Letters of Intent

In this episode breakdown, Pankaj Raval and Sahil Chaudry take apart the 50/50 partnership, the most common and least documented ownership structure in private business. They work through a line of recent state court decisions and the LLC statutes of Texas, California, and Delaware to answer one question a handshake never answers: does your co-founder actually owe you anything? Through this practi...

In this episode breakdown, Pankaj Raval and Sahil Chaudry take apart the single most common question they get from business owners — LLC or S corp — and show why it is the wrong question. They work through the 2026 Social Security wage base, the qualified business income deduction under Section 199A, the eligibility rules that quietly govern who is allowed to hold S corp stock, and the Eighth Circ...

In this episode breakdown, Pankaj Raval and Sahil Chaudry demystify one of the most critical (and often misunderstood) elements of startup compensation: the 409A valuation. Using a composite case study of "Meridian Robotics," they explain how a company can do everything right and still inadvertently hit a key employee with a massive, unexpected tax bill on phantom income. Through this detailed ana...

In this special episode of Letters of Intent, co-hosts Pankaj Raval and Sahil Chaudry peel back the curtain to discuss the human side of law, business, and entrepreneurship. They trace their relationship back to its origins in a shared tent during an Indicorps service project in India, unpacking how that transformative experience shaped their worldview and their legal practice today. Through this...

In this episode breakdown, Pankaj Raval and Sahil Chaudry dissect the corporate architecture behind the NBA's salary cap circumvention findings against the LA Clippers. They trace the three-legged payment structure at the center of the case — a capital source, an intermediary partner company, and a single-member holding LLC — and extract what it reveals about how entity layers actually behave unde...

In this episode breakdown, Pankaj Raval and Sahil Chaudry tackle a rapidly evolving area of law that is currently dominating the entertainment industry and corporate boardrooms alike: The Right of Publicity in the era of AI clones and deepfakes. Prompted by a surge of client inquiries from actors and content creators, Pankaj and Sahil dissect the critical difference between copyright (what you mak...

In this episode breakdown, Pankaj Raval dives into one of the most instructive cautionary tales in modern business history: the acquisition of FanDuel. When the daily fantasy sports giant was sold for nearly $600 million, the founders and rank-and-file employees famously walked away with nothing, while certain executives and preferred investors made tens of millions. Through a detailed analysis of...

In this episode breakdown, Pankaj Raval and Sahil Chaudry dive into the complex world of executive compensation and employee incentive plans. Using a real-world SEC filing as a case study, they demystify "Phantom Equity" and explain how founders can reward key employees with the economic benefits of ownership—without actually giving up any control of their company. Through this practical analysis,...

In this episode breakdown, Pankaj Raval and Sahil Chaudry get back to basics and discuss the namesake of their podcast: Letters of Intent (LOIs). Analyzing a deeply flawed, real-world LOI for a licensing deal, they dissect the critical importance of clarifying standard terms before committing to a formal agreement. Through this hands-on breakdown, Pankaj and Sahil extract critical contract review...

In this episode breakdown, Pankaj Raval and Sahil Chaudry dive into the complex intersection of blockchain, artificial intelligence, and intellectual property. Reacting to Gary Vee's claims about blockchain technology potentially replacing the U.S. Copyright Office, they dissect the fundamental legal differences between recording a chain of title and actively preventing IP infringement. Through di...

In this episode breakdown, Pankaj Raval and Sahil Chaudry analyze the massive M&A news surrounding the paused Paramount-Skydance-Warner Brothers deal. Triggered by a Temporary Restraining Order (TRO) filed by state attorney generals, this $110 billion stock acquisition serves as a masterclass in antitrust law, market consolidation, and deal structuring. Through this high-profile case study, Pa...

In this episode breakdown, Pankaj Raval and Sahil Chaudry shift gears from traditional dealmaking to discuss the profound impact of meditation and mindfulness on legal practice and corporate strategy. They dissect the challenges of operating in an overstimulated, outcome-oriented society and explore how foundational mindfulness practices can transform a founder's approach to risk and stress. Throu...

In this episode breakdown, Pankaj Raval and Sahil Chaudry analyze the high-stakes business and legal dynamics behind the FIFA World Cup. They dissect how global giants like FIFA use economic leverage to force host stadiums into covering up existing corporate sponsors, and how legacy brands like Gillette, Levi's, and Heinz bypassed litigation to turn contractual constraints into viral digital marke...

As AI tools become increasingly integrated into our daily workflows, the line between human ownership and machine authorship is blurring. In this episode of Letters of Intent, Pankaj Raval and Sahil Chaudry provide a comprehensive "AI Survival Guide" for dealmakers and leaders of growing businesses. They explore the massive legal gray areas surrounding intellectual property in the age of generativ...

This week on Letters of Intent , Pankaj Raval and Sahil Chaudry dive into three major dealmaking headlines to unpack what happens when the music stops: who actually owns the assets that matter, and did they get it in writing? From Fox’s massive swing into streaming to the Department of Justice rubber-stamping the Paramount-Warner Brothers merger, Sahil and Pankaj break down the mechanics of buying...

In this weekly headline breakdown, Pankaj Raval and Sahil Chaudry analyze three major stories dominating the business and legal worlds. They dissect Taylor Swift’s current trademark battle over her album name, Elon Musk’s massive $3.4 trillion corporate merger, and CNN’s aggressive copyright lawsuit against Perplexity AI. Through these high-profile case studies, Pankaj and Sahil extract critical c...

Founders spend countless hours perfecting their products, sales funnels, and marketing campaigns—but sometimes the most valuable decision isn't what you are building, it's how you structure the company that builds it. In this episode of Letters of Intent , Pankaj Raval and Sahil Chaudry tackle the complex and high-stakes world of corporate structuring, focusing on the critical transition from an S...

In this episode of Letters of Intent, Pankaj Raval and Sahil Chaudry tackle the legal showdown between Elon Musk and OpenAI. What began as a $38 million donation to a nonprofit has turned into an $800 billion legal battle over the future of artificial intelligence. We break down why the jury dismissed Musk’s claims—not on the merits, but on a critical technicality known as the statute of limitatio...

Building a household name and taking a company public is often portrayed as a linear highlight reel, but the reality involves a relentless grind, shameless persistence, and the ability to find "peace within the chaos." In this episode of Letters of Intent, Pankaj Raval and Sahil Chaudry sit down with Brendan Rogers, the co-founder of Wag! and partner at 2am VC. They explore Brendan’s journey from...

Your voice is your most personal asset, but in the era of generative AI, it is also one of your most vulnerable. While you sleep, your vocal identity could be scraped, cloned, and monetized without your consent—and right now, the law is moving too slowly to stop it. In this episode of Letters of Intent, Pankaj Raval and Sahil Chaudry explore the high-stakes world of AI voice cloning and provide a...

The true power of blockchain isn't found in speculative "meme coins"—it is found in the invisible infrastructure that will soon power our daily lives. In this episode of Letters of Intent, Pankaj Raval and Sahil Chaudry sit down with Dilveer Vahali, a deal execution expert at CoinFund. Dilveer shares his journey from traditional M&A at Kirkland & Ellis to the cutting edge of Web3, explaini...

Setting up a growing business requires far more than just clicking a few buttons on an online legal portal. When founders skip critical structuring steps, they risk deadlocked boards, massive tax liabilities, and SEC violations—mistakes that cost a fortune to fix later on. In this episode of Letters of Intent , Pankaj Raval and Sahil Chaudry break down the most common foundational errors early-sta...

"Own yourself." That is the advice Matthew McConaughey recently gave to actors navigating the incoming wave of artificial intelligence. But in 2026, it isn't just actors who need to worry about AI replicas—it is the founders and leaders of growing businesses, too. In this episode of Letters of Intent , Pankaj Raval and Sahil Chaudry break down the rapidly shifting legal landscape of Name, Image, a...

The Supreme Court recently struck down massive, sweeping tariffs by ruling that the government had unconstitutionally levied taxes under the guise of the International Emergency Economic Powers Act (IEEPA). Now, the government is being forced to give that money back through a brand-new administrative system called CAPE. With over $168 billion allocated for refunds, this is a massive opportunity fo...

Is the movie theater industry actually dying, or is it just suffering from terrible, generic marketing? In this episode of Letters of Intent , Pankaj Raval and Sahil Chaudry are joined by Alvaro de la Cruz, a dynamic founder building Showlytics—an AI-powered personalization and analytics platform for movie theaters. Alvaro shares his incredible journey of pivoting from working on film sets in Holl...