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First of all it will be defined as an agreement amongst the founders of the company which governs the nature and functioning of their business and also highlight the key issues that co founders might face in future in running a business. It’s just like an insurance which guard the founders in future uncertainties. Therefore, it is advisable to execute it at an early stage of incorporation of Company.
A Founders’ Agreement is an official contract that is signed between all the co-founders of a firm. This document states all the responsibilities, ownership, and initial investments made by each of the founders of the company. BENEFITS FOR ENTERING INTO FOUNDERS AGREEMENT
Some of the key points that the well-structured founders’ agreement must set out clearly:
Vesting means founders earn their equity ownership by contributing to the company with their valuable work and efforts for the company
The purpose of the formation of business can never be fulfilled if the founders are not aware of their roles and work responsibilities therefore, founder’s agreement must clearly define the roles of each co-founder to avoid any hassle.
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