For new company owners, Co-founder agreements are a major legal safeguard. The people who create a company, create the co-founder agreements and set out ownership of the newly generated company, the roles and duties of each co-founder and who has financed which part by way of startup funds, facilities, expertise and so on. It always feels great to start a new company with committed and passionate people but there is always a chance of mistakes, miscommunications and changes in situation and the only way to avoid them all is co-founder agreements.
Commercial Lawyers Perth, is a firm with experienced and professional lawyers who can help you with different kinds of contracts and agreements. You will be satisfied with the level of professionalism and the experience that our lawyers utilize to resolve your issues. It is always advisable to discuss everything with the lawyers and partners before making the agreement so that everyone understands their role and duties. Our commercial law lawyers Perth will help you make the best suitable agreement for your company.
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Some of the things that needs to be in a co-founder agreement are:
- Each co-founder’s Roles and duties
- How will decisions be made
- Each co-founder’s initial contributions
- Payment of co-founder’s
- Equity of each co-founder
- Who and how are directors appointed
- How are shares sold
- How and when new shares can be issued
- Process for selling
- Clause preventing cofounders from competing
- Confidentiality clause
- Clause explaining who owns the intellectual property
Many more points can be added to the agreement as per requirement. It is good to treat everyone fairly and make the agreement considering the interest of each party associated with the business. Nothing guarantees that you will never face loss or there will be no dispute but co-founder agreement considerably reduces them.
If you have any further queries or want to know more, feel free to contact us at Commercial Lawyers Perth.