4. Get the legal advice you need. As already mentioned, hiring a tax professional is a good idea to help you sketch out the tax section. But it`s also a good idea to have your founding agreement verified by a lawyer, as it is a legally binding agreement. A professional, legal and unins invested eye on the document can help you to be protected in the future. You`ll probably also cover legal formalities that you may not have noticed as non-lawyers. For example, some co-founders may want to share equity equally. Others might want to divide them according to roles and responsibilities (which we discussed earlier!) or who had the most money on hand to set up the business. Maybe you give a larger percentage to the person who came up with the idea, or the one who coded the first demo or created the first stack.
Once the intentions and goals are clear, let the lawyer design a model founder agreement. Check the document in detail with your co-founders. The entire process can take three to four business days. And while all of this is certainly true, you still need to get a founding agreement. A founding agreement, like all contracts, is there not only to help you navigate your daily conditions, but also to help you if things don`t go as planned. Don`t skip this step, founder. 30. Global Agreement.
The Parties acknowledge that this Agreement constitutes the entire Agreement between the Parties with respect to the subject matter of this Agreement and that it may only be modified by another written agreement signed by all Parties. Similarly, when things are done, you will know who you should congratulate. Responsibility is not just a way to measure whether the co-founders are not working hard enough: it goes both ways. They may even include rules for adjusting remuneration or equity based on performance. Here too, the salary and remuneration part of the founding agreement is quite simple – but incredibly important.