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 1, Mike breaks down the first section of a Series A term sheet, the Offering Terms. In the next lesson he'll dive even deeper, and break down the next part of the Series A term sheet, the Charter. After that, he'll discuss the main investor agreements that you'll typically see in a Series A term sheet, as well as one of the most important elements of everyterm sheet, the Board Structure when you create your board of directors.