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A contract agreed upon by the co-founders of a company is a Founder's Agreement. It covers aspects such as the ownership, responsibilities, roles, and the initial investment of each founder.
The nature of the founder’s agreement is that it allocates a specific role to the founders of an enterprise and thus preventing any confusion amongst them within the organization in the future.
This helps the entrepreneurial organization to accomplish their goals and objectives in a better and harmonious way without any conflicts amongst the founders, further strengthening better relationships between them.
Prior to drafting of a founder’s agreement, it is crucial for the founders to discuss openly the facets of the agreement. Generally, the agreement is made during the incorporation of the organization.
Some of the important elements of a founders’ agreement are as follows:
The contract that regulates business relation of the company’s co-founders who enter into such a contract to govern uncovered matters in the company’s agreement. It sets out the rights, responsibilities, liabilities, and obligations of every founder.
India is a land of festivals. Each state has its one or the other special festivals which is uniquely celebrated only in that particular state. Mumbai has the world famous Ganesh Utsav. It is a ten day long festival celebrated with utmost joy and excitement. During this fest, statues of Ganeshji are displayed in every corner of the city, including the houses of the local people. The most famous of these statues is the one that is displayed in Lalbaug where the deity is known as the ‘Lalbaug ka Raja’. The Visarjan ceremony that takes place on the 10th day, witnesses thousands of people on streets, singing and dancing, to bid a farewell to Ganeshji.
You can draft founder’s agreement in Mumbai with the help of CompanyVakil.
It is essential to enter into such agreements to solve issues in case any difficulty arises. In absence of an agreement to this effect, one partner may walk away and use knowledge of the business and know-how, for competition.
One may also get into a situation where one partner takes a back step and just reap the benefits of the hard labor of the other partner.
None of these positions are favorable for the business and are undesirable. Thus, if one does not engage in future planning, he/she might end up jeopardizing the business even before it starts.
All the documents are required only in scanned form. You can attach the document in the form after payment or email it to us on firstname.lastname@example.org. Feel free to get in touch for any query.
An agreement that provides abrief outline of various roles and responsibilities of the founders of a Company, the amount of equity vested in it and the ownership of intellectual Property formed by them plus their roles and responsibilities. It even takes into consideration their departure or death.
Following are the benefits of having it:-