LLC stands for Limited Liability Company, a type of business structure that
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Well you provided little information so just guessing like 99% sure strategic advisor. Unless you mentor is insanely well connected and looking to take an active role I wouldn’t give him anything more and certainly not chairman.
1) Why do they want a role in your start up? (whats the benefit to them and you)
2) Is giving them a role enhancing your vision for the company or derailing it?
3) What experience and value does this person bring to the table?
4) What’s the dollar amount assigned to the value they bring?
5) Does the value they bring at the dollar amount assigned make financial sense for the company (i.e. can you hire that value, rather than give a piece of equity)
Without knowing details, these are just the first few things that pop in my head. From here all the questions lead down different rabbit holes depending on the circumstances.
Hope this somehow helps give some perspective on where to start.
Depends on their background and experience, have you researched and vetted this person? Discreet inquiries with previous associates ?
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