{"id":8641,"date":"2023-09-16T21:04:00","date_gmt":"2023-09-16T15:34:00","guid":{"rendered":"http:\/\/www.tactyqal.com\/blog\/?p=8641"},"modified":"2023-09-14T00:07:31","modified_gmt":"2023-09-13T18:37:31","slug":"guide-to-founder-agreements-with-template","status":"publish","type":"post","link":"https:\/\/tactyqal.com\/blog\/guide-to-founder-agreements-with-template\/","title":{"rendered":"The Ultimate Guide to Founder Agreements: Why You Need One and What to Include"},"content":{"rendered":"\n<p>Starting a new business with partners can be an exciting endeavor. You likely have a great idea, complementary skills, and a shared vision. However, without clear alignment, things can go south quickly.<\/p>\n\n\n\n<p>That&#8217;s why every co-founded startup needs a founder agreement &#8211; a legal document that outlines the rights and responsibilities of each founder.<\/p>\n\n\n\n<p>A founder agreement helps set expectations, avoid conflicts, and preserve relationships. It provides a roadmap for making decisions, splitting equity, and handling changes down the road.<\/p>\n\n\n\n<p>In this complete guide, we&#8217;ll cover everything you need to know about founder agreements:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Why a founder agreement is so important for your startup<\/li><li>When you need to create one<\/li><li>What key sections to include<\/li><li>Founder agreement templates and examples<\/li><li>Tips for drafting and finalizing yours<\/li><\/ul>\n\n\n\n<p>Properly setting up your founder agreement now will save you headaches as your business grows. Let&#8217;s dive in.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why Your Startup Needs a Founder Agreement<\/h2>\n\n\n\n<p>Launching a business with multiple founders comes with advantages &#8211; more skills, connections, and capital. However, it also introduces complexity around decision-making and equity splits.<\/p>\n\n\n\n<p>Without defined processes, you may encounter problems like:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Disagreements paralyzing important business decisions<\/li><li>Confusion over who owns what percentage of the company<\/li><li>Unclear procedures if a founder wants to leave<\/li><li>Questions around salaries and distributions<\/li><\/ul>\n\n\n\n<p>A founder agreement provides a playbook for handling issues objectively. It forces you to have important conversations upfront.<\/p>\n\n\n\n<p>Here are some key benefits of creating one:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Defines Roles and Responsibilities<\/h3>\n\n\n\n<p>A founder agreement clearly delineates the roles and responsibilities of each co-founder. This ensures you play to people&#8217;s strengths and avoid stepping on toes.<\/p>\n\n\n\n<p>For example, if you have three founders, you may designate one as CEO, one as Head of Product, and one as Head of Marketing.<\/p>\n\n\n\n<p>You can outline the major duties under each role and processes for making hiring decisions. This prevents confusion and power struggles down the line.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Sets Equity Splits<\/h3>\n\n\n\n<p>Equity is one of the most sensitive topics for startup founders. Early on, you want to agree on the percentage ownership stake that each founder will receive.<\/p>\n\n\n\n<p>The founder agreement locks this in writing so there are no surprises later. You can also include a vesting schedule outlining how much equity founders earn over time.<\/p>\n\n\n\n<p>Setting equity splits early keeps things fair and minimizes the chance of conflict.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Outlines Decision-Making Processes<\/h3>\n\n\n\n<p>With multiple founders, how will you make major business decisions? Based on equity ownership? Unanimous vote? Something else?<\/p>\n\n\n\n<p>The founder agreement documents decision-making processes so you stay aligned as the business grows. For routine choices, you may designate a CEO or management team. For larger strategic moves, you may require unanimous founder approval.<\/p>\n\n\n\n<p>Whatever you decide, write it down clearly to prevent disputes down the road.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Covers Founder Departures<\/h3>\n\n\n\n<p>It&#8217;s uncommon, but founders may need to leave a startup for personal or professional reasons. Your agreement should outline what happens if a founder leaves, gets terminated, passes away, or becomes disabled.<\/p>\n\n\n\n<p>Typically this involves buying back vested shares at a predetermined price. Having an exit plan prevents legal issues and provides continuity if the worst case occurs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Additional Protections<\/h3>\n\n\n\n<p>Finally, a founder agreement offers other protections like non-compete and IP assignment clauses. These prevent founders from taking ideas or leaving to start competitor businesses down the road.<\/p>\n\n\n\n<p>Spelling out rights and requirements provides security for everyone as you scale your company.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">When Should You Create a Founder Agreement?<\/h2>\n\n\n\n<p>The best practice is to create a founder agreement as early as possible &#8211; ideally when first starting the business.<\/p>\n\n\n\n<p>However, it&#8217;s never too late to put one together. Any co-founded startup will benefit at any stage.<\/p>\n\n\n\n<p>Here are some scenarios that call for a founder agreement:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">At Company Formation<\/h3>\n\n\n\n<p>Drafting a founder agreement during initial incorporation is ideal. This aligns everyone from day one before taking investment or generating revenue.<\/p>\n\n\n\n<p>At this stage, no one has &#8220;sweat equity&#8221; so it&#8217;s easier to split things equitably. If you already have a pitch deck or business plan, use those to inform decision-making and equity splits.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Before Receiving Investment<\/h3>\n\n\n\n<p>If you don&#8217;t create an agreement at inception, be sure to complete one before taking any outside investment.<\/p>\n\n\n\n<p>Investors will ask to see a founder agreement during due diligence. Some may even require having one to move forward.<\/p>\n\n\n\n<p>This ensures your house is in order before taking on capital and new shareholders.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Upon Hiring First Employees<\/h3>\n\n\n\n<p>Once you start hiring team members, a founder agreement becomes critical. Employees will want to know how decisions get made and who ultimately calls the shots.<\/p>\n\n\n\n<p>Defining these procedures early on instills confidence in your leadership team.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">When Scaling Revenue<\/h3>\n\n\n\n<p>As your business model is proven and sales increase, revisit your founder agreement. High growth often changes roles, responsibilities, and equity ownership.<\/p>\n\n\n\n<p>Realign based on who contributed most to growth. An updated agreement reduces politics during rapid expansion.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Before Seeking Acquisition<\/h3>\n\n\n\n<p>In the event you decide to sell your startup, buyers will dig into your legal docs including your founder agreement.<\/p>\n\n\n\n<p>Ensure yours is comprehensive and up-to-date well before pursuing an exit. Tidy up any areas that could raise red flags.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What to Include in Your Founder Agreement<\/h2>\n\n\n\n<p>Now that you know why you need a founder agreement, let\u2019s cover what to actually put in it.<\/p>\n\n\n\n<p>Here are 10 key sections to include:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Founder Information<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Names and contact information of all founders<\/li><li>Date the agreement takes effect<\/li><\/ul>\n\n\n\n<p>This identifies who the agreement covers along with when it becomes valid.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Company Purpose<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Description of the company business model and objectives<\/li><li>Founder intentions for the startup<\/li><\/ul>\n\n\n\n<p>Outline your shared mission and what problem the company aims to solve.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Role Definitions<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Job titles and responsibilities for each founder<\/li><li>Decision-making abilities associated with each role<\/li><\/ul>\n\n\n\n<p>As discussed earlier, clearly delineate who does what at both the individual level and management team level.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Equity Splits<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Percentage and number of shares owned by each founder<\/li><li>Type of stock issued &#8211; common shares, preferred shares, stock options, etc.<\/li><li>Vesting schedule if applicable<\/li><\/ul>\n\n\n\n<p>Document the equity stakes of all founders, along with conditions around vesting and earning shares over time.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. Contributions<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Financial &#8211; who contributes what cash amounts<\/li><li>Intellectual &#8211; who contributes what core ideas or IP<\/li><li>Physical &#8211; who contributes what equipment, facilities, etc.<\/li><li>Value of all contributions across founders<\/li><\/ul>\n\n\n\n<p>Document what each founder contributes to the business, both financially and through sweat equity. This often informs equity splits.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6. Decision Making Process<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Outline procedures for making business decisions<\/li><li>Which decisions require full founder approval vs. delegated to management<\/li><li>Rules around voting if unable to reach a unanimous agreement<\/li><li>Processes for approving major expenses<\/li><\/ul>\n\n\n\n<p>As discussed earlier, outline exactly how you&#8217;ll make important operating and strategic decisions as partners.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">7. Salaries and Distributions<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Compensation packages and salaries for each founder<\/li><li>Conditions and schedule for profit distributions<\/li><li>Any limits on distributions until certain milestones are met<\/li><\/ul>\n\n\n\n<p>Establish pay and payment schedules so it&#8217;s clear who gets paid when, especially before generating revenue.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">8. Departure Procedures<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The process if a founder leaves voluntarily<\/li><li>The process if a founder is terminated<\/li><li>The process if a founder passes away or becomes disabled<\/li><li>Any restrictions around &#8220;bad leaver&#8221; situations &#8211; criminal activity, misconduct, joining a competitor, etc.<\/li><\/ul>\n\n\n\n<p>Document what happens if the worst case occurs and a founder must exit the business.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">9. Non-Compete Clauses<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Limits on founding or joining a competing business after departing<\/li><li>The time period the non-compete remains in effect<\/li><li>Geography where the non-compete applies<\/li><\/ul>\n\n\n\n<p>Reasonable non-competes prevent unfair competition from former founders.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">10. IP Assignment<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>States all IP and innovations created at the company are property of the business<\/li><li>Requires founders to assign IP rights to the company<\/li><\/ul>\n\n\n\n<p>This protects company intellectual property and prevents founders from taking ideas with them if they leave.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Founder Agreement Template<\/h2>\n\n\n\n<p>Here is a template for a founder agreement that covers all the key sections startups would need:<\/p>\n\n\n\n<p>Founder Agreement Template<\/p>\n\n\n\n<p>This Founder Agreement (\u201cAgreement\u201d) is made on [Date] by and between:<\/p>\n\n\n\n<p>[Founder 1 Full Name] (\u201cFounder 1\u201d) [Founder 2 Full Name] (\u201cFounder 2\u201d) [Founder 3 Full Name] (\u201cFounder 3\u201d)<\/p>\n\n\n\n<p>For the startup company called [Company Name] (\u201cCompany\u201d) located at [Company Address].<\/p>\n\n\n\n<p>The Founders hereby agree to the following terms:<\/p>\n\n\n\n<p>Company Purpose<\/p>\n\n\n\n<p>The purpose of the Company is to [Description of Company Business and Objectives].<\/p>\n\n\n\n<p>Founder Roles and Responsibilities<\/p>\n\n\n\n<p>Founder 1: [Title and Responsibilities] Founder 2: [Title and Responsibilities]<br>Founder 3: [Title and Responsibilities]<\/p>\n\n\n\n<p>Equity Splits<\/p>\n\n\n\n<p>The Company authorizes issuance of [100,000] Common Shares. These shares are allocated as follows:<\/p>\n\n\n\n<p>Founder 1: [50,000] Common Shares ([50%]) Founder 2: [30,000] Common Shares ([30%]) Founder 3: [20,000] Common Shares ([20%])<\/p>\n\n\n\n<p>[Outline any vesting schedule here]<\/p>\n\n\n\n<p>Contributions<\/p>\n\n\n\n<p>The Founders will contribute the following to the Company:<\/p>\n\n\n\n<p>Founder 1: [Description of Financial and Non-Financial Contributions] Founder 2: [Description of Financial and Non-Financial Contributions] Founder 3: [Description of Financial and Non-Financial Contributions]<\/p>\n\n\n\n<p>Decision Making<\/p>\n\n\n\n<p>The following actions require unanimous approval by all Founders:<\/p>\n\n\n\n<p>[Major Decisions Requiring Unanimous Approval]<\/p>\n\n\n\n<p>All other decisions can be approved by [simple majority\/CEO\/etc.].<\/p>\n\n\n\n<p>Salaries and Distributions<\/p>\n\n\n\n<p>[Outline compensation packages and distribution schedule here]<\/p>\n\n\n\n<p>Departure Procedures<\/p>\n\n\n\n<p>[Outline what happens if a Founder leaves here]<\/p>\n\n\n\n<p>Non-Compete Clauses<\/p>\n\n\n\n<p>[Non-compete restrictions on Founders if they leave]<\/p>\n\n\n\n<p>IP Assignment<\/p>\n\n\n\n<p>The Founders acknowledge that all IP and innovations created as a result of their work for the Company belong to the Company.<\/p>\n\n\n\n<p>[Signatures of All Founders] [Date of Signing]<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How to Create Your Own Founder Agreement<\/h2>\n\n\n\n<p>With templates and examples in hand, it&#8217;s time to draft your own founder agreement. Here are some tips:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Have Extensive Founder Discussions<\/h3>\n\n\n\n<p>Don&#8217;t rush the process. Have multiple brainstorming and feedback sessions with fellow founders before drafting.<\/p>\n\n\n\n<p>Align on company purpose, roles, equity splits, decision making and more before putting pen to paper.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Involve a Lawyer<\/h3>\n\n\n\n<p>While founder agreements don&#8217;t require the same rigor as investor documents, it&#8217;s wise to involve a startup lawyer in finalizing yours.<\/p>\n\n\n\n<p>They can ensure you cover all key areas and help customize based on your specific situation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Make it Thorough but Simple<\/h3>\n\n\n\n<p>Don&#8217;t overcomplicate your agreement, but don&#8217;t leave out important details either. Shoot for simple, clear language covering all major topics.<\/p>\n\n\n\n<p>Leave room for amendments over time as your business evolves.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Set Objective Rules Upfront<\/h3>\n\n\n\n<p>During your founder honeymoon period, agree to objective decision-making rules and exit clauses before emotions come into play later.<\/p>\n\n\n\n<p>Approach your agreement as dispassionately as possible.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Make it Legally Binding<\/h3>\n\n\n\n<p>While founders are still aligned, take the key step of making the agreement legally binding. This gives it real weight as your business grows.<\/p>\n\n\n\n<p>Agree to mediation and other remedies in the event disputes arise down the road.<\/p>\n\n\n<h3 class=\"crp-list-title\">Related Posts<\/h3><ul class=\"crp-list\"><li class=\"crp-list-item crp-list-item-image-left crp-list-item-has-image\"><div class=\"crp-list-item-image\"><a href=\"https:\/\/www.tactyqal.com\/blog\/everything-to-know-about-hiring-cofounder-for-your-startup\/\"><img loading=\"lazy\" decoding=\"async\" data-pin-nopin=\"true\" style=\"max-width: 50px; height: auto;\" width=\"50\" height=\"50\" src=\"data:image\/svg+xml;charset=utf-8,&lt;svg xmlns%3D&#039;http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg&#039; viewBox%3D&#039;0 0 150 150&#039;%2F&gt;\" class=\"attachment-50x50 size-50x50 ld-lazyload wp-post-image\" alt=\"Hiring a cofounder\" data-src=\"https:\/\/tactyqal.com\/blog\/wp-content\/uploads\/2022\/11\/hiring-cofounders-150x150.jpg\" data-aspect=\"1\" srcset=\"\" \/><\/a><\/div><div class=\"crp-list-item-title\"><a href=\"https:\/\/www.tactyqal.com\/blog\/everything-to-know-about-hiring-cofounder-for-your-startup\/\">(Almost) everything you should know about hiring co-founders for your startup<\/a><\/div><\/li><li class=\"crp-list-item crp-list-item-image-left crp-list-item-has-image\"><div class=\"crp-list-item-image\"><a href=\"https:\/\/www.tactyqal.com\/blog\/15-ways-to-overcome-conflict-between-startup-cofounders-or-business-partners\/\"><img loading=\"lazy\" decoding=\"async\" data-pin-nopin=\"true\" style=\"max-width: 50px; height: auto;\" width=\"50\" height=\"50\" src=\"data:image\/svg+xml;charset=utf-8,&lt;svg xmlns%3D&#039;http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg&#039; viewBox%3D&#039;0 0 150 150&#039;%2F&gt;\" class=\"attachment-50x50 size-50x50 ld-lazyload wp-post-image\" alt=\"ways to overcome conflict between startup cofounders or business partners\" data-src=\"https:\/\/tactyqal.com\/blog\/wp-content\/uploads\/2021\/05\/ways-to-overcome-conflict-between-startup-cofounders-or-business-partners-150x150.jpg\" data-aspect=\"1\" srcset=\"\" \/><\/a><\/div><div class=\"crp-list-item-title\"><a href=\"https:\/\/www.tactyqal.com\/blog\/15-ways-to-overcome-conflict-between-startup-cofounders-or-business-partners\/\">15 ways to overcome conflict between startup cofounders or business partners<\/a><\/div><\/li><li class=\"crp-list-item crp-list-item-image-left crp-list-item-has-image\"><div class=\"crp-list-item-image\"><a href=\"https:\/\/www.tactyqal.com\/blog\/how-to-split-roles-between-startup-founders\/\"><img loading=\"lazy\" decoding=\"async\" data-pin-nopin=\"true\" style=\"max-width: 50px; height: auto;\" width=\"50\" height=\"50\" src=\"data:image\/svg+xml;charset=utf-8,&lt;svg xmlns%3D&#039;http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg&#039; viewBox%3D&#039;0 0 150 150&#039;%2F&gt;\" class=\"attachment-50x50 size-50x50 ld-lazyload wp-post-image\" alt=\"How to Split Roles Between Startup Founders\" data-src=\"https:\/\/tactyqal.com\/blog\/wp-content\/uploads\/2023\/08\/How-to-Split-Roles-Between-Startup-Founders-150x150.jpg\" data-aspect=\"1\" srcset=\"\" \/><\/a><\/div><div class=\"crp-list-item-title\"><a href=\"https:\/\/www.tactyqal.com\/blog\/how-to-split-roles-between-startup-founders\/\">How to Split Roles Between Startup Founders: A Guide to Defining Responsibilities and Avoiding Conflict<\/a><\/div><\/li><li class=\"crp-list-item crp-list-item-image-left crp-list-item-has-image\"><div class=\"crp-list-item-image\"><a href=\"https:\/\/www.tactyqal.com\/blog\/top-startup-law-firms\/\"><img loading=\"lazy\" decoding=\"async\" data-pin-nopin=\"true\" style=\"max-width: 50px; height: auto;\" width=\"50\" height=\"50\" src=\"data:image\/svg+xml;charset=utf-8,&lt;svg xmlns%3D&#039;http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg&#039; viewBox%3D&#039;0 0 150 150&#039;%2F&gt;\" class=\"attachment-50x50 size-50x50 ld-lazyload wp-post-image\" alt=\"Top Startup Law Firms\" data-src=\"https:\/\/tactyqal.com\/blog\/wp-content\/uploads\/2023\/10\/Top-Startup-Law-Firms-150x150.jpg\" data-aspect=\"1\" srcset=\"\" \/><\/a><\/div><div class=\"crp-list-item-title\"><a href=\"https:\/\/www.tactyqal.com\/blog\/top-startup-law-firms\/\">Top Startup Law Firms: Finding the Right Legal Partner for Your New Venture<\/a><\/div><\/li><\/ul>\n\n\n<h2 class=\"wp-block-heading\">Bringing It All Together<\/h2>\n\n\n\n<p>Launching a startup with co-founders can be extremely rewarding. But the road to scale isn&#8217;t always smooth.<\/p>\n\n\n\n<p>That&#8217;s why laying the foundation with a solid founder agreement is so important early on. Like any contract, you hope to never need it, but are glad it&#8217;s there if you do.<\/p>\n\n\n\n<p>Be sure to invest the time upfront to clearly align on purpose, equity, roles and other key areas. Get advice from those who have been down the road before.<\/p>\n\n\n\n<p>With a carefully crafted founder agreement, you give your startup its best shot at growth &#8211; while preserving your most precious asset, your relationships.<\/p>\n\n\n\n<p>So gather your team, break out the whiteboard, and start hashing out the details. The time is now to set your new venture up for shared success.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Starting a new business with partners can be an exciting endeavor. You likely have a&#8230;<\/p>\n","protected":false},"author":3,"featured_media":8645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Ultimate Guide to Founder Agreements: Why You Need One and What to Include - Tactyqal<\/title>\n<meta name=\"description\" content=\"A founder agreement helps set expectations, avoid conflicts, and preserve relationships. 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