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Corporate

Founders' Agreement

Texas

Asked on Sep 12, 2021

Signing Founders Agreement as non-us resident?

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.

2 Attorney answers

Answer

Corporate

Texas

Answered 32 days ago

Jane C.

ContractsCounsel verified

Business Lawyer
Licensed in Connecticut, District of Columbia, New York
Free Consultation

I would look at the provisions related to taxes, intellectual property, and non compete provisions. I suggest you review the terms with an attorney before signing.

Answer

Startup

Texas

Answered 31 days ago

Don G.

ContractsCounsel verified

Business Lawyer
Licensed in Texas
Free Consultation

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!

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