Washington Co-Founder Agreement - Checklist
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How to fill out Co-Founder Agreement - Checklist?
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FAQ
What Should be Included in a Founders Agreement? Names of Founders and Company. This one is pretty non-negotiable. ... Ownership Structure. ... The Project. ... Initial Capital and Additional Contributions. ... Expenses and Budget. ... Taxes. ... Roles and Responsibilities. ... Management and Legal Decision-Making, Operating, and Approval Rights.
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.
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.
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 equity ownership of the co-founders of the company is determined taking into consideration multiple factors such as the monetary investment, experience, existing intellectual property, know-how and network in the industry.
Key considerations include: Ideas and contributions of co-founder(s) It is important to consider what each founder brings to the business. ... Reputation and experience. ... What are their priorities? ... Business structure. ... Employer responsibility. ... Intellectual property. ... Business terms and conditions.
A Founders' Agreement is a legally binding contract between two or more people that sets out how their business will be run and what percentage each person will receive of ownership, as well as how the ownership will vest on the co-founders.
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).
