Starting a business venture is an exciting time filled with endless possibilities and opportunities. However, before diving headfirst into a new business venture, it is crucial to have a founders agreement in place. A founders agreement is a legal document that outlines the terms and conditions agreed upon by all parties involved in the new business. It provides clarity and protection to all parties involved while ensuring the smooth running of the business. Here is a founders agreement checklist to ensure a comprehensive and detail-oriented agreement.

1. Business Overview: The first section of the agreement should detail the business`s purpose, vision, mission, and values. It is an opportunity for all parties involved to get on the same page about what the business stands for, its goals, and objectives. This section should include the company`s name, legal form, and address.

2. Ownership Interests: This section outlines how ownership interests are distributed among the founders and any potential investors. It should clearly state the percentage of ownership each founder holds and the conditions for transferring ownership interests.

3. Roles and Responsibilities: This section details the roles and responsibilities of each founder in the business. It should outline what each party brings to the table and what tasks each founder will handle to ensure the smooth running of the company.

4. Decision Making: This section should outline the decision-making process for the business, including how major decisions are made, who makes them, and what happens if there is a dispute between the founders.

5. Capital Contributions: This section should detail the amount of capital each founder is contributing to the business, and what happens if a founder fails to fulfill their financial obligations.

6. Compensation: This section should outline the compensation each founder will receive, including salaries and bonuses, and any procedures for adjusting compensation.

7. Intellectual Property: This section should detail how intellectual property, such as patents, trademarks, and copyrights, will be owned and managed. It should also include procedures for resolving any IP disputes that may arise.

8. Confidentiality: This section should outline how confidential information will be handled, how it will be protected, and what happens if there is any breach of confidentiality.

9. Non-Competition: This section should outline any restrictions on competing with the business and how long these restrictions will be in place.

10. Dispute Resolution: This section should detail how disputes between the founders will be resolved, including any mediation or arbitration procedures.

In conclusion, a founders agreement is a critical legal document that outlines the terms and conditions agreed upon by all parties involved in a new business. It is crucial for the smooth running of the business and provides clarity and protection to all parties involved. Use this comprehensive founders agreement checklist as a guide to creating a thorough and detail-oriented agreement that covers all the necessary aspects of starting a new business.