Don't hide important facts. If you think you can keep your funders from discovering those facts, you're wrong. Don't omit information about other investors and equity ownership. Investors want to know what percentage of ownership they will have in return for their money. If you have already promised equity to other investors, employees, strategic partners, etc., you need to disclose this.
Investors deserve to know with whom they'll be sharing ownership of the company.
You have to show that you understand what's in it for the investors. Don't be a control freak. The easiest way to avoid the big mistakes is to be honest, conservative in your estimates of growth and income, and able to support your assumptions. All rights reserved.