reviewed and approved by Legal Counsel. If this is required, the Agreement will go directly to Legal Counsel for their review. If they request changes to the Agreement, the workflow will notify you of the changes they have requested.
After Legal Counsel has added their signature, the document will proceed to the necessary company representatives for their signature.
When all signatures have been completed, the workflow will come back to you for final review.
If your company does not require legal review for this workflow, it will go straight from the checkpoint to the signature steps.
How Do I Finalize A Workflow?
After you have completed the workflow, all of the documents created in that workflow will be stored in your company's data room. No additional action from you is required- this happens automatically.
The information collected in the documents you have just created will now populate data in one or more reports that Shoobx offers.
For example, the data from the "Add/Update New Employee" workflow will update all of your HR reporting with the applicable data. Similarly, the "Grant Shares" workflow will automatically update the cap table with the relevant data.
If you have any questions that are not addressed in this article let us know by emailing firstname.lastname@example.org!