They could do that, but why would they? A DIY job could end up being problematic. The toxic funders have plenty of money, so they have no problem paying for the services of competent attorneys.
The party that often skips that step is the company signing up for "financing". Of course many of them know they aren't getting a good deal, and that they'll end up issuing a ton of stock. But there're some who don't realize what they're getting into. Why they don't hire counsel to explain that to them is beyond me.
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