Startup funding explained: If you're raising a priced round of funding (like a Series A), you'll have to evaluate an investor term sheet. But how does a term sheet work? And what does all this complex legal language really mean? We asked a real startup attorney - Mike LaPlante from Perkins Coie - to explain the basics of a Series A term sheet. In Part 2, Mike breaks down the second section of a Series A term sheet, the Charter. In the next lesson, he'll dive even deeper, and break down the Stock Purchase Agreement and Investor Rights Agreement, and in part 4 he'll discuss one of the most important elements of any term sheet, the Board Structure when you form your board of directors.