North Carolina Founders Agreement
Description
How to fill out Founders Agreement?
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FAQ
It's a legally binding contract that holds each founder's interests at stake and should be created at the beginning of the company's lifecycle (alongside the business plan or pitch deck), in order to get everything out on the table before a group of co-founders jumps in together.
A Founders' Agreement is a contract that a company's founders enter into that governs their business relationships. The Agreement lays out the rights, responsibilities, liabilities, and obligations of each founder. Generally speaking, it regulates matters that may not be covered by the company's operating agreement.
4 Key Areas of a Founders' Agreement Roles & Responsibilities. Define who does what and titles. Rights & Rewards. Describe decision-making rights and rewards, such as who sits on the board. Commitments. List assets such as IP, network, capital, and time each co-founder invests. Contingencies.
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.
Specifically, founders agreements outline each founder's rights, roles, responsibilities, compensation, and obligations. Also known as a co-founders agreement, this written legal document sets expectations for each founder so everyone's on the same page.
Founders' agreements focus on the internal dynamics and collaboration among founders, while shareholders agreements govern the relationship among shareholders in an established company. Both agreements play essential roles in ensuring clarity, protecting interests and maintaining effective governance.
A founder's agreement specifically addresses the roles, responsibilities, and ownership distribution among the founders of a business, while a partnership agreement covers the terms and conditions of a partnership between two or more individuals or entities engaged in a business venture.
Your founders' agreement will be unique to your business, but all founders' agreements should cover some basics. These include who is founding the company, what the company structure is, who will be responsible for what, how you will each get compensated, and more (it's all covered in-depth below).