Key description
- Every startup requires a founders agreement as it determines ownership, responsibilities, decision-making policies and operations. Startups generally make mistakes in not including some clauses that should be there in the founders’ agreement. The main objective behind the founders’ agreement is to avoid confusions that the startups may face. Also, startups can hire professionals for drafting a fou
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Clauses
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1. CAPITAL CONTRIBUTIONS AND EXPENSES
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2. ROLES AND RESPONSIBILITIES
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3. INCORPORATION AND FORMATION OF CORPORATION
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4. EQUITY DISTRIBUTION & VESTING
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5. RESTRICTIONS
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6. MANAGEMENT AND APPROUVAL RIGHTS
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7. OPPORTUNITIES AND DUTIES TO THE COMPANY
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8. CONFIDENTIALITY AND NON-COMPETE
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9. EXTENSION OF AGREEMENT
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10. DISSOLUTION OF STARTUP
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11. GENERAL PROVISIONS
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SCHEDULE 1 Description of the Product or Service
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SCHEDULE 2 Description of Founders Roles and Responsibilities
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SCHEDULE 3 Form of Counterpart Signature Page
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SCHEDULE 4 Initial Capital Contribution of the Founders
