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If you started as a solo-founder and have made progress on the business (especially if you've already raised), you should consider a something along the line of an 80/20 split of founder shares. In fact, the range I'm seeing is anywhere from 5-20% for the 2nd co-founder.
Non Compete Clause or Non Competition Clause- Such provision related to non-compete or an agreement in restraint from carrying out trade must also be present in the founders agreement. Such clause must clearly restrict the founders from engaging in any activity which causes competition during their employment.
While there's no formal structure for a founders agreement, here are some things you should strongly consider including in yours. Names of Founders and Company. ... Ownership Structure. ... The Project. ... Initial Capital and Additional Contributions. ... Expenses and Budget. ... Taxes. ... Roles and Responsibilities.
The Elements of the Perfect Founder Letter Personal Anecdote. A personal letter from the founder should be, well, personal. ... Gratitude. Whether you're sharing good news or bad, a little gratitude goes a long way. ... The News (duh) ... Humility. ... Vulnerability. ... Belief / Vision / Mission. ... What's Next.
Splitting equity amongst co-founders fairly Rule 1: Aim to split as equally and fairly as possible; Rule 2: Don't take on more than 2 co-founders; Rule 3: Your co-founders should complement your competencies, not copy them; Rule 4: Use vesting. ... Rule 5: Keep 10% of the company for the most important employees;
The operating agreement is what is used for limited liability companies and is similar to a shareholders' agreement which is used by corporations. The operating agreement is more a matter of corporate governance and good corporate practice, while the founding agreement is more personal to the specific founders.
I'm a solo founder, do I need a Founders Service Agreement? Yes! The Founders Service Agreement is there to protect the company as well as the founding team - and investors will expect to see the warranties, IP assignment, and confidentiality clauses present in the Founders Service Agreement.
Contents of a Co-Founder Agreement Company Formation. Details on the formation of the company, including the company's name, location, and purpose. Ownership and Equity. ... Roles and Responsibilities. ... Capital Contributions. ... Intellectual Property. ... Confidentiality and Non-compete. ... Dispute Resolution. ... Termination.