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The materials guide founders through candid discussions of goals, fears, aspirations, and practical expectations to reduce future conflicts. Coverage includes transfer of ownership, ownership structure and vesting, confidentiality, decision-making and dispute resolution, representations and warranties, and choice of law. 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Founders’ agreements are the product of conversations that should take place among a company’s founders at the early stages of formation rather than later in the life of a company.  \nThe goal of these conversations is to have an open and honest discussion about the attitudes, fears, and aspirations of individuals involved with the startup, so as to minimize the likelihood of debilitating surprises as the company continues to evolve.  \nThis module includes two documents:  \n1 A Conversation Guide. Answering these hard questions now will help you and your co-founders avoid personal conflicts in the future.  \n2 A Model Founders’ Agreement. A Founders’ Agreement is a contract that a company’s founders enter into that governs their business relationships. The Agreement lays out the rights, responsibilities, liabilities, and obligations of each founder. Generally speaking, it regulates matters that may not be covered by the company’s operating agreement. Ultimately, Founders’ Agreements are designed to protect each founder’s interests and memorialize that all founders are in agreement about the venture’s basic structure and how the founders will work together to move their business forward. Forging an agreement between all founders helps mitigate the risk of a lawsuit over who owns the business.  \nThere is a wide range of provisions that could be addressed in a Founders’Agreement. The template below includes provisions about:  \n􀂃 transfer of ownership;  \n􀂃 ownership structure;  \n􀂃 confidentiality;  \n􀂃 decision-making and dispute resolution;  \n􀂃 representations and warranties; and  \n􀂃 choice of law.  \nThese are essential provisions that are commonly seen in Founders’Agreements. Annotations explaining all of the provisions in the document are at the end of the agreement. The first four pages of the document are the template agreement. The rest ofthe pages contain helpful explanatory annotations which refer to provisions within the document itself.  \nDisclaimer  \nThese documents were created and vetted by students and supervising attorneys at the University of Pennsylvania Law School’s Entrepreneurship Legal Clinic applying Pennsylvania law. They are intended to educate and inform the early stage start-up. As such, they are designed to be simple and accessible and may omit terms or language relevant to your specific circumstances. Please carefully read through the documents and any instructions and annotations included therein.  \nYou acknowledge that your use of these documents does not create an attorney-client relationship between you and the Clinic or you and the individual members of the Clinic and does not constitute the provision of legal advice or other professional advice. You should seek advice from a licensed attorney before using or relying on these documents. Additionally, none of the documents created constitute tax advice. By using and relying on these documents, you assume all risk and liability that may result.  \nStrategy  \n􀂅 What goals does each of us have for the start-up? What goals do we have for ourselves?  \n􀂅 What are our respective timelines for these goals?  \nOwnership Structure  \n􀂅 Who gets what percentage of the company?  \n􀂅 What will we each contribute to the company? (e.g., duties, job descriptions, hour commitments, roles, and responsibilities) .  \n􀂅 How much capital are we each contributing and for what?  \n􀂅 Is the percentage of ownership shares subject to vesting based on continued participation in the business?  \nManagement  \n􀂅 How are key decisions and day-to-day decisions of the business to be made? (e.g., by majority vote, unanimous vote, or certain decisions solely in the hands of the CEO?) .  \n􀂅 What salaries (if any) are the founders entitled to? How can that be modified?  \n􀂅 What happens if one of us wants to leave?  \n􀂅 If one founder leaves, does the company","cbCaivrfHEsF1cGQ","https://ap.wps.com/l/cbCaivrfHEsF1cGQ","pdf",194997,"English","# Founders’ Agreement Overview\n## Purpose and scope\n## Included documents\n## Key provisions\n## Disclaimer\n## Strategy questions\n## Ownership structure\n## Management\n## Founders’ Collaboration Agreement\n### Transfer of ownership to company upon formation","[{\"question\":\"Why should founders create an agreement before forming the company?\",\"answer\":\"Founders’ agreements are intended to be created early through conversations that align expectations and reduce the risk of later personal conflicts or disruptive surprises as the company evolves.\"},{\"question\":\"What main provisions are covered in a model founders’ agreement?\",\"answer\":\"The agreement template includes provisions on transfer of ownership, ownership structure, confidentiality, decision-making and dispute resolution, representations and warranties, and choice of law.\"},{\"question\":\"What legal disclaimer applies to using these documents?\",\"answer\":\"The documents are created and vetted by students and supervising attorneys and are for educational purposes; using them does not create an attorney-client relationship or constitute legal or tax advice, and users should seek advice from a licensed attorney.\"}]","Founders’ Agreement Overview - Model Agreement | PDF",1789579973]