Founders Agreement

An Agreement between founders, that outlines all the important aspect of their relationship

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Founders Agreement in Chennai Cost With Breakdown

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Government Fee for Individuals and startups Rs 1999.00*

TotalBuy Now Rs 1999.00**

Founders Agreement In Chennai

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

 

Startup Founders  Agreement in Chennai

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.

 

Reasons to have a Founders Agreement Chennai

  1. Stating out the roles and responsibilities – The founder’s agreement clearly and precisely outlines the duties, roles, and responsibilities to the co-founders, and delegates the work and duty of each individual.
  2. Clearing any ambiguities – The agreement opaquely and widely describes which individual is responsible for what work, hence this would not create any doubts in the minds of the people, and everyone would have a clear idea about what is expected from them.
  3. Protection of the Intellectual Property – The agreement fully safeguards the Intellectual Property of the enterprise by stating out the individuals with whom the safeguard of the intellectual property vests, which includes copyright and trademark.
  4. Monetary Balance – The finances of the company, and how are they supposed to be spent and in what proportion is mentioned in the agreement which makes it easier for tackling the monetary issues that may arise.
  5. Post-dissolution Easement – If due to some circumstances the company has to be dissolved, then the allotment of shares between the co-founders could be done, without any internal dispute, quite smoothly.
  6. Backup Plan –Like mentioned, if the company is dissolved and is not in existence anymore, the agreement provides for a backup plan to the founders and investors regarding a novel business idea or re-establishment.

 

The procedure for drafting a Founders Agreement Chennai , Startup Founders Agreement in Chennai and Co Founders Agreement Chennai

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:

  • Discussions- There are discussions amongst the founders with regard to the main work, conditions, and clauses of the agreement, to which everyone should be satisfied with, without any doubts or obscurities regarding the business plan and agreement.
  • Identifying Roles & Outlining Objectives – The roles and responsibilities are duly allotted to the people involved in the founding enterprise, wherein they also recognize their aims and objectives in relation with each other.
  • Drafting a sample of founder’s agreement- A sample of the agreement is then drafted by the attorney or the individuals, which proves to be a prototype to the final agreement, on which any rectifications can be done before being finalized.
  • Review of Final Agreement- The final agreement is then reviewed thoroughly by the parties and is agreed upon, which then becomes a legally binding document upon being signed by the concerning parties.

Minimum Requirements of Founders Agreement Chennai , Startup Founders Agreement in Chennai and Co Founders Agreement Chennai

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.

  • Rights & Percentage of Ownership – Clearly defining the rights which are vested with the co-founders along with the percentage of ownership that is vested with the co-founders, and till what limitation they can act in the business.
  • Capital Formation – Description of the fiduciary contribution by both the investors and the founder, to the capital of the business.
  • Compensation & Roles of Co-founders: The responsibilities that are vested with each co-founder, and the amount of compensation or salary that can be drawn by them, basically the reimbursement provisions.
  • Termination & Exit Policy – If due to unforeseeable circumstances the founders have to leave the enterprise or if their tenure is to be terminated due to acts inconstant with the provisions of the agreement
  • Dissolution Policy – This is regarding the demise of the enterprise, how are the shares of the financial capital to be allocated to the other co-founders and what procedure regarding the same has to be followed.
  • Dispute resolution – Steps to be taken in case there has been a dispute arisen due to unforeseeable circumstances or any internal conflict
  • Miscellaneous Clauses – This usually related to the intellectual property ownership, loans from other parties etc.

 

Advantages of a Founders Agreement Chennai , Startup Founders Agreement in Chennai and Co Founders Agreement Chennai

  • Clearing Ambiguities – The agreement paints a clear picture with regard to the operation and scope of the business setup, further it helps in formulating strategy in regard to the same. Every person involved in the agreement is clear in regard to the operation
  • Laying down specific roles – The parties in the agreement are delegated clear and unambiguous roles, which are not overlapping in nature, hence everyone has clearly defined roles to play in the organization
  • Identification of prospective risks – The agreement duly recognizes and identifies the prospective risks in the operation, acts on them. It helps in strategizing plans when dealing with problems of various kinds relating to sudden death, catastrophe, financial crisis etc.

TIME TAKEN in registration process

2 to 3 Days

Founder's Agreement

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Frequently Asked Questions (FAQs) Related to Founder’s Agreement

 

What is the other name for Founder’s Agreement?

It is also called shareholders agreement

 

What should all be discussed before drafting a Founder's 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.

 

Who can all draft a founder's agreement?

The founders themselves can draft a founder’s agreement, if not then they can approach an attorney or a professional service.

 

What is a non-compete clause in the Founder’s Agreement?

The non-compete clause in the Founder’s Agreement prevents the founders from starting a new business.

 

How long does drafting a Founder's Agreement to take?

Usually, it depends from situation to situation, on average it takes 3-4 days to draft a founder's agreement.

 

Is a Founders Agreement Chennai legally binding?

The Founder’s Agreement is not a legally binding contract, but it’s an agreement.

 

In what cases is the Founder’s Agreement not enforceable?

The founder’s agreement is not enforceable by law when the Pvt Ltd Company or Limited Company is in question.

 

What all does the Miscellaneous Clause of the Founder’s Agreement include?

It includesintellectual property rights, non-compete clauses, severability etc. 

 

Does the Co founder Agreement Chennai   have any disadvantage?

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.

 

Can the Co founder Agreement Chennai   be altered?

Yes, with an equivocal consensus from all the co-founders.

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