The Founders’ ownership interests need not be represented by a certificate or any other evidence beyond that contained in this agreement. Some cofounders buy a partnership agreement template (e.g., operating agreement, shareholders agreement or other partnership agreement) from LegalZoom or Rocket Lawyer. The Founders agree to keep the Business Concept and Technology confidential; disclosure of the Business Concept and Technology will occur only on an as-needed basis and only upon consent of all Founders. Assignment. This Agreement shall be governed by and construed in all respects in accordance with [STATE AND COUNTRY]. The Company’s principal office address will be set by a majority of Founders, and initially is: [address]. The Founders understand that they would likely be required to submit their equity interests in the Company to vesting and other restrictions in such event, to assign all Project IP to the Company, and to submit to other employment-related covenants. by Sascha Mombartz, Founders' Agreement Template The Founders shall further define any and all confidentiality obligations related to the Business Concept and Technology. The Founders anticipate that any transaction resulting from such an offer would require that the Company convert to a business entity that provides limited liability to its members, or else to contribute the Company’s assets and liabilities to a newly-formed business entity with limited liability. by Sean Locke, Founders' Agreement Template - With Vesting By signing below, each Founder indicates acceptance of the terms of this agreement in their entirety as of the date first written above, and represents and warrants to the Company and each other Founder that he has fully read and understood this agreement, and that to each Founder’s knowledge, no law or third-party obligation would prevent each such Founder from entering into and performing this agreement in full. All budgets must be approved by all Founders in writing. Most of the people don’t know about founder agreement but it plays a very crucial role in safeguarding the founder or co-founder(s) at the time of the dispute. The Founders agree to keep all non-public information with respect to Project IP confidential and not to disclose it to any other party, except (i) to attorneys and advisors who need to know in connection with performing their duties, (ii) to potential business development partners and/or investors approved by the Company in writing, and who are bound by a confidentiality agreement in writing, and (iii) in response to an inquiry from a legal or regulatory authority. If no Founder remains as a partner of the Company at any point in time, then the Company will dissolve, and this agreement will terminate immediately upon completion of the winding up of the Company and distribution of its assets and liabilities in accordance with this agreement. ... Startup Founders Agreement. The Company will elect to be taxed as a partnership, and will maintain separate capital accounts for each Founder in accordance with applicable US Treasury Regulations. Just like one business is different from another, each startup will have its own specific needs and points of difference. If you have followed the long, convoluted legal proceedings against Facebook CEO Mark Zuckerberg, or seen the movie ‘The Social Network’, you will know how important founder agreements are. Founders shall all reasonably agree to the definition of “consecutive service” for purposes of this vesting schedule. Subject: [FD Members] Co-Founder Agreement Template. This Partnership Agreement Template outlines and automates hammering out the details between you, your company and your new business partner. Section 1.1 Each Founder shall grant and assign to the Company immediately upon its formation all of his or her right, title, and interest in and to the Business Concept and Technology (including all right, title and interest to intellectual property thereto), including all ideas (however formed or unformed) and labor and/or work product that results from any task or work performed by the Founder that relates to the Business Concept or Technology for the full term of such rights. That’s why you should have a founder’s agreement. If a Founder requests, the Company will issue a certificate evidencing the Founder’s interest. A pre shareholder agreement is recommended for those entrepreneurs that are in -2 and -1 stages, in the middle of the process to build a team in which you have no shareholder agreement and you are looking for initial commitment from your potential team members. Each Founder agrees (i) to assist the Company from time to time with signing and filing any written documents of assignment that are necessary or expedient to evidence such Founder’s irrevocable assignment of Project IP to the Company; and (ii) to assist the Company in applying for, maintaining, and filing any renewals with respect to Project IP anywhere in the world, in each case at the Company’s expense. Here are some steps you can take to make a founders agreement. Sale of the Company to an interested third party shall take place if the sale is authorized by the board of directors and a majority of the outstanding shares, and otherwise in conformity with all applicable state and federal laws. Parties other than PandaDoc may provide products, services, recommendations, or views on PandaDoc’s site (“Third Party Materials”). It allows people to collaborate on speculative, early-stage business projects on fair terms, without a lot of hassle or paperwork. In a startup, as a potential founder you have the difficult job of trying to inspire other potential co-founders to join you in your venture and then quickly establish an environment where: ... An agreement template for an external consultant being hired into your company. IN WITNESS WHEREOF, the Founders have signed this Agreement. The Founders will budget for Company expenses on a rolling basis. If the Company earns more than de minimis revenues it will retain an accountant or tax advisor to keep its books and prepare all tax returns and filings on its behalf. The Founders’ obligations contained in this section (Duties to the Company) will continue with respect to each Founder until the later of the date that is 3 months after (i) he ceases to be a partner of the Company, and (ii) he ceases to provide any services to the Company, whether as a partner, employee, officer, director, or otherwise. This agreement shall be governed by and construed in accordance with New York State laws applicable to contracts signed and to be performed solely within this state. They’re not binding, but they are a good general guide to follow as you work through this process. The Founder / Advisor Standard Template ("FAST") was developed by the Founder Institute to help aspiring entrepreneurs in the startup launch programs that we operate worldwide set-up advisory boards and engage with the mentors that they interact with throughout the program. The Founders have created the Company for the sole purpose of [description of project] (the "Project"). The Founders agree that either party may, within 7 days after the filing of a Demand for Arbitration, demand that the parties' dispute first be submitted to a neutral evaluator pursuant to the American Arbitration Association's Early Neutral Evaluation Procedures prior to proceeding with arbitration. & Prof. Code § 16600, et seq., in no circumstance shall the underlying business concept be considered confidential upon termination of this Agreement. Any resulting arbitration award may be enforced in any court having valid jurisdiction, wherever located. Ultimately, Founders’ Agreements are designed to protect each founder’s interests and memorialize that all founders are in agreement about the Imagine what would have happened if the Winklevoss twins had signed a founders agreement with Mark Zuckerberg? A founders’ agreement is very similar to a normal shareholders’ agreement (SHA, Swedish: aktieägaravtal). Costs of the mediation shall be borne equally by all Founders. The location for such arbitration will be New York, New York. PandaDoc is not responsible for examining or evaluating such Third Party Materials, and does not provide any warranties relating to the Third Party Materials. The Company must make capital calls of Founders on a pro rata basis. Notwithstanding such unanimous consensual disclosures, the Founders shall take all necessary steps to keep the Business Concept and Technology confidential until the formation of the Company, at which time the Founders shall further detail and define any confidentiality obligations. The unanimous written approval of all Founders is required to: The Founders must refer to the Company, in writing, all opportunities to participate in a business or activity that is directly competitive with the Project within [geographic region], whether as an employee, consultant, officer, director, advisor, investor, or partner. The Company will distribute any property that remains after paying for the expenses of dissolving and winding up, and repaying all indebtedness owed by the Company, as follows: Title to any Project IP that is not sold in connection with dissolution and liquidation of the Company must, however, be distributed to all Founders as owners in common. Hey all, Was wondering if anyone has a good resource for a template for co-founder agreements .... Not a shareholders agreements or restricted rights agreement, rather a binding legal document that would outline some of the the following (and other terms): * Division of Equity The Company’s principal office address will be set by a majority of Founders, and initially is: [address]. The written consent of all Founders is required for any Founder to make a capital contribution. Are you sure you want to delete this document? Upon formation of the Company, the entire issued share ownership of the Company shall reflect the following: Should the Founders wish to reserve any portion of the shares for future employees or for an option share pool, any such portion of shares reserved will dilute all Founders equally. Because of this, any agreement that’s created for a startup should be structured to meet the specific requirements and unique factors of that particular startup… Track opens, views, and time spent on each page. All distributions must be made in the following order: The Company will be managed by the Founders, and a majority of Founders may take any action on behalf of the Company except where explicitly stated otherwise in this agreement. Each Founder hereby irrevocably assigns to the Company all right, title, and interest in and to all Project IP owned by such Founder. The tax matters partner may make any tax election with respect to the Company, provided he obtains the prior written consent of a majority of Founders. Although every founder has good intentions at the start, people lose interest or other things get in the way and they stop pulling their weight; it’s easily done. Additionally, [FOUNDER1 NAME] vesting schedule shall be subject to a one (1) year cliff. The logic in allowing simple removal without citing cause is to avoid unnecessary drama should the co-founder relationship sour. Any elections or decisions relating to such allocations must be made in a manner that reasonably reflects the intent of this agreement. Once the company has real value (customers, revenue, outside investment) then founders will understandably want greater protection. The certificate must contain a legend noting that the ownership interest is subject to legal and contractual restrictions on transfer. In fact, it is a SHA in the sense that it’s an agreement between the shareholders. FOUNDERS' AGREEMENT TEMPLATE POWERED BY DOCRACY.COM of1 7 FOUNDERS' AGREEMENT TEMPLATE The Company This agreement governs the partnership between the Founders, doing business as (the “Company ”). Before you create your founders agreement template, you must discuss with your co-founders to finalize the most important issues like management, ownership, compensation, the board of directors, investments, and more. Upon formation of the Company, each Founder shall be elected by the Company to serve as a Board of Director and as an Officer of the Company. Consistent with Cal. In most jurisdictions, for-profit unincorporated associations are general partnerships for purposes of contractual liability, and are taxed as partnerships. A founders’ agreement is a special kind of SHA for companies without investors or any other major external shareholders. The Company will pay out to the resigning or removed Founder his positive capital account balance (if any) within 180 days of resignation, either in cash or with an unsecured note payable within 2 years and bearing interest at 8% per year. A founders’ agreement is very similar to a normal shareholders’ agreement (SHA). This agreement governs the partnership between the Founders, doing business as [company name] (the “Company”). A majority of Founders may remove a Founder from the partnership at any time, for any reason or no reason at all, by giving written notice to such Founder. However, the twist was, they signed nothing. Apply a document theme that matches your company brand. Upon a Founder’s resignation or removal, the Company will continue and will not dissolve, so long as at least one Founder remains as a member of the Company. This agreement may not be assigned by any party hereto without the written consent of all Founders. Suggest changes by making a copy of this document. These formats are provided free of cost, RegistrationsIndia is not liable for any loss whatsoever suffered by any person using them. appropriate to parties in other jurisdictions. Get this free collaboration agreement. To get free e-signing, version tracking and help others! (a) contributions and inventions, discoveries, creations, developments, improvements, works of authorship and ideas (whether or not protectable under patent, copyright, or other legal theory) of any kind that are conceived, created, developed or reduced to practice by any Founder, alone or with others, while such Founder is a member of, or provides services to, the Company, regardless of whether they are conceived or made during regular working hours or at the Company’s place of work, that are directly or indirectly related to the Project, result from tasks assigned to a Founder by the Company, or are conceived or made with the use of the Company’s resources, facilities or materials; and (b) any and all patents, patent applications, copyrights, trade secrets, trademarks (whether or not registered), domain names and other intellectual property rights, worldwide, with respect to any of the foregoing. Click here for our SEA-friendly template. Removal by majority vote should be used as a last resort. In that case, they are effectively in a general partnership, whether or not they intend that result. Each Founder represents and warrants that he or she is not a party to any other agreement that would restrict such Founder’s ability to perform its obligations as set forth in this Founder Collaboration Agreement. Any notice or other communication required or permitted under this agreement may be addressed to the recipient at its address given above, or such other address as that party may provide from time to time, and shall be deemed duly given (A) when delivered, if by hand delivery; and (B) if otherwise delivered, when written confirmation of receipt thereof is obtained (i) from the recipient; or (ii) from a nationally recognized mail carrier. Links to such Third Party Materials are for your convenience and does not constitute an endorsement of such Third Party Materials. ... related to the Startup proportionately to such Founder’s Equity Distribution pursuant to Section 6. 1 FOUNDER CONSULTING AGREEMENT This Consulting Agreement (this “Agreement”) is entered into as of INSERT DATE HERE, by and between UNC STARTUP COMPANY (“Company”), and FACULTY MEMBER NAME (“Consultant”) who is an employee of the University of North Carolina at Chapel Hill (“University”). A Co-founder Agreement is a contract between Co-Founders setting out the ownership, initial investments and responsibilities of each Co-Founder. It is “A clear agreement between co-founders on a number of key issues that their business might face.” The Company will continue perpetually, unless dissolved in accordance with this agreement. The Company will continue perpetually, unless dissolved in accordance with this agreement. The Company will allocate items of income and losses as if the Company were liquidated, its assets sold at their fair market value, and the resulting proceeds (net of liabilities) distributed to the Founders in accordance with this agreement. How do cofounders start to think about a fair and equal equity split? What is a founders agreement? This agreement may only be amended with the written consent of all Founders, and none of its provisions may be waived except with the written consent of the party waiving compliance. In fact, it is a SHA in the sense that it’s an agreement between the shareholders. Founders' Agreement Template - With Vesting. The founders should replace this with a traditional structure if the company obtains significant outside funding, customers, revenue, or takes on other obligations. Now let’s take a look at a couple more advanced startup legal topics that you should address when launching a company with others. The Company will continue perpetually, unless dissolved in accordance with this agreement. Open legal documents with free e-signing. Bus. You should consult with your own attorney for advice prior to using this form. In a way, think of the founder agreement as a form of 'pre-nuptial agreement'." It is intended that the Company be treated as a pass-through entity for tax purposes. A founder’s agreement is basically an agreement in written form between the co-founders of the company. If any provision in this agreement is held to be invalid or unenforceable in any jurisdiction, the validity and enforceability of all remaining provisions contained herein shall not in any way be affected or impaired thereby, and the invalid or unenforceable provisions shall be interpreted and applied so as to produce as near as may be the economic result intended by the parties hereto. A founders’ agreement is a special kind of SHA for companies without … This template is provided as a general guide to pre-incorporation business associations. The Founders will use their best efforts to obtain terms that are no less favorable to any Founder than those outlined in the term sheet attached as Exhibit A hereto. STARTUP SHAREHOLDERS AGREEMENT TEMPLATE . This makes sure that each co-founder knows the duties they have to perform in the business whether it is the functions of marketing, business development, administration, finance, technology, operation, or any other role. 3 The Shareholders Agreement is an agreement signed by the Shareholders of a company whose purpose is to govern the internal relations within the company, as well as to establish the dispute resolution channels of any conflicts which may arise. This Founder Collaboration Agreement is intended as a seed document that can be used as a framework for a more complex business and legal relationship. If you aren't building partnerships, you aren't taking advantage of our interconnected world. Other than pursuant to the preceding paragraph, to protect the Company’s legitimate business interests, no Founder may participate in any business or activity that is directly competitive with the Project within [geographic region], whether as an employee, consultant, officer, director, advisor, owner, sole proprietor, investor, or partner. In connection with such collaboration of the Business Concept and Technology, and in consideration for a mutually agreeable framework which shall serve as the foundation for the Founders to successfully develop the Business Concept and Technology, the undersigned hereby agree as follows: Each Founder shall grant and assign to the Company immediately upon its formation all of his or her right, title, and interest in and to the Business Concept and Technology (including all right, title and interest to intellectual property thereto), including all ideas (however formed or unformed) and labor and/or work product that results from any task or work performed by the Founder that relates to the Business Concept or Technology for the full term of such rights. The shares issued to each Founder shall vest accordingly: [FOUNDER1 NAME] interest in the Company shall vest pursuant to a four (4) year vesting schedule beginning [FOUNDER1 VESTING STARTING DATE], which shall vest 1/48th per month in exchange for consecutive service to the Business Concept and Technology. It is a good idea to have a broad description followed by specific enumeration of the general concept, e.g., “developing a software application for unix-based mobile devices to facilitate social networking between users, including a video chat application code-named Widget that is under development in the Elm and Plan languages.” It is likely that the project will morph over time, in which case the description may be updated. Successors / Assigns. Any Founder who receives an offer from any party to invest in the Company will notify the other Founders of the same, and provide each Founder an opportunity to participate meaningfully in the negotiations surrounding the potential investment in the Company. Please consult your own tax adviser for guidance as to what arrangement would be best for you. The Founders hereby waive any and all right to have this agreement adjudicated by a court or jury. Founders shall all reasonably agree to the definition of “consecutive service” for purposes of this vesting schedule. by A Docracy User, Basic Founders Agreement The Founders will cause the Company to register its fictitious name in the jurisdiction where it conducts its business, as soon as reasonably practicable after the date hereof. show more appropriate to parties in other jurisdictions. This form is drafted from a New York perspective, and may not be... The Company will have 15 days to decide whether to pursue any referred opportunity, and to notify the referring Founder of its decision in writing. 1. This template is provided as a general guide to pre-incorporation business associations. - Richard Harroch. Severability. In addition, the Founders hereby irrevocably submit to the jurisdiction of the state and federal courts located in Manhattanfor the enforcement of any such arbitration award. Startup Co-Founder’s Agreement Format Note : The formats provided on our website are samples and are for reference purposes. Parties agree that the Operational Company has no rights in, or to the Business Concept and Technology. Maybe they could have signed a work-for-hire agreement instead. The later twists in the story all depended on that one decision. A founders agreement is a document, involving a company with two or more founders, specifying the details of the development of the company, such as the share of ownership and guaranteed obligations of the different founders. Without an understanding of business law, they answer some questions, generate a document and sign an off-the-shelf template contract. All Founders must be afforded a full opportunity to bid on any Project IP in connection with such liquidation process. Learn more. This agreement also safeguards you in the case of a dispute, as it can provide protection to show what the co-founder agreed to. The founders should replace this with a traditional structure if the company obtains significant outside funding, customers, revenue, or takes on other obligations. Founder Removal or Resignation. A two or three founder partnership agreement (typical startup context) will take us 7-10 hours of work. 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