You should also outline when and how you and your co-founders would be in good standing with the sale of intellectual property. Who makes that decision? Is this a majority decision? Up to the CEO? A unanimous vote? And if this IP is sold, who will get the money? Be sure to outline all of these factors in this section. Another method of allocating ownership involves taking into account expenses and/or capital (financial, intellectual, social or other) that have been brought in by the founders or that are likely to be helped. For example, instead of letting your start-up get to this point, make sure that, in your founder`s agreement, you clarify who is responsible for what. By writing down the role and responsibilities of each founder, you will ensure not only that the goat stops with whom he must stop, but also that you and your co-founders and the work of the other will be revived. Because this kind of inefficiency can lead to the decline of a startup. Who can vote on business decisions? Who hasn`t? Which parties can they vote on? Some startups grant voting rights based on a member`s percentages, while others choose to grant limited voting rights to certain groups. They may also grant veto rights, but no voting rights; The super-majority s. Votes; or even management rights, but no voting rights. Here, you determine the percentage of each member`s business – that is. You and your co-founders own. This number can change if people join the company and leave it.
If your business is an LLC, you should also know what percentage of each member`s management interest has. This means that you need to determine whether each person is just an owner in an economic sense or whether they also play an active role in management. How do you know how you can compensate yourself and your co-founders? This is a very difficult question, and how many money-related issues it can be really annoying. Some founders choose not to take a salary at all at the beginning, while others cannot do this while continuing to live. The shares issued by each founder come from the same series and class of shares, so there is no difference in the rights (including, but not limited to voting rights) granted to the shares issued by each founder. And while all of this is certainly true, you still need to get a founder`s agreement. A founder`s agreement is, like all contracts, because to help you navigate not only in your daily business, but also to help you if things don`t go as planned. Don`t take the step, founder. Frankly, while a small group of founders is not overly involved in the sale of shares or the sale of these shares by deceased founders, professional investors will more than likely look at these issues. Therefore, even after you prefer your initial agreement among subsequent founding investors, introduce a new agreement for this type of issues. The board of directors is the board of directors of a company.
During a typical start, everyone who drives the board controls the start. It is therefore very important to look at who will work on the start-up`s first board of directors and the votes needed to change the composition of the board of directors. If there is no agreement on this point, a majority of voting shares would generally have the right to choose the entire board of directors. A really uncomfortable decision, which should not be discovered, is to “shoot” one of the founders.