First off, Silicon Valley VCs don't invest in LLCs. So you will need an Inc. The second gotcha you need to know as an entrepreneur is that it’s not just about the percent of equity you own. Read the below article from Techcrunch:
"VCs are anal about things like voting thresholds, seniority of their stock, protective provisions, etc. – entrepreneurs never seem to focus on anything other than ownership percentage."
There’s a reason VCs are concerned about all these other details. Imagine you have stock in a company and you aren’t able to sell it when you want to, and you basically are last in line to be able to sell it.
So you need to get yourself versed in all the common terms that can and should appear in these contracts. If you know them, you can use them to your benefit.
That said, there are popular standardized contracts used in Silicon Valley. Here are the 2 biggest ones:
The whole purpose of these contracts is not to go on forever and nail the must-haves for a first round of funding, but there are some complex clauses you may not be familiar with. Read them, absorb as much as you can, and google the points you don’t understand. It’s ultimately pretty basic.