Draft Founders Agreement in Delaware for Internet Business
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I am from Ecuador and I am going to sign a Founder's Agreement with a person from Texas. I want to know in detail what are things I must take into consideration before signing this agreement.
Answered Mar 3, 2021
I'm assuming the Founders Agreement is an agreement establishing owners, managers and ownership percentages. You should focus on:
Terms regarding when your interest in the company vests;
How your shares will be valued in the case you want to leave or are terminated;
It should include some type of waiver of individual liability for acts taken on behalf of the company; and
Voting rights - If there is only one founder that has a large percentage of ownership (like 75%), you need to make sure the terms give your vote power. This can be accomplished by each founder having 1 equal vote. If the largest owner of the company owns less than 50% interest and there are 3 or more members, there's no real fear of one person making all of the decisions.
I'm sure there are other items to consider as every such agreement is unique. Best of luck!