A Co-Founder Agreement is essential when two or more individuals join forces to establish a business venture in the United States. This foundational document should be created at the earliest stages of the business relationship, ideally before or during the company's formation. The agreement addresses critical aspects such as equity division, vesting schedules, roles and responsibilities, intellectual property rights, and decision-making authority. It provides legal protection under U.S. law and helps prevent potential disputes by clearly defining expectations and obligations. The document is particularly crucial for startups and new ventures where multiple founders contribute different resources, skills, or capital to the business. A well-drafted Co-Founder Agreement can save significant time and money by avoiding costly legal disputes and providing clear guidelines for handling various business scenarios and potential conflicts.
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1. Parties: Identification of all co-founders, including full legal names and addresses
2. Background: Brief description of the business venture and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Roles and Responsibilities: Detailed outline of each co-founder's position and duties
5. Equity Structure: Distribution of ownership and vesting schedules
6. Intellectual Property: Assignment and ownership of IP created during the venture
7. Decision Making: Voting rights and management structure
8. Confidentiality: Protection of company secrets and proprietary information
9. Term and Termination: Duration of agreement and conditions for termination
1. Non-Compete: Restrictions on competing activities - include when protecting against immediate competition is crucial
2. Salary and Compensation: Details of any salary or benefits - include when co-founders will receive compensation beyond equity
3. Investment Obligations: Required capital contributions - include when co-founders are expected to contribute capital
4. Drag-along/Tag-along Rights: Rights related to sale of shares - include when planning for potential exit scenarios
1. Schedule A - Initial Equity Allocation: Detailed breakdown of ownership percentages
2. Schedule B - Vesting Schedule: Detailed vesting terms and conditions
3. Schedule C - IP Assignment: List of pre-existing IP brought into the venture
4. Schedule D - Business Plan: Initial business plan and strategy
5. Appendix 1 - Shareholders Agreement: Supplementary shareholder terms if applicable
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