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Founders Agreement
It is an agreement which clearly sets out the strategy for issues like ownership, board of directors, admission or resignation of partners, etc.
Timeline - 10 to 15 Working days
What is meant by Founders Agreement
A founder’s agreement is basically an agreement in written form between the co-founders of the company, which is made in the need of stating properly rights, duties, responsibilities & liabilities. It is not a contract binding co-founders. It is an agreement which clearly sets out the strategy for issues like ownership, board of directors, admission or resignation of partners, etc.
A founder’s agreement is also known as:
- Co-founders Agreement
- Start-up Co-founders Agreement
Founder's Agreement
Necessity
The Founder's Agreement is made in respect to to avoid ambiguity in future regarding business between co-founders. As we know there is always a possibility of happening an uncertain situation like death of one of the co-founder or resignation, continuation of the business.
Roles and Responsibilities:
Every co-founder is responsible for the actions which are done by every co-founder for business. As also a co-founder should also know his responsibility & his role in the functioning of the business.
Decision Making:
Decision making plays a very important role. Every co-partner should participate in decision making for simple & substantial decisions. & every co-founder should also participate in decision making for the growth of the business to avoid further complications.
Ownership of the founder
There needs to be an allocation of ownership & equity among co-founders. Every co-founder should act in his capacity as a founder member of the company.
Founder's Agreement
Roles and Responsiblities
01.
Every co-founder must act in his own capacity as a product manager to know the requirement & to check whether they are mitigating the expectations
02.
A co-founder is also working closely related to the technicalities of the product & solve the same for growth perspective
03.
There should be a considerable balance between budget management & capital requirement to minimize the risk of wastage.
04.
The purpose of partnership should be to earn profits and to share it. In the absence of any agreement, the partner should share profits (and losses as well) in equal proportions.
05.
There should be a considerable balance between budget management & capital requirement to minimize the risk of wastage.
06.
Formation of policies regarding marketing & operations
Founder's Agreement
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What are the key factors that we should keep in mind ?
Must having the thorough discussion with all the co-founders regarding management, ownership, capital, investment, etc.
Every co-founder of the business should be having the clarity
A well-drafted agreement avoids all the possible ambiguities.
Some of the important clauses in founder's agreement ?
The founders
The project
Initial capital
Process
Login to our website
Login to our website- visit the page of Founder’s Agreement.
Fill up all the required fields
Fill up all the required fields which are necessary to draft the Agreement.
Drafting process
Our team of expert lawyers will work on your draft & get back to you with the draft.
File Founder's Agreement
The draft is available for editing & once the final Draft is ready we will send it to you.
Founder's Agreement
FAQ
A Founders Agreement is a document made between two or more person who wants to set up a business.
Founder’s Agreement is made with respect to safeguarding the business interest & to avoid future problems.
While setting up the business there is a possibility that any of the co-founders may try to start his own business or if any partner leaves the business or by any other reason if he gives resignation or by death or any personal reason, then he should not carry on the same activity under any circumstances or he should not violate any of the business policies. So to avoid all these possibilities founder’s agreement is made.
Founder’s Agreement should have the following basic factors without which a founders agreement is of no use:A. All the roles & responsibilities of all the co-founders should be mentioned properly B. Allocation of equity ownership & vesting should be done precisely because sometimes some issues are extremely delicate which should be tackled without any nudge. C. When creating any business strategies or product design you need to be careful. When any new product design or any strategy is introduced then you need to take care that it should remain with the founders only not with any other individuals.
In case of Founders’ Agreement, registration is not even the requirement when it comes to functionality of the Founders’ Agreement.
Founders Agreement needs to get notarize on the non-judicial stamp paper of the required value. As we all know stamp duty varies as per the necessity. So one needs to make sure that he comes under the exact slab.
As it is a legal document which carries the legal relation between all the co-founders. If you want one sample then you can find it on our site.
To make Founder’s Agreement one need not required any documents. The only requirement is to draft the agreement on the paper & then notarize the same on non-judicial stamp paper.
To make the founders' agreement one has to do the simple procedure:
Draft the founders' agreement by putting all the required fields, once the Draft is complete make sure all the fields are covered if not put any additions if required.
Before finalizing the draft just let all the partners go through the draft.
Once the well-drafted agreement is ready it needs to get notarize on the non-judicial stamp paper.
After notarizing take the signature of all co-founders on the agreement if required.
Draft the founders' agreement by putting all the required fields, once the Draft is complete make sure all the fields are covered if not put any additions if required.
Before finalizing the draft just let all the partners go through the draft.
Once the well-drafted agreement is ready it needs to get notarize on the non-judicial stamp paper.
After notarizing take the signature of all co-founders on the agreement if required.
Penalty for breach of the agreement depends upon the severeness of the breach. As one could not tell the intensity of breach. So it varies as per the situation.
Stamp duty should be paid on non-judicial stamp paper. But stamp duty is not mandatory in case of founder’s agreement.
As such, there is no need to register the Founder’s Agreement. As making the same on stamp paper of non-judicial value is sufficient.
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