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CHENNAI : Formally known as Madras, it is the capital of Tamil Nadu. It is the 36 largest Urban Area by its population in the whole world. It attracts various tourist as they are having Chennai Central , Marina Beach , Madras High Court , TIDEL Park , Ripon Building , San Thome Basilica , Kapaleeshwarar Temple etc. It is having the Third largest expatriate population in India .It is also one of the largest municipal economies of the country. It is also selected to be one of the smart city under the smart city Mission
Startups are not new words that one has heard of since we live in an age of startup businesses or self-entrepreneurship, the founder’s agreement has founded a study ground in the economy of our country, and is also legally recognized. The founder’s agreement is drafted so as to clear all ambiguities between the co-founders of the company in relation to their roles, responsibilities, share in the market, ownership of the intellectual property rights etc., and other important components of the business. This founders agreement outlines the main aims and objectives of the business that is to be headed by the founders, the main reason a founders agreement is drafted, to clear any ambiguities that may arise, perhaps it wouldn’t be incorrect to say that this agreement serves as the main document of any business, and is one of the documents that have to draft on a primary basis. The founder's agreement is also required so as if there is an instance of a co-founder acting against the conditions prescribed in the agreement, the person can end up being penalized or being terminated with a unanimous decision of the other co-founders. It’s important to note that this agreement is the stepping stone for any business, and it’s important to have a founder’s agreement duly signed by all the co-founders of the enterprise.
A group of founders or individuals, who plan to own a business, can draft a founder’s agreement on their own, through their own knowledge; however, they can also hire a professional service like Company Vakil or an attorney for drafting a Founders Agreement Chennai , Startup Founders Agreement in Chennai and Co Founders Agreement Chennai. Company Vakil. provides smooth. Low cost and extremely professional services in regard to drafting and ratifying a Founder’s Agreement.
The procedure of drafting a Founders Agreement Chennai , Startup Founders Agreement in Chennai and Co Founders Agreement Chennai can be explained and understood as the following:
The scope of the operation – The names, roles, and responsibilities of the co-founders are undoubtedly important components of the founder's agreement but it is also important to define clearly the business operation and the scope of the same.
It is also called shareholders agreement
The roles and responsibilities and the equity share of each founder have to be discussed in detail. Anything that is important for the business should be discussed at length so that there is no question of any doubts.
The founders themselves can draft a founder’s agreement, if not then they can approach an attorney or a professional service.
The non-compete clause in the Founder’s Agreement prevents the founders from starting a new business.
Usually, it depends from situation to situation, on average it takes 3-4 days to draft a founder's agreement.
The Founder’s Agreement is not a legally binding contract, but it’s an agreement.
The founder’s agreement is not enforceable by law when the Pvt Ltd Company or Limited Company is in question.
It includesintellectual property rights, non-compete clauses, severability etc.
The only disadvantage that the Co founder Agreement in India may have is that it might not be in the interests of the outside investors.
Yes, with an equivocal consensus from all the co-founders.