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Make the Perfect Founders Agreement with Vakilsearch

FAQ's on Make the Perfect Founders Agreement with Vakilsearch

Is it mandatory to get this form of agreement drafted?

Yes it is mandatory to get this form of agreement drafted, as it negates the possibility of getting ousted from the entity without proper exit clauses. Apart from this, the founders agreement would also have provisions related to the responsibilities of the founders.

Does this form of agreement have legal enforceability?

Yes such an agreement would have enforceability. When such an agreement is notarised on a non-judicial stamp paper and the requisite fee is paid the agreement would be enforceable in courts.

What is the need to make a founders agreement?

The founders agreement will restrict co-founders from engaging with other employment opportunities, even if they are relieved or ousted from the company.

Is there any penalty for breaching the founders agreement?

Yes, but it depends on the severity of the dispute! For example, the shares of the co-founder will be vested with the company if he violates or breaches the agreement.

What is the difference between founders agreement and partnership agreement?

A founders agreement is a legal document that outlines the roles, responsibilities, and ownership of the co-founders of a company.An official contract known as a partnership agreement spells out the obligations, rights, and ownership of two or more partners who are running a business together. While both agreements cover similar areas, founders agreement is typically used in the context of a startup or new venture, while a partnership agreement is used in the context of an ongoing business partnership.

Can a company have both founder and co-founder?

Yes, a company can have both a founder and a co-founder. A founder is someone who is involved in the creation and early development of a company, while a co-founder is someone who shares the responsibilities and ownership of the company with the founder(s).

Is the founder and owner the same?

No, founder and owner are not the same. A founder is someone who is involved in the creation and early development of a company, while an owner is someone who has legal ownership of the company. While a founder can also be an owner, it's possible for a founder to give up or sell their ownership in the company.

What's the difference between partner and founder?

A founder is someone who is involved in the creation and early development of a company, while a partner is someone who is conducting a business with one or more individuals. While a founder may have partners, the term 'founder' is typically used in the context of a startup or new venture, while 'partner' is used in the context of an ongoing business partnership.

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