[{"data":1,"prerenderedAt":519},["ShallowReactive",2],{"document-becoming-an-entrepreneur-D12938":3},{"document":4,"label":23,"preview":11,"thumb":24,"description":5,"descriptionCustom":6,"apiDescription":5,"pages":8,"extension":10,"parents":25,"breadcrumb":29,"related":37,"customDescModule":179,"customdescription":6,"mdFm":180,"mdProseHtml":518},{"description":5,"descriptionCustom":6,"label":7,"pages":8,"size":9,"extension":10,"preview":11,"thumb":12,"svgFrame":13,"seoMetadata":14,"parents":16,"keywords":15},"A Guide to Becoming an Entrepreneur Written by Bruno Goulet, Founder and CEO of Biztree Creator of Business-in-a-Box Table of Contents The Entrepreneur in You 3 Becoming an Entrepreneur 3 When is the Best Time to Start a Business? 4 Start While You are Young 4 No Longer Young? It's Not Too Late! 5 Don't Wait Until You Can Line Up All Your Ducks in a Row 5 Are You Ready to Start Up Your Business? 6 Do You Have What it Takes? 7 Top 100 Characteristics of Successful Entrepreneurs 7 What Type of Entrepreneur are You? 12 The Social Entrepreneur 12 The Lifestyle Entrepreneur 13 The Artist 13 The Serial Entrepreneur 14 The Wealth Creator 15 The Investor Entrepreneur 15 So, What Type of Entrepreneur Do You Think You are? 16 The Entrepreneur in You \"Entrepreneurship is living a few years of your life like most people won't, so you can spend the rest of your life like most people can't.\" - Unknown Becoming an Entrepreneur An entrepreneur is a person who is willing to launch a new venture or enterprise and accept full responsibility for the outcome. Jean-Baptiste Say, a French economist, is believed to have coined the word \"entrepreneur\" in the 19th century. He defined an entrepreneur as \"one who undertakes an enterprise, especially a contractor, acting as an intermediary between capital and labor.\" The entrepreneur leads an organization. Management skills and strong team building abilities are essential leadership attributes for successful entrepreneurs. Entrepreneurs become leaders because they can spot business opportunities and are well-positioned to take advantage of them. Often entrepreneurs are among the very few who can recognize or are able to solve a problem. They are innovators who love to create new processes, projects, products, or companies. Most entrepreneurs are not business professionals or MBA graduates. In fact, many of the richest people in the world have dropped out of school to start a business. This group includes the likes of Henry Ford (Ford), Bill Gates (Microsoft), Larry Ellison (Oracle), Michael Dell (Dell), Steve Jobs (Apple), Richard Branson (Virgin), Ralph Lauren (Ralph Lauren) and Mark Zuckerberg (Meta). It is common to find a dropout behind the success of several of the most admired enterprises. I am not encouraging anyone to quit school to start a business; I am just pointing out a fact. I am a dropout myself. I quit university with only three courses left to complete in my bachelor's degree to join a software startup back in 1999. I have always wanted to go back to finish my degree. I would also like to complete a master's degree one day, but the reality is that I always have way too many opportunities and business ideas to find the time to go back to school. And frankly, entrepreneurship provides a special kind of thrill that is not on a par with academic achievements, as far as I am concerned. I believe many entrepreneurs identify with this. Entrepreneurs are highly passionate people who have a great deal of talent, knowledge and expertise in their trade. Most business founders are technically experts at something. They are leaders who master a profession, art, or science. Entrepreneurs are not always born entrepreneurs, contrary to what most people believe. Many people from all age groups end up starting their own business as a consequence of losing their job or through the influence of other people in their life. When is the Best Time to Start a Business? Sooner is always better than later. And if you see opportunities right now that you feel you ought to exploit, now is the time. You need to feel ready to take on the challenge. If you spot opportunities, and feel the urge to start, that is a good sign. Start While You Are Young The younger you start, the better it would be, as long as you feel you are up to the challenge. Entrepreneurship is demanding. And you may need to change or give up a few things in your life. The younger and more flexible you are, the better and easier it would be. And of course, it is easier to live off peanut butter when you are young. When you are older, with family commitments, a reputation, and other trappings, you have more to lose if you fail. You would also seek more in terms of money and freedom from a business. But as you will see, many people have not let age become a barrier to entrepreneurship. No Longer Young? It's Not Too Late! This would mean you would feel very much at home among the majority of entrepreneurs. Meta's Mark Zuckerberg may be the poster boy for young entrepreneurs worldwide, but he is not the norm, age wise. Research by Global Entrepreneurship Monitor showed that people over 35 accounted for 80% of the total entrepreneurship activity. So, both time and age are on your side. The global recession and its fallout, in addition to global events like the COVID-19 pandemic, may also play a role in spurring on those who have always wanted to start their own business, who never really got down to it. A bad economy and worsening job prospects, combined with high unemployment levels, may be making entrepreneurship seem less risky too. People become more averse to risk as they age. But if you decide to become an entrepreneur, you have maturity, experience, wisdom, greater financial means and an already established network of contacts all on your side. Even then, older entrepreneurs have more to lose than younger ones, including well established credit and reputations. So, before you take the plunge, make sure you know what you are getting into. Don't Wait Until You Can Line Up All Your Ducks in a Row That may never happen. In business, timing is almost never 100% perfect. You will have to make a success out of imperfect information and market conditions. Also, waiting for everything to be perfect is not a quality of a successful entrepreneur; it is a sign of a dreamer who would never end up creating and operating a real business. Are You Ready to Start Up Your Business? If you are still with me at this point, and you believe that what I am saying is interesting, then you are most likely an entrepreneur or a wantrepreneur (someone dreaming about starting a business one day). If you still doubt whether you have what it takes to be successful in business, then the section below will help you gain the assurance that you can do it. It may also make you decide entrepreneurship is not for you, and forget the idea of having your own business. Either way, you will be making an informed decision, based on calculated risk. I am not here to sell you the desire to own a company. The initiative and the fire must come from you. It's something you must feel burning inside you. No one can make you an entrepreneur if you are not one at heart. Follow your gut feeling. As the founder of your own business, YOU, the entrepreneur, will be the single most important reason for success or failure of this new venture. YOU are the person that will make or break the business. Your strengths and weaknesses will most likely become the strengths and weaknesses of your business. Your limitations, whatever they are, will become limitations for your business as well. I know only one way to dramatically increase your chances for success: Become an expert at something you REALLY LOVE doing. Business success does not come easily. It will require you to take risks, to work hard and to never give up. Without a true passion for what you do, the desire to control your life, to learn, to lead and to make more money, you will never succeed; and that is guaranteed. In today's business environment, competitors and customers are way too challenging for half-hearted me-too businesses to survive or thrive. I invite you to stay with me until the end of this brief guide. You will discover a lot about yourself, and the common characteristics shared by top entrepreneurs",null,"Becoming An Entrepreneur","17",513,"doc","https://templates.business-in-a-box.com/imgs/1000px/becoming-an-entrepreneur-D12938.png","https://templates.business-in-a-box.com/imgs/250px/12938.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#12938.xml",{"title":15,"description":6},"becoming an entrepreneur",[17,20],{"label":18,"url":19},"Business Plan Kit","/templates/business-plan-kit/",{"label":21,"url":22},"Starting a Business","/templates/starting-a-business/","Becoming An Entrepreneur Template","https://templates.business-in-a-box.com/imgs/400px/12938.png",[26,17,20],{"label":27,"url":28},"Templates","/templates/",[30,31,34],{"label":27,"url":28},{"label":32,"url":33},"Legal Agreements","/templates/business-legal-agreements/",{"label":35,"url":36},"Incorporation & 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Entrepreneur","/template/how-to-spend-your-morning-like-a-successful-entrepreneur-D13122","https://templates.business-in-a-box.com/imgs/250px/13122.png",{"description":87,"descriptionCustom":6,"label":88,"pages":89,"size":9,"extension":10,"preview":90,"thumb":91,"svgFrame":92,"seoMetadata":93,"parents":95,"keywords":94,"url":101},"SHAREHOLDERS AGREEMENT This Shareholders Agreement (the \"Agreement\") is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Company\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [FIRST SHAREHOLDER NAME] (the \"First Shareholder\"), an individual with his main address located at OR a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [SECOND SHAREHOLDER NAME] (the \"Second Shareholder\"), an individual with his main address located at OR a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [THIRD SHAREHOLDER NAME] (the \"Third Shareholder\"), an individual with his main address located at OR a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WITNESSETH: WHEREAS, the present distribution of shares of the Company is as follows: Name Number of Shares WHEREAS, in order to insure the harmonious and successful management and control of the Company, and to provide for an orderly and fair disposition of shares of common stock of the Company now or hereafter owned by any Shareholder; NOW, THEREFORE, in consideration of the mutual promises of the parties hereto, and intending to be legally bound, the parties hereby agree as follows: Definitions and organisation of the company \"Offering Shareholder\" means any Shareholder, or his personal representatives, heirs, administrators, and executors, as the case may be, who pursuant to this Agreement must or does offer all or any of his Shares to the Company or the Continuing Shareholders. \"Continuing Shareholders\" means all Shareholders other than an Offering Shareholder. \"Shares\" means shares of Common Stock of the Company now or hereafter owned by any Shareholder. \"Buyer\" means the Company or those Continuing Shareholders who purchase an Offering Shareholder's Shares pursuant to this Agreement. \"Management Shareholder\" means First Shareholder, Second Shareholder and Third Shareholder. ORGANISATION OF THE COMPANY The affairs of the Company will be managed by a board of [NUMBER] directors unless changed by a unanimous Directors' Resolution. The present directors of the Company are [DIRECTORS' NAMES]. It is agreed that [SHAREHOLDERS' NAMES] shall each be entitled to elect one director to the board of directors of the Company so long as each is a Shareholder. Two (2) directors shall constitute a quorum for the transaction of any business at any meeting of the board of directors. At all meetings of the board of directors, every motion to be carried must receive a majority of the votes cast, subject to the provisions of subparagraphs 2.4 and 2.5. Unless otherwise agreed, board meetings will be held at the head office of the Company. In the event that a nominee to the Board of one of the Shareholders shall fail to vote and act as a director to carry out the provisions of this agreement, then the shareholders agree to exercise their right as shareholders of the Company and in accordance with the Articles of the Company to remove such nominee from the Board and to elect in the place or stead thereof such individual who will use his/her best efforts to carry out the provisions of this agreement but only in the event that the Shareholder whose nominee has been removed fails to appoint a successor within a period of fourteen days from the date such nominee has been removed. The election, appointment and determination of officers and the auditors and advisors of the Company, the defining of their duties and functions and the salaries and remuneration to be paid to them will be a function of the board of directors. Until changed by the board of directors, the Officers of the Company and their annual salaries shall be: Office Held: Director: [NAME] [SALARY] Secretary: [NAME] [SALARY] All direct out-of-pocket expenses will be reimbursed provided these falls within guidelines set out by the Board of Directors from time to time. Until otherwise agreed, each officer of the Company will commit to spending his/her full time on the affairs of the Company. Until changed by the board of directors, the auditors and advisors of the Company shall be: Auditor: Legal Advisors: There shall be kept, in such bank or banks (including trust companies) as may be determined by the board of directors, bank accounts of the Company in which shall be deposited all monies received by the Company in the course of carrying on business from time to time. All payments on account of the Company shall be made by cheques drawn on the bank account and all cheques, drafts or other instruments drawn and made for the purposes of the business of the Company shall be executed by such directors, officers or employees as may from time to time be authorized so to do by the board of directors. Subject to paragraph 2.6, all decisions relating to the management and control of the business of the Company shall be determined by the board of directors of the Company, provided always that the following matters shall be determined by a Special Directors' Resolution: any capital expenditures greater than xxxx; any lease commitments greater than xxxx; the acquisition of any business interests by the Company; the elections of officers of the Company; the payment of any cash dividends or stock dividends to Shareholders of the Company; the issuance of any debt obligations of the Company; the disposal of the whole or any part of the business, undertaking, or assets of the Company outside the normal course of business of the Company the transfer of any shares of the Company; changes or variations in the objects or powers of the Company; the liquidation or winding up of the Company; the approval of any contracts or transactions outside the normal course of business; the execution of any contract involving a consideration greater than xxxx within the normal course of business; the lending of money by the Company; the guarantee by the Company of the debts or obligations of any other person, firm or body corporate; any non-budgeted expenditures greater than xxxx; business plan and/or budgets. The following decisions shall be determined by a Unanimous Directors' Resolution: alterations, variations or changes to the authorized or issued capital of the Company; the salaries and bonuses of officers and directors of the Company; the issue, redemption or purchase of any Shares; and changes in the number of directors of the Company The Shareholders may pledge any of their Shares as security for any borrowings by them provided the pledgee executes an agreement, in writing, providing that the pledgee shall be subject to all of the terms of this Agreement. The board of directors shall meet at least four times during each fiscal year of the Company. Any director can call a meeting provided 10 days notice is given. Notice may be waived. During the first year from the date of this agreement, the board of directors shall meet on a monthly basis. Directors may elect to attend a board meeting by telephone conference call. Each Shareholder shall, for so long as s/he is the owner of shares of the Company devote such of his/her business, time and energy as may be reasonably required to carry on the business of the Company and the Shareholder shall use his/her best efforts, skill and abilities to promote the interests of the Company. Each Shareholder agrees that he/she will not engage, without the consent of the other Shareholders, in a business which is directly competitive to that of the Company. Purchase for Investment","Shareholders Agreement","16","https://templates.business-in-a-box.com/imgs/1000px/shareholders-agreement-D1016.png","https://templates.business-in-a-box.com/imgs/250px/1016.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#1016.xml",{"title":94,"description":6},"shareholders agreement",[96,98],{"label":32,"url":97},"business-legal-agreements",{"label":99,"url":100},"Incorporation Agreements","incorporation-agreement","/template/shareholders-agreement-D1016",{"description":103,"descriptionCustom":6,"label":104,"pages":105,"size":106,"extension":10,"preview":107,"thumb":108,"svgFrame":109,"seoMetadata":110,"parents":111,"keywords":114,"url":115},"LIMITED LIABILITY COMPANY OPERATING AGREEMENT This Limited Liability Company Operating Agreement is entered into as of the [DATE], BETWEEN: [INDIVIDUAL NAMES] (the \"Managing Members\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [COMPANY NAME] (the \"Non-Managing Members\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] The Managing Members and the Non-Managing Members are referred to herein collectively as the \"Members\". The Members have formed the Company by causing a Certificate of Formation (the \"Certificate\") conforming to the requirements of the [STATE] Revised Limited Liability Company Act (the \"Act\") to be filed in the Office of the Secretary of State for the State of [STATE]. NAME, PURPOSE AND PRINCIPAL OFFICE OF COMPANY Name The name of the Company is [COMPANY NAME], LLC. The affairs of the Company shall be conducted under such name or such other name as the Managing Members may, in their discretion, determine. [COMPANY NAME] hereby grants the Company the right, at no cost, to use the [SPECIFY] name for the term of the Company as set forth in Article [SPECIFY] hereof. Agreement In consideration of the mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Members executing this Agreement hereby agree to the terms and conditions of this Agreement, as it may be amended from time to time. It is the express intention of the Members that this Agreement shall be the sole statement of agreement among them, and, except to the extent a provision of this Agreement expressly incorporates matters by express reference, this Agreement shall govern even when inconsistent with or different from the provisions of the Act or any other provision of law. Purpose; Powers Purpose. The primary purpose of the Company is to act as the general partner of [COMPANY NAME] (the \"Fund\"). Powers. Subject to all of the terms and provisions hereof, the Company shall have all powers necessary, suitable or convenient for the accomplishment of the purpose of the Company, including, without limitation, the following: to purchase, sell, invest and trade in securities of every kind, including, without limitation, capital stock, limited partnership interests, bonds, notes, debentures, securities convertible into other securities, trust receipts and other obligations, instruments or evidences of indebtedness, as well as in rights, warrants and options to purchase securities; to make and perform all contracts and engage in all activities and transactions necessary or advisable to [SPECIFY] out the purposes of the Company, including, without limitation, the purchase, sale, transfer, pledge and exercise of all rights, privileges and incidents of ownership or possession with respect to any Company asset or liability; the borrowing or lending of money and the securing of payment of any Company obligation by hypothecation or pledge of, or grant of a security interest in, Company assets; and the guarantee of or becoming surety for the debts of others; and otherwise to have all the powers available to it as a limited liability company under the Act. Registered Office and Agent The initial address of the Company registered office in [STATE] is, and its initial agent at such address for service of process is Incorporating Services Limited. The Managing Members may change the registered office and agent for service of process as they from time to time may determine. Principal Office The principal office of the Company shall initially be located at [ADDRESS]. The Managing Members may change the location of the principal office of the Company at any time. Definitions Additional Members. This term shall have the meaning ascribed to it in Paragraph 3.2. Affiliate. With reference to any person, any other person controlling, controlled by or under direct or indirect common control with such person. Agreement. This Operating Agreement of [COMPANY NAME], a [STATE] limited liability company. Assignee. This term shall have the meaning ascribed to it in Paragraph [NUMBER]. Bankruptcy. A person or entity shall be deemed bankrupt if: any proceeding is commenced against such person or entity as debtor for any relief under bankruptcy or insolvency laws, or laws relating to the relief of debtors, reorganizations, arrangements, compositions or extensions and such proceeding is not dismissed within [NUMBER] days after such proceeding has commenced, or such person or entity commences any proceeding for relief under bankruptcy or insolvency laws or laws relating to the relief of debtors, reorganizations, arrangements, compositions or extensions. Book Value. This term shall have the meaning ascribed to it in Paragraph 6.2(a). Capital Account. This term shall have the meaning ascribed to it in Paragraph 6.2(b). Capital Commitment. This term shall have the meaning ascribed to it in Paragraph 5.1. Capital Contribution. This term shall have the meaning ascribed to it in Paragraph 5.1(b). [SPECIFY]. The Company [PERCENTAGE] carried interest in the income of the Fund. Certificate. The Certificate of Formation of [COMPANY NAME], a [STATE] limited liability company. Code. [SPECIFY YOUR COUNTRY INTERNAL REVENUE ACT/CODE/LAW], as amended from time to time (and any corresponding provisions of succeeding law). Defaulting Member. This term shall have the meaning ascribed to it in Paragraph 5.4(a). Fiscal Quarter. This term shall have the meaning ascribed to it in Paragraph 6.2(c). Fiscal Year. This term shall have the meaning ascribed to it in Paragraph 6.2(d). Management Fee. The management fee receivable by the Company from the Fund. Net Income or Net Loss. This term shall have the meaning ascribed to it in Paragraph 6.2(e). Percentage Interest. This term shall have the meaning ascribed to it in Paragraph [NUMBER]. Sale or Exchange. This term shall have the meaning ascribed to it in Paragraph [NUMBER]. Securities Act. [YOUR COUNTRY ACT/CODE/LAW] as amended from time to time. Securities. Securities of every kind and nature and rights and options with respect thereto, including stock, notes, bonds, debentures, evidences of indebtedness and other business interests of every type, including interests in partnerships, joint ventures, proprietorships and other business entities. TMP. This term shall have the meaning ascribed to it in Paragraph 13.16. Termination Date. This term shall have the meaning ascribed to it in Paragraph 2.1. Treasury Regulations. The Income Regulations promulgated under the Code, as such Regulations may be amended from time to time (including corresponding provisions of succeeding Regulations). TERM AND TERMINATION OF THE COMPANY Term The term of the Company shall continue until [NUMBER] year after the dissolution of the Fund unless sooner terminated as provided in Paragraph 2.2 or by operation of law or extended as provided in Paragraph 2.3. The last day of the term of the Company, as such may be extended as provided herein, is referred to herein as the \"Termination Date.\" Termination The Company shall terminate prior to the end of the period specified in Paragraph 2.1 at the election of the Managing Members. The Managing Members shall deliver notice of such termination to the Non-Managing Members. Extension of Term The term of the Company may be extended by the Managing Members. The Managing Members shall provide notice of any such extension to the Non-Managing Members. 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Partners have considered various forms of joint business enterprises for their business activities. Partners desire to enter into a partnership agreement as the most advantageous business form for their mutual purposes. The parties hereto agree to form a limited partnership (the \"Partnership\") under [LAW, CODE OR ACT]. In consideration of the mutual promises contained in this agreement, partners agree as follows: NAME AND DOMICILE The name of the partnership shall be [name]. The principal place of business shall be at [address], [city], [state/province], unless relocated by consent of the partners. Purposes Subject to the limitations set forth in this Agreement, the purposes of the Partnership are to engage in the business of [DESCRIBE ACTIVITIES]; and to conduct other activities as may be necessary or incidental to or desirable in connection with the foregoing. DURATION OF AGREEMENT The term of this agreement shall be for [number] years, commencing on [date], and terminating on [date], unless sooner terminated by mutual consent of the parties or by operation of the provisions of this agreement. CLASSIFICATION AND PERFORMANCE BY PARTNERS Partners shall be classified as active partners, advisory partners, or estate partners. An active partner may voluntarily become an advisory partner, may be required to become one irrespective of age, and shall automatically become one after attaining the age of [age] years, and in each case shall continue as such for [number] years unless the partner sooner withdraws or dies. If an active partner dies, the partner's estate will become an estate partner for [number] years. If an advisory partner dies within [Number] years of having become an advisory partner, the partner will become an estate partner for the balance of the [number]-year period. Only active partners shall have any vote in any partnership matter. At the time of the taking effect of this partnership agreement, all the partners shall be active partners except [name] and [name], who shall be advisory partners. An active partner, after attaining the age of [age] years, or prior to that age if the [executive committee or as the case may be] with the approval of [two-thirds or as the case may be] of all the other active partners determines that the reason for the change in status is bad health, may become an advisory partner at the end of any calendar month on giving [number] calendar months' prior notice in writing of the partner's intention to do so. The notice shall be deemed to be sufficient if sent by registered mail addressed to the partnership at its principal office at [address], [city], [state/province] not less than [number] calendar months prior to the date when the change is to become effective. Any active partner may at any age be required to become an advisory partner at any time if the [executive committee or as the case may be] with the approval of [two-thirds or as the case may be] of the other active partners shall decide that the change is for any reason in the best interests of the partnership, provided notice of the decision shall be given in writing to the partner. The notice shall be signed by the [chairman or as the case may be] of the [executive committee or as the case may be] or, in the event of his or her being unable to sign at the time, by another member of the [executive committee or as the case may be]. The notice shall be served personally on the partner required to change his or her status or mailed by registered mail to the partner's last known address. Change of the partner's status shall become effective as of the date specified in the notice. Every active partner shall automatically and without further act become an advisory partner at the end of the fiscal year in which the partner's birthday occurs. In the event that an active partner becomes an advisory partner or dies, the partner or the partner's estate shall be entitled to the following payments at the following times: [describe] Each active partner shall apply all of the partner's experience, training, and ability in discharging the partner's assigned functions in the partnership and in the performance of all work that may be necessary or advantageous to further the business interests of the partnership. CONTRIBUTION Each partner shall contribute [amount] on or before [date] to be used by the partnership to establish its capital position. Any additional contribution required of partners shall only be determined and established in accordance with Article Nineteen. MANAGEMENT OF THE PARTNERSHIP The Partnership shall be managed by [SPECIFY]. Subject to the limitations specifically contained in this Agreement, [PARTY MANAGING THE PARTNERSHIP] shall have the full, exclusive and absolute right, power and authority to manage and control the Partnership and the property, assets and business thereof. [PARTY MANAGING THE PARTNERSHIP] shall have all of the rights, powers and authority conferred by law or under other provisions of this Agreement. Without limiting the generality of the foregoing, such powers include the right on behalf of the Partnership, in [PARTY MANAGING THE PARTNERSHIP]' sole discretion, to: Acquire, purchase, renovate, improve, and own any property or assets necessary or appropriate or in the best interests of the business of the Partnership, and to acquire options for the purchase of any such property; Borrow money, issue evidences of indebtedness in connection therewith, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any indebtedness or obligation of the Partnership, and secure such indebtedness by mortgage, deed of trust, pledge or other lien on Partnership assets; Sue on, defend or compromise any and all claims or liabilities in favor of or against the Partnership and to submit any or all such claims or liabilities to arbitration; File applications, communicate and otherwise deal with any and all governmental agencies having jurisdiction over, or in any way affecting, the Partnership's assets or any part thereof or any other aspect of the Partnership business; Retain services of any kind or nature in connection with the Partnership business, and to pay therefore such remuneration deem reasonable and proper; and Perform any and all other acts deem necessary or appropriate to the Partnership business. TRANSFER OF PARNERSHIP INTERESTS Restrictions on Transfer None of the Partners shall sell, assign, transfer, mortgage, encumber, or otherwise dispose of the whole or part of that Partner's interest in the Partnership, and no purchaser or other transferee shall have any rights in the Partnership as an assignee or otherwise with respect to all or any part of that Partnership interest attempted to be sold, assigned, transferred, mortgaged, encumbered, or otherwise disposed of, unless and to the extent that the remaining Partner(s) have given consent to such sale, assignment, transfer, mortgage, or encumbrance, but only if the transferee forthwith assumes and agrees to be bound by the provisions of this Agreement and to become a Partner for all purposes hereof, in which event, such transferee shall become a substituted partner under this Agreement.","Partnership Agreement","8","https://templates.business-in-a-box.com/imgs/1000px/partnership-agreement-D12551.png","https://templates.business-in-a-box.com/imgs/250px/12551.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#12551.xml",{"title":124,"description":6},"partnership agreement",[126,127],{"label":32,"url":97},{"label":128,"url":129},"Partnership Agreements","partnership-agreement","/template/partnership-agreement-D12551",{"description":132,"descriptionCustom":6,"label":133,"pages":134,"size":9,"extension":10,"preview":135,"thumb":136,"svgFrame":137,"seoMetadata":138,"parents":140,"keywords":139,"url":145},"NON-DISCLOSURE AGREEMENT (NDA) This Non-Disclosure Agreement (the \"Agreement\") is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Disclosing Party\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [RECEIVING PARTY NAME] (the \"Receiving Party\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS, Receiving Party has been or will be engaged in the performance of work on [DESCRIBE]; and in connection therewith will be given access to certain confidential and proprietary information; and WHEREAS, Receiving Party and Disclosing Party wish to evidence by this Agreement the manner in which said confidential and proprietary material will be treated. NOW, THEREFORE, it is agreed as follows: NON-DISCLOSURE OF CONFIDENTIAL INFORMATION Both Parties understand and agree that each Party may have access to the confidential information of the other party. For the purposes of this Agreement, \"Confidential Information\" means proprietary and confidential information about the Disclosing Party's (or it's suppliers') business or activities. Such information includes all business, financial, technical, and other information marked or designated by such Party as \"confidential\" or \"proprietary.\" Confidential Information also includes information which, by the nature of the circumstances surrounding the disclosure, ought in good faith to be treated as confidential. For the purposes of this Agreement, Confidential Information does not include: Information that is currently in the public domain or that enters the public domain after the signing of this Agreement. Information a Party lawfully receives from a third Party without restriction on disclosure and without breach of a non-disclosure obligation. Information that the Receiving Party knew prior to receiving any Confidential Information from the Disclosing Party. Information that the Receiving Party independently develops without reliance on any Confidential Information from the Disclosing Party. Each Party agrees that it will not disclose to any third Party or use any Confidential Information disclosed to it by the other Party except when expressly permitted in writing by the other Party. Each Party also agrees that it will take all reasonable measures to maintain the confidentiality of all Confidential Information of the other Party in its possession or control. TERM The term of this Agreement is [number] of [years/months] from the date of execution by both Parties. TITLE The Receiving Party agrees that all Confidential Information furnished by the Disclosing Party shall remain the sole property of the Disclosing Party. DISCLAIMER","Non Disclosure Agreement Nda","3","https://templates.business-in-a-box.com/imgs/1000px/non-disclosure-agreement-nda-D12692.png","https://templates.business-in-a-box.com/imgs/250px/12692.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#12692.xml",{"title":139,"description":6},"non disclosure agreement nda",[141,142],{"label":32,"url":97},{"label":143,"url":144},"Confidentiality Agreements","confidentiality-agreement","/template/non-disclosure-agreement-nda-D12692",{"description":147,"descriptionCustom":6,"label":148,"pages":149,"size":9,"extension":10,"preview":150,"thumb":151,"svgFrame":152,"seoMetadata":153,"parents":155,"keywords":154,"url":163},"EMPLOYMENT AGREEMENT - AT WILL EMPLOYEE This Employment Agreement for \"At Will\" Employee (the \"Agreement\") is made and effective this [DATE], BETWEEN: [EMPLOYEE NAME] (the \"Employee\"), an individual with his main address at: [COMPLETE ADDRESS] AND: [YOUR COMPANY NAME] (the \"Corporation\"), an entity organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] RECITALS In consideration of the covenants and agreements herein contained and the moneys to be paid hereunder, the Corporation hereby employs the Employee and the Employee hereby agrees to perform services as an employee of the Corporation, on an \"at will\" basis, upon the following terms and conditions: APPOINTMENT The Employee is hereby employed by the Corporation to render such services and to perform such tasks as may be assigned by the Corporation. The Corporation may, in its sole discretion, increase or reduce the duties, or modify the title and job description, of the Employee from time to time, and any such increase, reduction or modification shall not be deemed a termination of this Agreement. ACCEPTANCE OF EMPLOYMENT Employee accepts employment with the Corporation upon the terms set forth above and agrees to devote all Employee's time, energy and ability to the interests of the Corporation, and to perform Employee's duties in an efficient, trustworthy and business-like manner. DEVOTION OF TIME TO EMPLOYMENT The Employee shall devote the Employee's best efforts and substantially all of the Employee's working time to performing the duties on behalf of the Corporation. The Employee shall provide services during the hours that are scheduled by the Corporation management. The Employee shall be prompt in reporting to work at the assigned time. NO CONFLICT OF INTEREST Employee shall not engage in any other business while employed by the Corporation. Employee shall not engage in any activity that conflicts with the Employees duties to the Corporation. Employee shall not provide any service or lend any aid or assistance to any party that competes with the services offered by the Corporation. Employee shall not provide any services to clients or prospective clients of the Corporation outside of the provision of services for the Corporation, whether such services are provided with or without compensation or remuneration. CORPORATION PROPERTY Employee acknowledges and agrees that while employed by the Corporation the Employee may be provided with use of computer equipment and other property of the Corporation. The use and possession of the such items shall be subject to any policies, requirements or restrictions established by the Corporation. Such items may only be used in performance of the Employee's duties for the corporation. On request of the Corporation, the Employee shall immediately deliver any such items to the Corporation. Upon termination of employment, Employee shall have the affirmative duty to return any such item to the Corporation whether a request is made or not. The obligation to return Corporation property shall extend and include any and all work product, client property, proprietary rights, intangible property, and all other property of the corporation regardless of the form or medium. COMPENSATION The Corporation shall pay the Employee such hourly compensation as determined by the Corporation. Payment shall be at the same time as the Corporations usual payroll to other employees. BONUS & BENEFITS Payment of any bonuses shall be at the complete discretion of the Corporation. No guarantee or representation that any bonuses will be paid has been made to the Employee. Standard benefits that are provided to other non-management employees shall be offered to the Employee, subject to the Corporation's policies and the terms and conditions of such benefits. WITHHOLDING All sums payable to Employee under this Agreement will be reduced by all federal, state, local, and other withholdings and similar taxes and payments required by applicable law. QUALIFICATIONS OF EMPLOYEE The employee shall satisfy all of the qualification that are established by the Corporation. TERM OF AGREEMENT There shall be no guaranteed term of employment. Employer acknowledges and agrees that Employee shall be an \"At Will\" Employee and that Employee's employment may be terminated at any time by the Corporation, with or without cause. FEES FROM EMPLOYEE'S WORK The Corporation shall have exclusive authority to determine the fees, or a procedure for establishing the fees, to be charged to clients by the Corporation for services that are provided by the Employee. All sums paid to the Employee or the Corporation in the way of fees, in cash or in kind, or otherwise for services of the Employee, shall, except as otherwise specifically agreed by the Corporation, be and remain the property of the Corporation and shall be included in the Corporation's name in such checking account or accounts as the Corporation may from time to time designate. CLIENTS AND CLIENT RECORDS The Corporation shall have the authority to determine who will be accepted as clients of the Corporation, and the Employee recognizes that such clients accepted are clients of the Corporation and not the Employee. All client records and files of any type concerning clients of the Corporation shall belong to and remain the property of the Corporation, notwithstanding the subsequent termination of the employment. POLICIES AND PROCEDURES The Corporation shall have the authority to establish from time to time the policies and procedures to be followed by the Employee in performing services for the Corporation. This may include, but is not necessarily limited to, employment policies, computer use policies, Internet access policies, email policies, and all other policies, procedures, directives, and mandates established by the Corporation, whether or not in written form or formally adopted. Employee shall abide by the provisions of any contract entered into by the Corporation under which the Employee provides services. Employee shall comply with the terms and conditions of any and all contracts entered by the Corporation. TERMINATION Employee acknowledges and agrees that Employee is an \"at will\" employee of the Corporation. As such, no term of employment is created hereby and employee may be terminated at any time in the sole discretion of the Corporation, whether there exists any cause for termination or not. CREATIONS AND INVENTIONS Employee acknowledges and agrees that any and all work product of the Employee that is conceived or created during the Employee's employment with the Corporation is the exclusive property of the Corporation. This shall include any and all copyrights, trade secrets, confidential information, patents, trademarks, trade dress, ideas, concepts, plans, business plans, business concepts, techniques, inventions, drawings, artwork, logos, graphics, web pages, databases, software, programs, CGI's, plug ins, applications, brochures, inventions, marketing plans and concepts, and all other ideas and work product of the Employee. The Employee acknowledges and agrees that all creations shall be \"works made for hire\" as defined in the [ACT OR CODE]. Notwithstanding the fact that this material may be considered to be a work made for hire, Employee agrees, during Employee's employment and thereafter, which covenant shall survive any termination of the employment relationship, to execute any and all documents requested by the Corporation to confirm the Corporation's ownership and control of all such material, including but not limited to assignments of copyright, confirmations of work for hire status, waivers of proprietary rights, copyright application, and any other documents requested by Corporation. RESTRICTIVE COVENANTS","Employment Agreement_At Will Employee","7","https://templates.business-in-a-box.com/imgs/1000px/employment-agreement_at-will-employee-D541.png","https://templates.business-in-a-box.com/imgs/250px/541.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#541.xml",{"title":154,"description":6},"employment agreement_at will employee",[156,159,162],{"label":157,"url":158},"Human Resources","human-resources",{"label":160,"url":161},"Hire an Employee","hire-employee",{"label":32,"url":97},"/template/employment-agreement_at-will-employee-D541",{"description":165,"descriptionCustom":6,"label":166,"pages":167,"size":168,"extension":10,"preview":169,"thumb":170,"svgFrame":171,"seoMetadata":172,"parents":173,"keywords":177,"url":178},"INDEPENDENT CONTRACTOR AGREEMENT This Independent Contractor Agreement (\"Agreement\") is made and effective [Date], BETWEEN: [INDEPENDENT CONTRACTOR NAME] (the \"Independent Contractor\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [YOUR COMPANY NAME] (the \"Company\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] RECITALS Independent Contractor is engaged in providing [Describe] business services, its Employer Tax I.D. Number is [Insert], and its Business License Number is [insert]. Independent Contractor has complied with all Federal, State, and local laws regarding business permits, sales permits, licenses, reporting requirements, tax withholding requirements, and other legal requirements of any kind that may be required to carry out said business and the Scope of Work which is to be performed as an Independent Contractor pursuant to this Agreement. Independent Contractor is or remains open to conducting similar tasks or activities for clients other than the Company and holds themselves out to the public to be a separate business entity. Company desires to engage and contract for the services of the Independent Contractor to perform certain tasks as set forth below. Independent Contractor desires to enter into this Agreement and perform as an independent contractor for the company and is willing to do so on the terms and conditions set forth below. NOW, THEREFORE, in consideration of the above recitals and the mutual promises and conditions contained in this Agreement, the Parties agree as follows: TERMS This Agreement shall be effective commencing [Date], and shall continue until terminated at the completion of the Scope of Work which shall occur no later than [Date] or by either party as otherwise provided herein. STATUS OF INDEPENDENT CONTRACTOR This Agreement does not constitute a hiring by either party. It is the parties intentions that Independent Contractor shall have an independent contractor status and not be an employee for any purposes, including, but not limited to, [laws]. Independent Contractor shall retain sole and absolute discretion in the manner and means of carrying out their activities and responsibilities under this Agreement. This Agreement shall not be considered or construed to be a partnership or joint venture, and the Company shall not be liable for any obligations incurred by Independent Contractor unless specifically authorized in writing. Independent Contractor shall not act as an agent of the Company, ostensibly or otherwise, nor bind the Company in any manner, unless specifically authorized to do so in writing. TASKS, DUTIES, AND SCOPE OF WORK Independent Contractor agrees to devote as much time, attention, and energy as necessary to complete or achieve the following: [Describe]. The above to be referred to in this Agreement as the \"Scope of Work\". It is expected that the Scope of Work will completed by [Date]. Independent Contractor shall additionally perform any and all tasks and duties associated with the Scope of Work set forth above, including but not limited to, work being performed already or related change orders. Independent Contractor shall not be entitled to engage in any activities which are not expressly set forth by this Agreement. The books and records related to the Scope of Work set forth in this Agreement shall be maintained by the Independent Contractor at the Independent Contractor's principal place of business and open to inspection by Company during regular working hours. Documents to which Company will be entitled to inspect include, but are not limited to, any and all contract documents, change orders/purchase orders and work authorized by Independent Contractor or Company on existing or potential projects related to this Agreement. Independent Contractor shall be responsible to the management and directors of Company, but Independent Contractor will not be required to follow or establish a regular or daily work schedule. Supply all necessary equipment, materials and supplies. Independent Contractor will not rely on the equipment or offices of Company for completion of tasks and duties set forth pursuant to this Agreement. Any advice given Independent Contractors regarding the scope of work shall be considered a suggestion only, not an instruction. Company retains the right to inspect, stop, or alter the work of Independent Contractor to assure its conformity with this Agreement. ASSURANCE OF SERVICES Independent Contractor will assure that the following individuals (the \"Key Employees\") will be available to perform, and will perform, the Services hereunder until they are completed (identify by title and name as applicable): [Name of Key Employee, Title] [Name of Key Employee, Title] The Key Employees may be changed only with the prior written approval of the Company, which approval shall not be unreasonably withheld. COMPENSATION Independent Contractor shall be entitled to compensation for performing those tasks and duties related to the Scope of Work as follows: [Describe] Such compensation shall become due and payable to Independent Contractor in the following time, place, and manner: [Describe] NOTICE CONCERNING WITHHOLDING OF TAXES Independent Contractor recognizes and understands that it will receive a [specify tax] statement and related tax statements, and will be required to file corporate and/or individual tax returns and to pay taxes in accordance with all provisions of applicable Federal and State law. Independent Contractor hereby promises and agrees to indemnify the Company for any damages or expenses, including attorney's fees, and legal expenses, incurred by the Company as a result of independent contractor's failure to make such required payments. AGREEMENT TO WAIVE RIGHTS TO BENEFITS Independent Contractor hereby waives and foregoes the right to receive any benefits given by Company to its regular employees, including, but not limited to, health benefits, vacation and sick leave benefits, profit sharing plans, etc. This waiver is applicable to all non-salary benefits which might otherwise be found to accrue to the Independent Contractor by virtue of their services to Company, and is effective for the entire duration of Independent Contractor's agreement with Company. This waiver is effective independently of Independent Contractor's employment status as adjudged for taxation purposes or for any other purpose. Neither this Agreement, nor any duties or obligations under this Agreement may be assigned by either party without the consent of the other. TERMINATION This Agreement may be terminated prior to the completion or achievement of the Scope of Work by either party giving [number] days written notice. Such termination shall not prejudice any other remedy to which the terminating party may be entitled, either by law, in equity, or under this Agreement. NON-DISCLOSURE OF TRADE SECRETS, CUSTOMER LISTS AND OTHER PROPRIETARY INFORMATION Independent Contractor agrees not to disclose or communicate, in any manner, either during or after Independent Contractor's agreement with Company, information about Company, its operations, clientele, or any other information, that relate to the business of Company including, but not limited to, the names of its customers, its marketing strategies, operations, or any other information of any kind which would be deemed confidential, a trade secret, a customer list, or other form of proprietary information of Company. Independent Contractor acknowledges that the above information is material and confidential and that it affects the profitability of Company. ","Independent Contractor Agreement","6",62,"https://templates.business-in-a-box.com/imgs/1000px/independent-contractor-agreement-D160.png","https://templates.business-in-a-box.com/imgs/250px/160.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#160.xml",{"title":6,"description":6},[174],{"label":175,"url":176},"Consultant & Contractors","consulting-contractor-business","independent contractor agreement","/template/independent-contractor-agreement-D160",false,{"seo":181,"reviewer":193,"legal_disclaimer":197,"quick_facts":198,"at_a_glance":200,"personas":204,"variants":229,"glossary":256,"clauses":290,"how_to_fill":340,"common_mistakes":381,"faqs":406,"industries":434,"comparisons":451,"diy_vs_lawyer":463,"jurisdictions":476,"related_template_ids_curated":497,"schema":506,"classification":507},{"meta_title":182,"meta_description":183,"primary_keyword":184,"secondary_keywords":185},"Becoming An Entrepreneur Template | Free Word Download","Free Becoming An Entrepreneur template covering venture structure, founder roles, equity, IP, and key obligations.","becoming an entrepreneur template",[186,187,188,189,190,191,192],"entrepreneur agreement template","founder agreement template word","startup founder contract template","entrepreneur business formation template","new venture agreement template free","founder equity agreement template","entrepreneur legal document template",{"name":194,"credential":195,"reviewed_date":196},"Bruno Goulet","CEO, Business in a Box","2026-05-02",true,{"difficulty":199,"legal_review_recommended":197,"signature_required":197,"notarization_required":179},"advanced",{"what_it_is":201,"when_you_need_it":202,"whats_inside":203},"The Becoming An Entrepreneur template is a foundational legal document that formalizes the launch of a new business venture — setting out the venture's structure, founding parties, equity allocation, roles and responsibilities, IP ownership, and key obligations from day one. This free Word download gives first-time and repeat founders a structured, editable starting point they can adapt online and export as PDF to share with co-founders, advisors, and legal counsel.\n","Use it at the moment you commit to launching a new venture with one or more co-founders, when converting a side project into a formal business, or when a mentor, investor, or accelerator program requires written evidence of founder alignment before proceeding.\n","Founding party identification, venture description and mission, equity split and vesting schedule, founder roles and decision-making authority, IP assignment, confidentiality obligations, exit and buyout provisions, and governing law. A Schedule A covers the venture's initial capital contributions and ownership table.\n",[205,209,213,217,221,225],{"title":206,"use_case":207,"icon_asset_id":208},"First-time founders","Formalizing a new venture before investing significant time or money","persona-startup-founder",{"title":210,"use_case":211,"icon_asset_id":212},"Co-founding teams","Documenting agreed equity splits and roles before disputes arise","persona-ceo",{"title":214,"use_case":215,"icon_asset_id":216},"Accelerator and incubator applicants","Meeting program requirements for a signed founder alignment document","persona-student-entrepreneur",{"title":218,"use_case":219,"icon_asset_id":220},"Side-project entrepreneurs","Converting an informal project into a structured business entity","persona-freelancer",{"title":222,"use_case":223,"icon_asset_id":224},"Solo founders seeking early investors","Demonstrating governance readiness before a pre-seed conversation","persona-small-business-owner",{"title":226,"use_case":227,"icon_asset_id":228},"Franchise or license venture entrants","Establishing personal obligations and IP terms when launching under a licensed brand","persona-franchise-applicant",[230,234,237,240,244,248,252],{"situation":231,"recommended_template":232,"slug":233},"Launching a venture with two or more co-founders","Co-Founder Agreement","co-founder-agreement-D13317",{"situation":235,"recommended_template":104,"slug":236},"Forming a limited liability company at launch","llc-operating-agreement-D5209",{"situation":238,"recommended_template":88,"slug":239},"Incorporating a corporation with multiple shareholders","shareholders-agreement-D1016",{"situation":241,"recommended_template":242,"slug":243},"Engaging an early advisor or mentor with equity","Advisor Agreement","advisor-agreement-D13243",{"situation":245,"recommended_template":246,"slug":247},"Protecting proprietary ideas before discussing the venture with others","Non-Disclosure Agreement (NDA)","non-disclosure-agreement-nda-D12692",{"situation":249,"recommended_template":250,"slug":251},"Hiring a first employee before the entity is fully formed","Employment Contract","employment-agreement_at-will-employee-D541",{"situation":253,"recommended_template":254,"slug":255},"Documenting capital contributions from a founding member","Capital Contribution Agreement","share-subscription-agreement-venture-capital-D344",[257,260,263,266,269,272,275,278,281,284,287],{"term":258,"definition":259},"Founder","An individual who initiates and takes legal and operational responsibility for a new business venture from its earliest stage.",{"term":261,"definition":262},"Equity Split","The agreed percentage ownership each founder holds in the venture, typically documented in the founding agreement and cap table.",{"term":264,"definition":265},"Vesting Schedule","A timeline over which a founder or employee earns their equity — commonly four years with a one-year cliff — protecting the venture if a founder departs early.",{"term":267,"definition":268},"IP Assignment","A clause transferring ownership of inventions, code, designs, or other intellectual property created by a founder to the business entity.",{"term":270,"definition":271},"Cap Table","A spreadsheet listing all equity holders, their ownership percentages, and how future investment rounds dilute each position.",{"term":273,"definition":274},"Cliff","The minimum period a founder must remain with the venture before any vesting occurs — typically 12 months in standard four-year vesting schedules.",{"term":276,"definition":277},"Buyout Provision","A clause defining the price and process for purchasing a departing founder's equity stake, preventing outsiders from acquiring it by default.",{"term":279,"definition":280},"Drag-Along Right","A provision allowing majority owners to require minority founders to agree to a sale of the company on the same terms.",{"term":282,"definition":283},"Good Leaver / Bad Leaver","A classification applied to a departing founder that determines whether they receive full, partial, or no value for unvested equity depending on the circumstances of departure.",{"term":285,"definition":286},"Pre-Money Valuation","The agreed value of the venture before a new round of investment is added, used to calculate how much equity investors receive in exchange for their capital.",{"term":288,"definition":289},"Governing Law","The jurisdiction whose laws apply to interpret and enforce the agreement — critical when founders are based in different states or countries.",[291,296,301,306,310,315,320,325,330,335],{"name":292,"plain_english":293,"sample_language":294,"common_mistake":295},"Founding Parties and Venture Identification","Names every founder as a legal party, identifies the venture by its working or registered name, and states the date the agreement takes effect.","This Founding Agreement is entered into as of [DATE] by and among [FOUNDER 1 FULL NAME] of [ADDRESS], [FOUNDER 2 FULL NAME] of [ADDRESS] (collectively, 'Founders'), with respect to the venture currently operating under the name [VENTURE NAME] ('Company').","Using informal nicknames or personal email addresses instead of legal names and addresses — if the agreement is ever enforced, identifying the parties precisely is the first thing a court or arbitrator checks.",{"name":297,"plain_english":298,"sample_language":299,"common_mistake":300},"Venture Description and Mission","Describes the business the founders are building, the products or services it will offer, and the market it serves — establishing the scope of the agreement.","The Company is being formed to [DESCRIPTION OF BUSINESS], targeting [TARGET MARKET], with an initial focus on [PRODUCT OR SERVICE]. The Company's mission is to [MISSION STATEMENT].","Describing the venture so broadly that any future business activity falls within scope — this makes non-compete and IP assignment clauses almost impossible to limit sensibly.",{"name":302,"plain_english":303,"sample_language":304,"common_mistake":305},"Equity Allocation and Cap Table","States each founder's ownership percentage at signing and attaches or references a cap table showing the initial ownership structure.","[FOUNDER 1 NAME] shall hold [X]% of the outstanding equity. [FOUNDER 2 NAME] shall hold [X]%. An option pool of [X]% is reserved for future employees and advisors. The initial cap table is attached as Schedule A.","Agreeing on equity percentages verbally and not recording them in the signed document — when a co-founder relationship breaks down, competing recollections of the original split are the most common source of expensive litigation.",{"name":264,"plain_english":307,"sample_language":308,"common_mistake":309},"Sets the timeline over which each founder earns their equity, including the cliff period, and specifies what happens to unvested shares if a founder leaves.","Each Founder's equity is subject to a [4]-year vesting schedule with a [12]-month cliff. Upon the cliff date, [25]% of such Founder's equity shall vest. The remaining [75]% shall vest monthly in equal installments over the following [36] months.","Skipping vesting entirely for 'equal' co-founding teams — without vesting, a co-founder who leaves after three months retains the same equity as one who builds the company for four years.",{"name":311,"plain_english":312,"sample_language":313,"common_mistake":314},"Founder Roles, Titles, and Decision-Making Authority","Assigns each founder a specific role and title, defines individual decision-making authority, and sets the threshold for decisions requiring unanimous or majority consent.","[FOUNDER 1 NAME] shall serve as Chief Executive Officer and shall have authority over day-to-day operations. [FOUNDER 2 NAME] shall serve as Chief Technology Officer. Major decisions — including raising capital, taking on debt exceeding $[AMOUNT], or issuing new equity — shall require the unanimous written consent of all Founders.","Leaving decision-making authority undefined — when founders disagree on a major decision, no mechanism exists to break the deadlock, and the company can become paralyzed.",{"name":316,"plain_english":317,"sample_language":318,"common_mistake":319},"Intellectual Property Assignment","Transfers all IP each founder creates in connection with the venture — code, designs, trademarks, inventions, and content — to the company entity, not to the individual founder.","Each Founder hereby irrevocably assigns to the Company all right, title, and interest in and to any and all work product, inventions, software, designs, and improvements created by such Founder in connection with the Company's business, whether created before or after the date of this Agreement.","Limiting IP assignment to work created after the agreement date — founders often build prototypes or write code before formal documents are signed, and that pre-agreement IP remains personally owned unless the clause explicitly covers it.",{"name":321,"plain_english":322,"sample_language":323,"common_mistake":324},"Confidentiality","Prohibits each founder from disclosing the venture's proprietary information — business strategy, financials, customer data, and technical details — to anyone outside the agreement without consent.","Each Founder agrees to hold in strict confidence all Confidential Information of the Company and shall not disclose such information to any third party without prior written consent of the other Founders. 'Confidential Information' means any non-public information related to the Company's business, technology, finances, or customers.","Failing to define 'Confidential Information' — courts apply a reasonableness standard, and an overbroad definition that covers everything a founder knows may render the entire clause unenforceable.",{"name":326,"plain_english":327,"sample_language":328,"common_mistake":329},"Founder Exit, Buyout, and Good Leaver / Bad Leaver","Defines what happens when a founder leaves — voluntarily or involuntarily — including the price and process for buying back their unvested shares and the treatment of vested shares.","Upon a Founder's departure, the Company shall have the right to repurchase any unvested shares at the lower of original cost or then-current fair market value. A Founder who is terminated for Cause ('Bad Leaver') forfeits all unvested equity. A Founder who resigns voluntarily ('Good Leaver') receives [X]% of the then-current fair market value of unvested shares.","Using the same repurchase price for a bad leaver (terminated for fraud or misconduct) as for a good leaver — this removes the financial deterrent for serious misconduct and can expose the company to significant equity dilution.",{"name":331,"plain_english":332,"sample_language":333,"common_mistake":334},"Non-Compete and Non-Solicitation","Restricts departing founders from competing directly with the company or soliciting its customers and employees for a defined period after leaving.","For [12] months following a Founder's departure, such Founder shall not (a) engage in a Competing Business within [GEOGRAPHIC AREA], or (b) solicit any customer, client, or employee of the Company.","Applying the same non-compete scope to all founders regardless of their actual access to competitive information — broad restrictions on a non-technical co-founder who had no customer access are unlikely to be enforced and weaken the clause overall.",{"name":336,"plain_english":337,"sample_language":338,"common_mistake":339},"Governing Law and Dispute Resolution","Identifies the jurisdiction whose laws govern the agreement and the process for resolving disputes — arbitration, mediation, or litigation — and the seat of any proceedings.","This Agreement shall be governed by the laws of [STATE / PROVINCE / COUNTRY], without regard to conflict-of-law principles. Any dispute arising hereunder shall be submitted to binding arbitration administered by [AAA / JAMS] in [CITY], except that either party may seek injunctive relief in any court of competent jurisdiction.","Choosing a governing law with no connection to where the founders are based or where the company operates — several jurisdictions apply local employment and IP law regardless of the governing law clause, making the choice ineffective for the most sensitive provisions.",[341,346,351,356,361,366,371,376],{"step":342,"title":343,"description":344,"tip":345},1,"Identify all founding parties with full legal names","Enter each founder's complete legal name, home address, and the date the agreement takes effect. If the company entity is already formed, include its registered legal name and state or province of formation.","Cross-reference each founder's government-issued ID before signing — name mismatches between the agreement and incorporation documents create enforcement problems later.",{"step":347,"title":348,"description":349,"tip":350},2,"Describe the venture's business and mission clearly","Write a one-to-two sentence description of what the company does, who it serves, and what it sells or plans to sell. Keep the scope accurate but not so narrow that the company's natural evolution takes it outside the agreement.","Scope the venture description to the first 18–24 months of planned activity — you can broaden it by amendment as the business pivots.",{"step":352,"title":353,"description":354,"tip":355},3,"Agree on and record the equity split in writing","Enter each founder's ownership percentage and attach a Schedule A cap table showing the full initial ownership structure, including any option pool reserved for future hires.","If founders cannot agree on equity without prolonged negotiation, that disagreement will resurface at every major decision point — address it now rather than papering over it.",{"step":357,"title":358,"description":359,"tip":360},4,"Set the vesting schedule for every founder","Apply a four-year vesting schedule with a twelve-month cliff to all founders — not just those who joined later. The cliff date and monthly vesting increments should be identical for each party unless there is a specific, documented reason for asymmetry.","If one founder contributed significant pre-existing IP or cash, consider partial credit vesting (accelerated initial cliff) rather than eliminating vesting entirely.",{"step":362,"title":363,"description":364,"tip":365},5,"Define roles, titles, and decision thresholds","Assign each founder a specific title and enumerate the categories of decisions that require unanimous versus majority consent. Include a deadlock resolution mechanism — a tiebreaker vote, a cooling-off period, or a buy-sell provision — for evenly split teams.","Deadlock provisions feel unnecessary on day one and are invaluable on day 400 — include one even if the founders are close friends.",{"step":367,"title":368,"description":369,"tip":370},6,"Complete the IP assignment to cover pre-agreement work","Ensure the IP assignment clause explicitly covers inventions, code, and designs created before the agreement date that relate to the venture's business. Attach an exhibit listing any pre-existing IP each founder is not assigning to the company.","A carve-out schedule for pre-existing personal IP protects founders who had prior projects — but anything not listed on the carve-out schedule is assigned to the company by default.",{"step":372,"title":373,"description":374,"tip":375},7,"Calibrate the exit and buyout terms to your jurisdiction","Set the repurchase price and good/bad leaver definitions. Confirm that the buyout pricing mechanism — cost, fair market value, or formula — complies with applicable corporate law in your jurisdiction of incorporation.","In Delaware, board approval is generally sufficient for equity repurchases; in some Canadian provinces, solvency tests must be satisfied — confirm before signing.",{"step":377,"title":378,"description":379,"tip":380},8,"Execute before any significant work or investment begins","All founders must sign before the venture incurs meaningful expenses, receives customer payments, or begins IP development. Post-execution signatures raise consideration problems that can void the IP assignment and vesting provisions.","Use an e-signature platform that timestamps execution and stores the fully executed copy — a signed PDF emailed between co-founders with no audit trail is harder to enforce than a timestamped e-signature record.",[382,386,390,394,398,402],{"mistake":383,"why_it_matters":384,"fix":385},"Skipping vesting for founding-team equity","Without vesting, a co-founder who leaves after two months retains full equity, diluting every remaining founder and making the company unattractive to investors who will immediately flag the unearned equity on the cap table.","Apply a standard four-year vesting schedule with a twelve-month cliff to every founder's equity at signing — no exceptions for equal splits or long friendships.",{"mistake":387,"why_it_matters":388,"fix":389},"Leaving the equity split as a verbal agreement","Competing recollections of an oral equity agreement are the single most common trigger for co-founder litigation, and courts have no reliable way to determine who is telling the truth without a contemporaneous written record.","Record the agreed percentages in the signed founding document and attach a Schedule A cap table on the same date — even a simple spreadsheet exhibit is far better than nothing.",{"mistake":391,"why_it_matters":392,"fix":393},"Limiting IP assignment to post-signing work only","Founders typically build prototypes, write code, and create designs before formalizing anything — if the IP assignment only covers post-signing work, that prior output remains personally owned and can be withheld or licensed separately.","Extend the IP assignment clause to cover all relevant work created before the agreement date and list any carved-out personal IP on a separate exhibit, signed at the same time.",{"mistake":395,"why_it_matters":396,"fix":397},"No deadlock resolution mechanism for equal co-founder teams","A 50/50 founding team with no tiebreaker provision can reach a complete operational standstill on any major decision — including whether to accept an acquisition offer or terminate an underperforming employee.","Include a buy-sell provision, a named tiebreaker advisor, or a cooling-off period with escalation to binding arbitration as the default deadlock resolution mechanism.",{"mistake":399,"why_it_matters":400,"fix":401},"Using an at-will employment framing for founders in non-US jurisdictions","At-will termination has no legal basis in Canada, the UK, the EU, or Australia — a founding agreement that allows removal of a co-founder without notice or cause is unenforceable in those jurisdictions, leaving the departing founder entitled to statutory protections regardless.","Replace at-will removal language with notice-based removal provisions calibrated to the minimum statutory requirements in each founder's work jurisdiction.",{"mistake":403,"why_it_matters":404,"fix":405},"Executing the agreement after the venture has already received customer revenue","IP created before execution may not be covered, equity already informally promised can conflict with the written split, and fresh consideration problems can void key provisions including vesting and non-compete clauses.","Sign the founding agreement before the venture accepts any payment, signs any customer contract, or begins material IP development — the cost of a retroactive fix is almost always higher than the cost of getting it right at the start.",[407,410,413,416,419,422,425,428,431],{"question":408,"answer":409},"What is a becoming an entrepreneur document?","A Becoming An Entrepreneur document is a founding agreement that formalizes the legal and operational framework for a new business venture. It identifies the founding parties, establishes the equity structure, assigns IP to the company, defines each founder's role and authority, and sets the rules for what happens if a founder exits. It functions as the constitutional document of the venture before a full shareholders agreement or operating agreement is in place.\n",{"question":411,"answer":412},"Do I need a founding agreement if I am the sole founder?","Yes — even as a solo founder, a founding document establishes the venture's mission scope, assigns any pre-existing IP you are contributing to the entity, and creates a record of your initial capital contribution. It also simplifies onboarding co-founders, employees, and investors later because the foundational terms are already documented and do not need to be reconstructed from memory or emails.\n",{"question":414,"answer":415},"What equity split should co-founders use?","There is no universally correct split, but the most common structures for two-founder teams are 50/50 and 60/40, and for three-founder teams 33/33/34. The split should reflect each founder's contribution — idea origination, technical build, commercial traction, and committed time. Whatever the split, every founder's equity should be subject to a vesting schedule; an equal split without vesting exposes the venture to serious problems if one founder disengages early.\n",{"question":417,"answer":418},"What is a vesting cliff and why does it matter?","A vesting cliff is the minimum period a founder must remain active with the venture before any of their equity vests. The standard cliff is twelve months — meaning if a co-founder leaves before the one-year mark, they receive no equity. After the cliff, vesting typically continues monthly for the remaining three years. The cliff protects the venture and remaining founders from a scenario where someone joins briefly, contributes little, and departs with a significant ownership stake.\n",{"question":420,"answer":421},"Who owns the IP if a founder created it before the company was formed?","Without a written IP assignment, pre-formation IP belongs to the individual founder who created it — not to the company. This is one of the most common and costly oversights in early-stage ventures. The founding agreement should explicitly assign all venture-related IP created before and after signing to the company entity, with a separate exhibit carving out any personal IP the founder is not contributing.\n",{"question":423,"answer":424},"What happens if co-founders cannot agree on a major decision?","Without a deadlock resolution mechanism in the founding agreement, a 50/50 split results in a legal impasse — neither party can bind the company without the other's consent. Courts may appoint a receiver or order dissolution in extreme cases. The founding agreement should include a tiebreaker mechanism: a named neutral advisor, a buy-sell provision, or mandatory arbitration triggered after a defined cooling-off period.\n",{"question":426,"answer":427},"Is a founding agreement the same as a shareholders agreement?","They overlap but are not identical. A founding agreement is typically used at the earliest stage — before formal incorporation or immediately upon it — to capture founding team terms quickly. A shareholders agreement is a more comprehensive document covering shareholder rights, pre-emption, drag-along and tag-along rights, and dividend policy, and is typically executed after incorporation when the cap table is more defined. Many ventures replace the founding agreement with a full shareholders agreement at their first formal financing.\n",{"question":429,"answer":430},"Does a founding agreement need to be notarized?","In most jurisdictions, a founding agreement does not require notarization to be legally binding — signatures from all parties, ideally with timestamped e-signature records, are sufficient. However, if the agreement is used in conjunction with a real property contribution or if it needs to be registered with a government authority in certain jurisdictions, notarization or witnessing requirements may apply. Confirm with local counsel if unsure.\n",{"question":432,"answer":433},"What should I do before signing a founding agreement?","Have every founder independently review the document — not just the founder who drafted it. Confirm that the equity split, vesting schedule, IP carve-outs, and exit provisions reflect what was actually agreed in conversation. For ventures with meaningful IP, competitive markets, or multi-jurisdiction founders, a one-hour review by a startup attorney ($300–$600) is a sound investment before execution.\n",[435,439,443,447],{"industry":436,"icon_asset_id":437,"specifics":438},"Technology / SaaS","industry-saas","IP assignment is critical for covering pre-formation software and algorithms; vesting tied to product milestones rather than calendar time is common in technical co-founding teams.",{"industry":440,"icon_asset_id":441,"specifics":442},"Consumer Products and E-commerce","industry-ecommerce","Brand IP assignment covers trademarks, product designs, and packaging created before incorporation; founding agreements often reference a parallel manufacturing or supply agreement.",{"industry":444,"icon_asset_id":445,"specifics":446},"Professional Services","industry-professional-services","Client non-solicitation provisions are particularly important where founders have existing client relationships from prior employment that could be redirected to the new venture.",{"industry":448,"icon_asset_id":449,"specifics":450},"Healthcare / MedTech","industry-healthtech","Regulatory and licensing obligations of individual founders may need to be reflected in role assignments; IP assignment must cover any patentable inventions arising from clinical or research work.",[452,455,458,461],{"vs":88,"vs_template_id":453,"summary":454},"shareholders-agreement-D251","A shareholders agreement is a comprehensive governance document for an incorporated company with multiple share classes, pre-emption rights, drag-along and tag-along provisions, and dividend policies. A founding agreement is a lighter, earlier-stage document that captures the core founder terms before the cap table is fully structured. Most ventures graduate from a founding agreement to a full shareholders agreement at their first formal financing round.",{"vs":104,"vs_template_id":456,"summary":457},"operating-agreement-llc-D195","An LLC operating agreement governs the internal rules of a limited liability company — management structure, capital contributions, profit distributions, and member withdrawal procedures — and is a legally required document in most US states for multi-member LLCs. A founding agreement is entity-agnostic and focuses on founder relationships, equity, and IP; it is typically replaced by or supplemented with an operating agreement once the LLC is formed.",{"vs":118,"vs_template_id":459,"summary":460},"partnership-agreement-D246","A partnership agreement governs an unincorporated general or limited partnership, including profit and loss sharing, management duties, and dissolution. A founding agreement typically anticipates formal incorporation and is designed to bridge the gap between the handshake stage and the formation of a legal entity. Using a partnership agreement for a venture intended to incorporate may create unintended personal liability for the partners.",{"vs":246,"vs_template_id":247,"summary":462},"An NDA protects confidential information shared between parties during discussions — it is a single-purpose document with no equity, IP assignment, or governance terms. A founding agreement includes confidentiality obligations as one clause among many. Use an NDA when exploring a potential co-founding relationship or sharing the venture concept with advisors before any commitment is made; execute the founding agreement once the team commits.",{"use_template":464,"template_plus_review":468,"custom_drafted":472},{"best_for":465,"cost":466,"time":467},"Solo founders or two-person teams launching a standard venture with straightforward equity splits in a single jurisdiction","Free","30–60 minutes",{"best_for":469,"cost":470,"time":471},"Multi-founder teams, ventures with meaningful pre-formation IP, or founders based in different jurisdictions","$300–$800","2–5 days",{"best_for":473,"cost":474,"time":475},"Ventures with complex equity structures, accelerator or VC involvement from day one, or regulated-industry founders","$1,500–$4,000+","1–3 weeks",[477,482,487,492],{"code":478,"name":479,"flag_asset_id":480,"note":481},"us","United States","flag-us","Founding agreements are governed by state law — Delaware is the default choice for venture-backed startups due to its predictable corporate law, but the founders' home states may impose employment and IP rules that override the governing law clause. California Labor Code §2870 limits the scope of IP assignment for inventions developed entirely on the founder's own time using personal resources. Non-compete enforceability varies sharply: California, Minnesota, and Oklahoma ban most post-employment restrictions.",{"code":483,"name":484,"flag_asset_id":485,"note":486},"ca","Canada","flag-ca","Canada has no at-will employment equivalent — founding agreements that allow removal of a co-founder without cause and without notice may trigger statutory termination entitlements under provincial employment standards legislation. Quebec requires contracts intended to have legal effect in the province to be available in French for provincially regulated organizations. Non-competes are enforceable only if reasonable in scope, duration, and geography; courts apply a strict reasonableness test and frequently strike down overbroad clauses.",{"code":488,"name":489,"flag_asset_id":490,"note":491},"uk","United Kingdom","flag-uk","UK company law requires that shareholder arrangements be consistent with the Companies Act 2006 and the company's articles of association — a founding agreement that conflicts with the articles will generally yield to the articles. Founders who also serve as employees are entitled to statutory employment rights from day one, including unfair dismissal protections after two years of service. Post-termination restrictions, including non-competes, must be reasonable in scope and are routinely challenged in employment tribunals.",{"code":493,"name":494,"flag_asset_id":495,"note":496},"eu","European Union","flag-eu","EU member states vary significantly in their treatment of founder equity and employment terms — Germany, France, and the Netherlands each impose mandatory employment protections that apply to founders who also draw a salary, regardless of contractual language. GDPR considerations apply where the founding agreement references the processing of personal data in connection with the venture's customer or employee operations. Post-employment non-competes across most EU jurisdictions require financial compensation to the restricted founder, typically 25–100% of their last salary for the duration of the restriction.",[239,236,498,247,251,499,500,501,502,503,504,505],"partnership-agreement-D12551","independent-contractor-agreement-D160","job-offer-letter-long-D12769","employment-agreement-executive-D543","financial-projections_12-months-D360","business-plan-canvas-(one-page)-D12527","swot-analysis-D12676","marketing-plan-D1366",{"emit_how_to":197,"emit_defined_term":197},{"primary_folder":97,"secondary_folder":508,"document_type":509,"industry":510,"business_stage":511,"tags":512,"confidence":517},"incorporation-and-bylaws","agreement","general","startup",[511,513,514,515,516],"incorporation","founders-agreement","equity-allocation","business-formation",0.92,"\u003Ch2>What is a Becoming An Entrepreneur Document?\u003C/h2>\n\u003Cp>A \u003Cstrong>Becoming An Entrepreneur\u003C/strong> document is a founding legal agreement that establishes the formal framework for a new business venture at its earliest stage. It identifies each founding party, records the agreed equity split, attaches a vesting schedule, assigns all venture-related intellectual property to the company entity, defines each founder's role and decision-making authority, and sets the rules for departure, buyouts, and dispute resolution. Unlike an informal handshake or a sequence of emails, a signed founding agreement creates enforceable obligations that protect every party — and the venture itself — from the moment work begins.\u003C/p>\n\u003Ch2>Why You Need This Document\u003C/h2>\n\u003Cp>The overwhelming majority of co-founder disputes that result in litigation, dissolution, or investor abandonment trace back to a single root cause: the founding terms were never written down. Without a signed founding agreement, there is no authoritative record of who owns what percentage, who controls which decisions, or what happens when a founder stops contributing. IP created before the agreement — prototypes, code, brand assets — remains personally owned by the individual who built it, not by the company. A co-founder who departs after three months of low contribution can legally retain the same equity stake as one who stays for four years and builds the product. Investors routinely decline to fund ventures where the cap table is disputed or where IP ownership is unclear, because they cannot underwrite a title that may not exist. This template closes those gaps before they open — giving every founding team a documented, executable starting point for the legal relationship that underpins everything else the venture will build.\u003C/p>\n",1779480623880]