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Bengaluru has always been a place of opportunities, education, career growth, new start-ups etc. Since many people from the nation are landing up in Bengaluru for its sophisticated and peaceful livelihood, the place has become a hub for new beginnings in terms of a career. Entrepreneurship has become a synonym of enthusiasm and many want to become one for achieving their goals in their respective areas of expertise. Because of wide industrial advantages in Bengaluru, people are looking upon themselves that they will be a successful entrepreneurs. Having said that all, a startup requires more than one person’s input for its successful growth and progress and hence a company has more than one founder for fulfilling such purpose. Here comes the role of founders’ agreement. Get founders agreement Bengaluru drafted without stepping out of your house at Company Vakil.
This agreement describes various roles of the founding members of a company; responsibilities also arise with that, the equity vested in them, the ownership of intellectual property created by them and their roles and responsibilities. It is an official contract that is signed between all the co-founders of a firm. This document states all the ownership, and initial investments and responsibilities made by each of the founders of the company. It is suggested to make an agreement at the incorporation stage of an enterprise as it lays out the responsibilities and roles of each of the co-founders. Mainly, an agreement is made at the time of the incorporation to avoid ambiguity that may arise in the enterprise in future. It also sets up the targets of all the co-founders by assigning each of them a specific role and responsibility towards the betterment of the enterprise. Founders’ agreement is always better in a written format than an oral contract.
Generally, it is done before incorporation but it is upon one’s discretion and can be done after incorporation as well.
This is an agreement which is made between the co-founders of a company in Bengaluru. It essentially sets out the ownership, duties, responsibilities, and the initial investment of each founder.
Ownership, business definition, Capital, roles and responsibilities, compensation and dissolution are important elements of a founders agreement in India.
It usually takes about 2-3 days to get a founder’s agreement.
Following are the benefits of having it:-
Therefore, needs to answer any difficult situations that may arise during the course of incorporation, setting up and running of the business.
A founder’s agreement should necessarily state Goals, ownership, responsibilities, obligations, Procedure for conflict resolution and decision making and Non-compete, non-solicit and confidentiality clauses.
It can be made in both ways but it is preferable to make the document in written format.
It is always advisable to have a formal, written, and legally enforceable agreement.
Provisions like non-compete clauses, assignment of Intellectual Property rights, loans from founders, severability, etc., usually feature in such contracts.