[{"data":1,"prerenderedAt":515},["ShallowReactive",2],{"document-team-agreement-D13887":3},{"document":4,"label":23,"preview":11,"thumb":24,"thumb600":25,"description":5,"descriptionCustom":6,"apiDescription":5,"pages":8,"extension":10,"parents":26,"breadcrumb":30,"related":38,"customDescModule":177,"customdescription":6,"mdFm":178,"mdProseHtml":514},{"description":5,"descriptionCustom":6,"label":7,"pages":8,"size":9,"extension":10,"preview":11,"thumb":12,"svgFrame":13,"seoMetadata":14,"parents":16,"keywords":15},"TEAM AGREEMENT This Team Agreement (\"Agreement\") is entered into effect as of [DATE], BETWEEN: [TEAM LEADER'S NAME], (\"Team Leader\"), an individual with their main address located at OR a team leader of a group organized within the [Company/Organization] of [COMPANY/ORGANIZATION NAME], with its office located at: [COMPLETE ADDRESS] AND: [TEAM MEMBER'S NAME], (\"Team Member\"), an individual with their main address located at OR a member of the team organized within the [Company/Organization] of [COMPANY/ORGANIZATION NAME], with their address located at: [COMPLETE ADDRESS] PURPOSE AND OBJECTIVES OF THE TEAM Purpose: The primary purpose of this team is to [PROVIDE A CLEAR STATEMENT OF THE TEAM'S PURPOSE, GOAL, OR PROJECT]. Objectives: The specific objectives the team aims to achieve include: [OBJECTIVE 1] [OBJECTIVE 2] [ADD MORE OBJECTIVES AS NEEDED] TEAM ROLES AND RESPONSIBILITIES 2.1 The roles and responsibilities of each team member are outlined as follows to ensure clarity and accountability: [TEAM MEMBER NAME]: [ROLE], Responsible for [RESPONSIBILITIES] [CONTINUE FOR EACH TEAM MEMBER] 2.2 Changes in roles and responsibilities can be made upon mutual agreement among team members and should be documented. MEETING STRUCTURE AND COMMUNICATION 3.1 Regular Meetings: Meetings will be held [WEEKLY/BI-WEEKLY/MONTHLY] on [DAY] at [TIME] and are expected to last approximately [DURATION]. The meetings will take place at [LOCATION/VIRTUAL PLATFORM]. 3.2 Communication Standards: The team agrees to maintain professional and respectful communication at all times. Preferred communication channels are [EMAIL, MESSAGING APP, ETC.], and urgent matters should be communicated via [PHONE CALLS, SMS, ETC.]. DECISION-MAKING AND PROBLEM-SOLVING 4.1 Decision-Making Process: The team will make decisions based on [CONSENSUS/MAJORITY VOTE/SPECIFIC DECISION-MAKING MODEL]. 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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":95,"description":6},"partnership agreement",[97,99],{"label":33,"url":98},"business-legal-agreements",{"label":100,"url":101},"Partnership Agreements","partnership-agreement","/template/partnership-agreement-D12551",{"description":104,"descriptionCustom":6,"label":105,"pages":106,"size":9,"extension":10,"preview":107,"thumb":108,"svgFrame":109,"seoMetadata":110,"parents":112,"keywords":111,"url":117},"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. 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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. 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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. INITIAL MEMBERS; CHANGES IN MEMBERSHIP Name and Address The persons listed on Exhibit A are hereby admitted as Members of the Company","LLC Operating Agreement","21",207,"https://templates.business-in-a-box.com/imgs/1000px/llc-operating-agreement-D5209.png","https://templates.business-in-a-box.com/imgs/250px/5209.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#5209.xml",{"title":6,"description":6},[143,144],{"label":33,"url":98},{"label":115,"url":116},"llc operating agreement","/template/llc-operating-agreement-D5209",{"description":148,"descriptionCustom":6,"label":149,"pages":150,"size":151,"extension":10,"preview":152,"thumb":153,"svgFrame":154,"seoMetadata":155,"parents":156,"keywords":161,"url":162},"MUTUAL NON-DISCLOSURE AGREEMENT This Mutual 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, in order to pursue the mutual business purpose of a possible transaction between Disclosing Party and Receiving Party and/or their affiliates (the \"Transaction\"), both Disclosing Party and Receiving Party recognize that there is a need to disclose to one another certain information in respect of itself and/or its affiliates. WHEREAS, all such information, delivered by or on behalf of one party and/or its affiliates (the \"Disclosing Party\") to the other party (the \"Receiving Party\") and/or its Representatives (as defined below), whether furnished before or after the date of this Agreement and regardless of the manner in which it is furnished, together with all analyses, compilations, studies or other documents or records prepared by the Receiving Party and/or its Representatives to the extent such analyses, compilations, studies, documents or records contain, otherwise reflect, or are generated from such information, is referred to herein as \"Evaluation Material\". NOW, THEREFORE, in consideration of the opportunity to consider such Evaluation Material, both parties hereby agree as follows: NON-DISCLOSURE OF EVALUATION MATERIAL The Evaluation Material will be used by the Receiving Party solely for the purpose of evaluating the Transaction. Such Evaluation Material will be kept strictly confidential by the Receiving Party, except that the Evaluation Material or any portion thereof may be disclosed to affiliates, directors, officers, employees, advisors, attorneys, agents, controlling persons, potential bidding partners and financing sources or other representatives (each, a \"Representative\", and collectively, the \"Representatives\") of the Receiving Party who need to know such information for the purpose of evaluating the Transaction and who agree to treat the Evaluation Material in accordance with the terms of this Agreement. The term \"Evaluation Material\" does not include information which: Is or becomes generally available to the public other than as a result of the breach of the terms of this Agreement by the Receiving Party and/or any of its Representatives; Is or has been independently acquired or developed by the Receiving Party and/or any of its Representatives without violating any of the terms of this Agreement; Was within the Receiving Party and/or any of its Representatives' possession prior to it being furnished to the Receiving Party and/or any of its Representatives by or on behalf of the Disclosing Party pursuant to the terms hereof; or Is received from a source other than the Disclosing Party and/or any of its Representatives; provided that, in the case of (c) and (d) above, the source of such information was not known by the Receiving Party to be bound by a confidentiality obligation to the Disclosing Party or any other party with respect to such information. DISCLOSURE UNDER COURT ORDER OR SUBPOENA In the event that the Receiving Party or any of its Representatives receives a request to disclose all or any part of the Evaluation Material under the terms of a subpoena or order issued by a court of competent jurisdiction or under a civil investigative demand or similar process, (i) the Receiving Party agrees to promptly notify the Disclosing Party of the existence, terms and circumstances surrounding such a request and (ii) if the Receiving Party or its applicable Representative is in the opinion of its counsel compelled to disclose all or a portion of the Evaluation Material, the Receiving Party or its applicable Representative may disclose that Evaluation Material that its counsel advises that it is compelled to disclose and will exercise reasonable efforts to obtain assurance that confidential treatment will be accorded to that Evaluation Material that is being so disclosed. CONFIDENTIALITY OF THE TERMS OF THIS AGREEMENT Unless otherwise required by law, or unless otherwise provided in a final definitive agreement regarding the Transaction when, as and if executed, both parties and their respective Representatives will not, without the prior written consent of the other party, disclose to any person (other than Representatives of the parties hereto who need to know such information for the purpose of evaluating the Transaction and who agree to treat such information in accordance with the terms of this Agreement) any of the terms or conditions of the Transaction. OWNERSHIP OF RIGHTS TO EVALUATION MATERIAL Nothing in this Agreement shall divest the Disclosing Party of any of its right, title or interest in and to any Evaluation Material. Within [NUMBER] days after being so requested by the Disclosing Party, the Receiving Party and its Representatives shall destroy or return all Evaluation Material furnished to the Receiving Party and/or any of its Representatives by the Disclosing Party. Except to the extent a party is advised by counsel that such destruction is prohibited by law, the Receiving Party and its Representatives will also destroy all written material, memoranda, notes, copies, excerpts and other writings or recordings whatsoever prepared by the Receiving Party and/or its Representatives based upon, containing or otherwise reflecting any Evaluation Material. At the request of the Disclosing Party made at the time of its request for the destruction of Evaluation Material, any destruction of materials shall be certified to the Disclosing Party in writing by an authorized officer of the Receiving Party supervising such destruction. DISCLAIMER","Mutual Non-Disclosure Agreement","5",66,"https://templates.business-in-a-box.com/imgs/1000px/mutual-non-disclosure-agreement-D955.png","https://templates.business-in-a-box.com/imgs/250px/955.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#955.xml",{"title":6,"description":6},[157,158],{"label":33,"url":98},{"label":159,"url":160},"Confidentiality Agreements","confidentiality-agreement","mutual non disclosure agreement","/template/mutual-non-disclosure-agreement-D955",{"description":164,"descriptionCustom":6,"label":165,"pages":166,"size":167,"extension":10,"preview":168,"thumb":169,"svgFrame":170,"seoMetadata":171,"parents":172,"keywords":175,"url":176},"JOINT VENTURE AGREEMENT This Joint Venture Agreement (the \"Agreement\") is effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"First Joint Venturer\"), 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: [SECOND JOINT VENTURER NAME] (the \"Second Joint Venturer\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] This Agreement is entered by First Joint Venturer and Second Joint Venturer, herein after collectively referred to as the \"Joint Venturers\", for the purpose of performing: [DESCRIBE JOINT VENTURE]. WITNESSETH: WHEREAS, the parties are desirous of forming a Joint Venture (the \"Venture\"), under the laws of the [State/Province] of [STATE/PROVINCE] by execution of this Agreement for the purposes set forth herein and are desirous of fixing and defining between themselves their respective responsibilities, interests, and liabilities in connection with the performance of the before mentioned project; and NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, the Parties herein agree to constitute themselves as Joint Venturers, henceforth, \"Venturers\" for the purposes before mentioned, and intending to be legally bound hereby, the parties hereto, after first being duly sworn, do covenant, agree and certify as follows: DEFINITIONS \"Affiliate\" shall refer to (i) any person directly or indirectly controlling, controlled by or under common control with another person, (ii) any person owning or controlling 10% or more of the outstanding voting securities of such other person, (iii) any officer, director or other partner of such person and (iv) if such other person is an officer, director, joint Venturer or partner, any business or entity for which such person acts in any such capacity. \"Venturers\" shall refer to [VENTURE NAME] Inc., and any successor(s) as may be designated and admitted to the Venture. \"Internal Revenue Code\", \"Code\" or \"I.R.C.\" shall refer to the current and applicable Internal Revenue Code. \"Net Profits and Net Losses\" means the taxable income and loss of the Venture, except as follows: [DESCRIBE] The \"Book\" value of an asset shall be substituted for its adjusted tax basis if the two differ, but otherwise Net Profits and Net Losses shall be determined in accordance with federal income tax principles. \"Project\" shall refer to that certain [DESCRIBE] project known as [NAME]. \"Treasury Regulations\" shall refer to those regulations promulgated by the Department of the Treasury with respect to certain provision of Internal Revenue Code. \"Percentage of Participation\" shall refer to that figure set forth in Exhibit A. FORMATION, NAME, AND PRINCIPLE PLACE OF BUSINESS Formation (a) The Venturers do hereby form a joint venture pursuant to the laws of the State of [STATE/PROVINCE] in order for the Venture to carry on the purposes for which provision is made herein. (b) The Ventures shall execute such certificates as may be required by the laws of the [State/Province] of [STATE/PROVINCE] or of any other state in order for the Venture to operate its business and shall do all other acts and things requisite for the continuation of the Venture as a joint venture pursuant to applicable law. Name The Name and style under which the Venture shall be conducted is: [DESCRIBE]. Principal place of business The Venture shall maintain its principal place of business at [FULL ADDRESS]. The Venture may re-locate its office from time to time or have additional offices as the Venturers may determine. PURPOSE OF THE JOINT VENTURE The business of the Venture shall be to perform: [DESCRIBE], a project having the Contract # , being entitled, and being in a dollar amount of [AMOUNT], in accordance with the contract documents for the Project and all such other business incidental to the general purposes herein set forth. TERM The term of the Venture shall commence as of the date hereof and shall be terminated and dissolved upon the earliest to occur of: (i) completion of the Project and receipt of all sums due the Venture by the Owner, [OWNER NAME] pursuant thereto and payment of all laborers and material men employed by the Venture in connection with the project; (ii) [DATE]; (iii) the unanimous agreement of the Ventures; or (iv) the order of a court of competent jurisdiction. PERCENTAGE OF PARTICIPATION Description Except as otherwise provided in sections 6.0 and 9.0 hereof, the interest of the Parties in any gross profits and their respective shares in any losses and/or liabilities that may result from the filing of a joint bid and/or the performance of the Construction Contract, and their interests in all property and equipment acquired and all money received in connection with the performance of the Contract shall be as follows: [Name Joint Venture Partner Percentage] Losses The Parties agree that in the event any losses arise out of or results from the performance of the Project, each Venturer shall assume and pay the share of the losses that is equal to the percentage of participation. Liabilities If for any reason, a Venturer sustains any liabilities or is required to pay any losses arising out of or directly connected with the Project, or the execution of any surety bonds or indemnity agreements in connection therewith, which are in excess of its Percentage of Participation, in the Joint Venture, the other Venturer shall promptly reimburse such Venturer this excess, so that each and every member of the Joint Venturer will then have paid its proportionate share of such losses to the full extent of its Percentage of Participation. Indemnities The Venturers agree to indemnify each other and to hold the other harmless from, any and all losses of the Joint Venture that are in excess of such other Venturer's Percentage of Participation. Provided that the provisions of this subsection shall be limited to losses that are directly connected with or arise out of the performance of the Project and/or the execution of any bonds or indemnity agreements in connection therewith and shall not be relate to or include any incidental, indirect or consequential losses that may be sustained or suffered by a Party. Duration The Parties shall from time to time execute such bonds and indemnity agreements, including applications there and other documents that may be necessary in connection with the performance of the Project. Provided however, that the liability of each of the Parties under any agreements to indemnify a surety company or surety companies shall be limited to the percentage of the total liability assumed by all the Parties under such indemnity agreements that is equal to the Party's Percentage of Participation. Initial contribution of the venture (a) The Venturers shall contribute the Property to the Venture and their Capital Account shall each be credited with the appropriate value of such contribution in accordance with their Venture interests. (b) Except as otherwise required by law or this Agreement, the Venturers shall not be required to make any further capital contributions to the Venture. Venture interests Upon execution of this Agreement, the Venturers shall each own the following interests in the Venture: Joint Venture Partner Percentage Return of capital contributions (a) No Venturer shall have the right to withdraw his capital contributions or demand or receive the return of his capital contributions or any part thereof, except as otherwise provided in this Agreement. (b) The Venturers shall not be personally liable for the return of capital contributions or any part thereof, except as otherwise provided in this Agreement. (c) The Venture shall not pay interest on capital contributions of any Venturer.","Joint Venture Agreement","7",70,"https://templates.business-in-a-box.com/imgs/1000px/joint-venture-agreement-D889.png","https://templates.business-in-a-box.com/imgs/250px/889.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#889.xml",{"title":6,"description":6},[173,174],{"label":33,"url":98},{"label":33,"url":98},"joint venture agreement","/template/joint-venture-agreement-D889",false,{"seo":179,"reviewer":192,"legal_disclaimer":196,"quick_facts":197,"at_a_glance":199,"personas":203,"variants":228,"glossary":252,"clauses":286,"how_to_fill":337,"common_mistakes":378,"faqs":403,"industries":431,"comparisons":448,"diy_vs_lawyer":460,"jurisdictions":473,"related_template_ids_curated":494,"schema":502,"classification":503},{"meta_title":180,"meta_description":181,"primary_keyword":182,"secondary_keywords":183},"Team Agreement Template (Free Word)","Free team agreement template for defining roles, responsibilities, decision-making, and profit sharing among business partners or team members. Free Word and PDF download.","team agreement template",[184,185,186,187,188,189,190,191],"team agreement template word","team agreement template free","team member agreement","team collaboration agreement","business team agreement","team roles and responsibilities agreement","team partnership agreement","group work agreement template",{"name":193,"credential":194,"reviewed_date":195},"Bruno Goulet","CEO, Business in a Box","2026-05-02",true,{"difficulty":198,"legal_review_recommended":196,"signature_required":196,"notarization_required":177},"medium",{"what_it_is":200,"when_you_need_it":201,"whats_inside":202},"A Team Agreement is a binding legal document that formalizes the working relationship among members of a business team, project group, or co-founding unit. This free Word download lets you define roles, responsibilities, decision-making authority, compensation or profit-sharing, IP ownership, and exit procedures — all in a single editable document you can export as PDF and sign before work begins.\n","Use it when two or more people are joining forces on a business venture, project, or ongoing collaboration where money, IP, or strategic decisions are at stake. It is especially important before the team invests significant time or capital, when each member's contribution differs, or when the team operates without a formal partnership or shareholder agreement.\n","Team member identification and roles, scope of work and responsibilities, decision-making procedures, compensation and profit-sharing terms, intellectual property ownership, confidentiality obligations, dispute resolution procedures, and exit or termination conditions.\n",[204,208,212,216,220,224],{"title":205,"use_case":206,"icon_asset_id":207},"Co-founders","Formalizing how equity, decisions, and workload are split before incorporating","persona-startup-founder",{"title":209,"use_case":210,"icon_asset_id":211},"Project team leaders","Aligning multi-person teams on deliverables, roles, and accountability before a major project kicks off","persona-operations-director",{"title":213,"use_case":214,"icon_asset_id":215},"Freelance collaborators","Setting out revenue sharing and IP ownership when two or more independents work together on a client engagement","persona-freelancer",{"title":217,"use_case":218,"icon_asset_id":219},"Small business partners","Documenting how an informal business partnership will operate before a formal entity is formed","persona-small-business-owner",{"title":221,"use_case":222,"icon_asset_id":223},"Creative teams","Agreeing on ownership of jointly produced work — music, design, software, or content — before distribution","persona-agency",{"title":225,"use_case":226,"icon_asset_id":227},"Nonprofit or community groups","Establishing governance and accountability standards for volunteer or committee teams managing shared resources","persona-nonprofit-exec",[229,233,236,239,242,246,249],{"situation":230,"recommended_template":231,"slug":232},"Formalizing a co-founding relationship before entity formation","Co-Founder Agreement","co-founder-agreement-D13317",{"situation":234,"recommended_template":89,"slug":235},"Two or more parties operating an ongoing business together","partnership-agreement-D12551",{"situation":237,"recommended_template":120,"slug":238},"Engaging an individual contributor on a defined project","independent-contractor-agreement-D160",{"situation":240,"recommended_template":105,"slug":241},"Establishing how shareholders govern a corporation","shareholders-agreement-D1016",{"situation":243,"recommended_template":244,"slug":245},"Defining responsibilities for a single short-term project","Project Collaboration Agreement","collaboration-agreement-D13222",{"situation":247,"recommended_template":149,"slug":248},"Protecting shared confidential information between collaborating parties","mutual-non-disclosure-agreement-D955",{"situation":250,"recommended_template":135,"slug":251},"Formalizing an LLC's operating rules and member responsibilities","llc-operating-agreement-D5209",[253,256,259,262,265,268,271,274,277,280,283],{"term":254,"definition":255},"Team Member","Any individual identified in the agreement as a party bound by its terms, whether compensated, equity-holding, or contributing in kind.",{"term":257,"definition":258},"Scope of Work","The specific tasks, deliverables, and areas of responsibility assigned to each team member under the agreement.",{"term":260,"definition":261},"Decision-Making Authority","The defined threshold — unanimous, majority, or designated lead — required for the team to take specific types of binding actions.",{"term":263,"definition":264},"Profit Sharing","The formula that determines how net revenue or profit generated by the team's work is divided among members.",{"term":266,"definition":267},"Intellectual Property Assignment","A clause transferring ownership of any work product, inventions, or creative output produced by team members to a designated party or the team collectively.",{"term":269,"definition":270},"Confidentiality Obligation","A binding requirement that team members not disclose each other's sensitive information, business strategies, or client data outside the team.",{"term":272,"definition":273},"Deadlock","A situation where team members cannot reach a required majority or unanimous vote on a decision, preventing the team from moving forward.",{"term":275,"definition":276},"Exit Provision","The contractual process a team member must follow to leave the team, including notice periods, handover obligations, and the effect on their share of IP or compensation.",{"term":278,"definition":279},"Sweat Equity","An ownership or compensation stake earned through labor and time contributed rather than cash investment.",{"term":281,"definition":282},"Good-Faith Obligation","A general duty, implied or express, for each party to act honestly and fairly toward the other team members in carrying out the agreement.",{"term":284,"definition":285},"Non-Solicitation","A restriction preventing a departing team member from recruiting remaining members or approaching shared clients for a defined period after leaving.",[287,292,297,302,307,312,317,322,327,332],{"name":288,"plain_english":289,"sample_language":290,"common_mistake":291},"Parties and team member identification","Names and identifies every individual bound by the agreement, including their legal names, contact details, and the date the agreement takes effect.","This Team Agreement ('Agreement') is entered into as of [DATE] by and among [TEAM MEMBER 1 FULL NAME] ('Member 1'), [TEAM MEMBER 2 FULL NAME] ('Member 2'), and [TEAM MEMBER 3 FULL NAME] ('Member 3'), collectively referred to as the 'Team.'","Listing nicknames or trade names instead of legal names. If a dispute escalates, enforcement becomes complicated when the named party cannot be legally identified.",{"name":293,"plain_english":294,"sample_language":295,"common_mistake":296},"Purpose and scope of work","Describes the team's shared objective and maps specific responsibilities to each member, preventing overlap and clarifying accountability.","The Team is formed for the purpose of [PROJECT / VENTURE DESCRIPTION]. Member 1 is responsible for [FUNCTION]. Member 2 is responsible for [FUNCTION]. Member 3 is responsible for [FUNCTION].","Writing scope so broadly — 'Member 1 is responsible for all business development' — that no measurable accountability exists. Vague scope is the leading cause of co-founder disputes.",{"name":298,"plain_english":299,"sample_language":300,"common_mistake":301},"Decision-making and voting procedures","Establishes which decisions require unanimous consent, which require a majority, and who holds a casting vote or veto to break deadlocks.","Day-to-day operational decisions may be made by any Member acting within their defined scope. Strategic decisions — including [EXAMPLES: entering new markets, expenditures over $[X], adding new team members] — require unanimous written consent of all Members.","Requiring unanimous consent for every decision. As teams scale or disagreements arise, unanimous-consent requirements for operational matters create paralysis.",{"name":303,"plain_english":304,"sample_language":305,"common_mistake":306},"Time commitment and performance expectations","States the minimum hours or availability each member commits to the team and the consequences if those commitments are not met.","Each Member agrees to dedicate a minimum of [X] hours per week to the Team's activities. Failure to meet this commitment for more than [X] consecutive weeks constitutes a material breach and triggers the exit procedures in Section [X].","Omitting any time-commitment clause entirely. When one member perceives another as undercontributing, the lack of a documented standard makes the dispute nearly impossible to resolve fairly.",{"name":308,"plain_english":309,"sample_language":310,"common_mistake":311},"Compensation and profit sharing","Sets out whether members are paid a fixed amount, receive a percentage of revenue or profit, or work on a deferred-compensation basis — and specifies when and how payments are made.","Net profits of the Team shall be distributed to Members in the following proportions: Member 1 — [X]%; Member 2 — [X]%; Member 3 — [X]%. Distributions shall be made [monthly / quarterly] within [15] days of the close of each period, subject to a minimum cash reserve of $[AMOUNT].","Agreeing to split revenue before expenses rather than net profit. A 50/50 revenue split that ignores one member's disproportionate expenses can create resentment and financial disputes within the first quarter.",{"name":313,"plain_english":314,"sample_language":315,"common_mistake":316},"Intellectual property ownership","Determines who owns work product, code, designs, or other IP created by team members — whether it belongs to the team collectively, one designated member, or a future entity.","All work product, inventions, software, creative works, and improvements developed by any Member in connection with the Team's activities are the joint property of the Team and shall be assigned to [DESIGNATED ENTITY / HELD JOINTLY] upon execution of this Agreement.","No IP clause at all — or one that vests IP in the individual member who created it. If the team dissolves, each member walking away with their own piece makes the product unworkable for any successor entity or acquirer.",{"name":318,"plain_english":319,"sample_language":320,"common_mistake":321},"Confidentiality","Requires each member to keep the team's business information, strategies, client data, and financial details confidential, both during and after their participation.","Each Member agrees to hold in strict confidence all Confidential Information of the Team and to use such information solely for the benefit of the Team. 'Confidential Information' includes but is not limited to business strategies, financial data, client lists, and proprietary processes.","Using a confidentiality clause that expires when the member leaves the team. Confidential information — particularly client data and product roadmaps — remains sensitive long after departure.",{"name":323,"plain_english":324,"sample_language":325,"common_mistake":326},"Dispute resolution","Establishes a step-by-step process for resolving disagreements — typically starting with direct negotiation, escalating to mediation, and finally to arbitration or litigation.","The Members agree to attempt to resolve any dispute first through good-faith negotiation for [15] days. If unresolved, the dispute shall be submitted to mediation administered by [ORGANIZATION] in [CITY]. If mediation fails, disputes shall be resolved by binding arbitration under the rules of [AAA / OTHER BODY].","Skipping directly to litigation as the dispute mechanism. Court proceedings are expensive, public, and adversarial — mediation and arbitration clauses preserve business relationships and reduce resolution time and cost significantly.",{"name":328,"plain_english":329,"sample_language":330,"common_mistake":331},"Exit, withdrawal, and termination","Defines how a member voluntarily leaves, how the team can remove a member for cause, what happens to that member's share of IP and compensation, and whether non-compete or non-solicitation restrictions apply post-exit.","A Member may withdraw voluntarily with [30] days' written notice. Upon withdrawal or removal for cause, the departing Member forfeits all rights to future distributions but retains [X]% of accrued compensation earned to the exit date. The departing Member shall not solicit Team clients or Members for [12] months following exit.","No mechanism to remove a non-performing member. Without a documented removal procedure, teams with a dysfunctional member are effectively trapped — the member can block decisions and continue drawing compensation indefinitely.",{"name":333,"plain_english":334,"sample_language":335,"common_mistake":336},"Governing law and amendments","States which jurisdiction's law governs the agreement, how the agreement can be amended, and that it constitutes the entire agreement between the parties.","This Agreement is governed by the laws of [STATE / PROVINCE / COUNTRY]. Amendments require the written consent of all Members. This Agreement constitutes the entire agreement among the Members and supersedes all prior oral or written understandings.","No entire-agreement clause. Without it, prior email conversations, Slack messages, and verbal commitments can be introduced as contractual terms that override or supplement the written document.",[338,343,348,353,358,363,368,373],{"step":339,"title":340,"description":341,"tip":342},1,"Identify all team members with their legal names","Enter each member's full legal name, address, and email address in the parties section. Confirm that all intended parties are listed — anyone not named is not bound.","Cross-reference each name against a government-issued ID before signing to prevent enforcement issues if a dispute arises later.",{"step":344,"title":345,"description":346,"tip":347},2,"Define the team's purpose and each member's scope","Write a clear one-to-two sentence description of the team's shared goal, then list each member's specific responsibilities with enough detail to create measurable accountability.","Avoid overlapping responsibility areas — if two members share a function, specify who holds the final decision authority for that area.",{"step":349,"title":350,"description":351,"tip":352},3,"Set the decision-making thresholds","Identify which categories of decision require unanimous consent (strategic, financial above a threshold, adding members) and which can be made unilaterally within a member's defined scope.","Consider designating a 'managing member' with a casting vote for operational deadlocks — unanimous consent on everything is the single most common cause of team paralysis.",{"step":354,"title":355,"description":356,"tip":357},4,"Agree on compensation and profit-sharing percentages","Enter each member's share of net profit or revenue, the payment schedule, and any minimum cash reserve the team must maintain before distributions are made.","Base the profit-share percentages on each member's total contribution — time, capital, and expertise — not on equal splits by default. Equal splits feel fair at formation and often become the primary grievance within six months.",{"step":359,"title":360,"description":361,"tip":362},5,"Address intellectual property ownership explicitly","State clearly whether IP belongs to the team collectively, a designated legal entity, or a specific member. If a future entity will hold IP, name the intended structure and timeline for the transfer.","If the team is building toward incorporation, include a clause requiring each member to execute an IP assignment to the new entity within a set number of days of formation.",{"step":364,"title":365,"description":366,"tip":367},6,"Complete the exit and removal provisions","Set the voluntary withdrawal notice period, the grounds for involuntary removal, and what happens to a departing member's share of accrued compensation, future distributions, and IP rights.","Run a 'worst-case scenario' test: if the least-aligned member exits tomorrow, does this clause produce a fair and workable outcome for the remaining team?",{"step":369,"title":370,"description":371,"tip":372},7,"Select the governing law and dispute resolution mechanism","Choose the jurisdiction whose laws will govern the agreement — typically where the majority of members reside or where the team's primary business activity occurs. Select mediation followed by arbitration as the default dispute path.","Arbitration clauses should specify the administering body (e.g., AAA, JAMS, or a local equivalent) and the seat of arbitration to avoid procedural disputes before the substantive issue is even reached.",{"step":374,"title":375,"description":376,"tip":377},8,"Sign before any work begins","All members must sign the agreement — physically or via a recognized e-signature platform — before any shared work, IP creation, or financial contribution takes place.","In common-law jurisdictions, an agreement signed after work has already started may require documented fresh consideration — a new benefit or payment — to make post-formation restrictions enforceable.",[379,383,387,391,395,399],{"mistake":380,"why_it_matters":381,"fix":382},"Vague scope of responsibilities","When members' roles overlap or are undefined, disputes over who owns a decision or deliverable become personal rather than contractual — and there is no written standard to resolve them.","Assign each functional area to exactly one member as the responsible party, and specify in writing what authority they hold within that area.",{"mistake":384,"why_it_matters":385,"fix":386},"No time-commitment clause","Perceived imbalance in effort is the most common reason informal team agreements collapse. Without a documented standard, the over-contributing member has no contractual basis to address the problem.","Include a minimum weekly-hours commitment for each member and tie a material shortfall to the exit provision so the remedy is clear.",{"mistake":388,"why_it_matters":389,"fix":390},"Requiring unanimous consent for all decisions","A deadlock on a routine operational decision — a vendor choice, a social media post, a minor expense — can halt progress entirely and creates a mechanism for one member to hold the team hostage.","Reserve unanimous consent for truly strategic decisions: adding members, dissolving the team, spending above a defined threshold, and amending the agreement itself.",{"mistake":392,"why_it_matters":393,"fix":394},"No IP ownership clause","If each member retains individual ownership of what they create, the team's product or service is legally fragmented — making it unsalable, unlicensable, and impossible to transfer to a future entity without renegotiating with every contributor.","Include an explicit IP assignment clause vesting all jointly created work product in the team collectively or in a named future entity, executed at signing.",{"mistake":396,"why_it_matters":397,"fix":398},"No removal procedure for non-performing members","Without documented grounds and a process for removal, a non-contributing member who refuses to exit can block decisions, continue receiving distributions, and prevent the team from moving forward.","Define specific grounds for involuntary removal — sustained failure to meet time commitments, material breach, or unanimous vote of the remaining members — and the notice and handover process that follows.",{"mistake":400,"why_it_matters":401,"fix":402},"Signing after the team's work has already started","In common-law jurisdictions, restrictive clauses — confidentiality, non-solicitation, IP assignment — may be unenforceable if no new consideration accompanies a post-commencement signing.","Execute the agreement before the first meeting, code commit, or client interaction. If late execution is unavoidable, document a specific new benefit provided to each member at the time of signing.",[404,407,410,413,416,419,422,425,428],{"question":405,"answer":406},"What is a team agreement?","A team agreement is a binding legal document that defines the terms under which two or more people collaborate on a shared business, project, or creative endeavor. It sets out each member's role, responsibilities, decision-making authority, compensation or profit share, IP ownership, and the process for resolving disputes or handling a member's exit. It functions as the foundational governance document for teams that operate without a formal corporate structure.\n",{"question":408,"answer":409},"Is a team agreement legally binding?","Yes — a team agreement is generally enforceable as a contract when it identifies the parties, states clear obligations on both sides, and is signed by all members before work begins. As with any contract, the enforceability of specific clauses — particularly non-compete and IP-assignment provisions — depends on the jurisdiction and whether the clause is reasonable in scope. Consider having a lawyer review the agreement before signing if the stakes are high.\n",{"question":411,"answer":412},"What is the difference between a team agreement and a partnership agreement?","A partnership agreement governs a formal legal partnership — a recognized business entity under which partners share unlimited liability for the firm's debts and obligations. A team agreement governs the internal working relationship among collaborators regardless of entity type, and is often used before a formal entity is created. If your team is operating as a general partnership without realizing it, local partnership law will fill the gaps your team agreement leaves — which is why formalizing the arrangement early matters.\n",{"question":414,"answer":415},"Who should sign a team agreement?","Every individual whose contribution — whether time, capital, IP, or relationships — is material to the team's success should sign. This includes co-founders, project co-leads, revenue-sharing collaborators, and any member with access to confidential information or jointly created IP. Advisors and part-time contributors who are not sharing in economics or IP typically use separate advisor or contractor agreements.\n",{"question":417,"answer":418},"When should a team agreement be signed?","Before any shared work begins — ideally at the first working meeting where responsibilities are allocated or resources are committed. Waiting until a dispute arises or a member wants to leave is the most common mistake teams make. In common-law jurisdictions, IP assignment and restrictive covenant clauses signed after work has started may require fresh consideration to be enforceable.\n",{"question":420,"answer":421},"Does a team agreement replace a shareholders agreement or LLC operating agreement?","No. A team agreement is a starting point, most useful before or during early-stage collaboration before a formal entity exists. Once the team incorporates or forms an LLC, a shareholders agreement or operating agreement becomes the governing document for ownership and governance. The team agreement can bridge the gap and establish baseline obligations that carry over into the new entity structure, but it does not create equity rights or protect members under corporate law.\n",{"question":423,"answer":424},"Can a team agreement be amended after signing?","Yes — team agreements can be amended by written agreement of all members, or by whatever threshold the amendment clause specifies. Avoid oral amendments; if the agreement is later disputed, verbal changes are nearly impossible to prove. Use a short written amendment addendum signed by all parties and attach it to the original agreement.\n",{"question":426,"answer":427},"What happens if a team member leaves without following the exit clause?","A member who departs without complying with the notice period, handover obligations, or non-solicitation restrictions can be held in breach of contract. Remedies typically include forfeiture of accrued but unpaid compensation, injunctive relief to enforce non-solicitation, and damages for losses caused by the abrupt departure. The enforceability of these remedies depends on the specific clause language and applicable jurisdiction.\n",{"question":429,"answer":430},"Do I need a lawyer to draft a team agreement?","For most early-stage teams with straightforward roles and no complex IP or equity arrangements, a well-structured template is sufficient to establish the core framework. Engage a lawyer when the team's IP is commercially significant, when cross-border members are involved, when the compensation structure is complex, or when the agreement is intended to bridge the gap to a formal equity arrangement. A one-to-two hour template review typically costs $300–$600 and is worthwhile for any team where a member dispute would materially damage the venture.\n",[432,436,440,444],{"industry":433,"icon_asset_id":434,"specifics":435},"Technology / SaaS","industry-saas","IP assignment covers software, algorithms, and data models; equity vesting milestones are referenced; remote-team time-commitment clauses address distributed collaboration.",{"industry":437,"icon_asset_id":438,"specifics":439},"Creative and marketing agencies","industry-marketing","Joint ownership of creative deliverables, client non-solicitation after departure, and revenue-sharing tied to billable project milestones rather than fixed salaries.",{"industry":441,"icon_asset_id":442,"specifics":443},"Professional services","industry-professional-services","Client relationship ownership on exit, referral-fee splitting, billing rate and utilization commitments, and professional indemnity coordination among collaborating practitioners.",{"industry":445,"icon_asset_id":446,"specifics":447},"Construction and trades","industry-construction","Subcontractor collaboration on joint bids, profit sharing on project completion, liability allocation for on-site decisions, and handover of project documentation on member exit.",[449,452,455,457],{"vs":89,"vs_template_id":450,"summary":451},"partnership-agreement-D120","A partnership agreement creates a formal legal partnership entity with defined capital contributions, profit and loss sharing, and joint liability. A team agreement governs internal collaboration without necessarily forming a legal entity — making it more flexible for early-stage teams, project collaborations, and pre-incorporation arrangements. Once the team forms a legal partnership, the partnership agreement supersedes the team agreement.",{"vs":105,"vs_template_id":453,"summary":454},"shareholders-agreement-D142","A shareholders agreement governs the relationship among equity holders in a corporation, covering share transfers, pre-emption rights, drag-along and tag-along provisions, and board composition. A team agreement predates equity structure and focuses on working relationships, roles, and IP. Teams that incorporate should transition from a team agreement to a shareholders agreement within the new entity.",{"vs":120,"vs_template_id":238,"summary":456},"An independent contractor agreement defines a service relationship between a client and a self-employed individual, with clear deliverables and payment terms but no shared ownership or decision-making. A team agreement creates a collaborative relationship among co-equal contributors with shared stakes in the outcome. If one party is clearly directing the work and the other executing it for pay, a contractor agreement is the right instrument.",{"vs":135,"vs_template_id":458,"summary":459},"llc-operating-agreement-D13215","An LLC operating agreement is the governing document for a limited liability company, establishing member ownership percentages, management authority, capital accounts, and dissolution procedures under state law. A team agreement operates outside any formal entity and carries no statutory protections. Teams planning to form an LLC should treat the team agreement as a transitional document and execute an operating agreement at incorporation.",{"use_template":461,"template_plus_review":465,"custom_drafted":469},{"best_for":462,"cost":463,"time":464},"Early-stage teams with simple role divisions, no complex IP, and domestic members in a single jurisdiction","Free","30–60 minutes",{"best_for":466,"cost":467,"time":468},"Teams with commercially significant IP, complex profit-sharing structures, or members in different jurisdictions","$300–$600","2–5 days",{"best_for":470,"cost":471,"time":472},"Co-founding teams preparing for immediate incorporation, venture investment, or complex equity arrangements","$1,500–$4,000+","1–2 weeks",[474,479,484,489],{"code":475,"name":476,"flag_asset_id":477,"note":478},"us","United States","flag-us","Team agreements are enforceable contracts under standard common-law principles across all US states. If no formal entity exists, local partnership law may treat the team as a general partnership — exposing members to joint and several liability. Non-compete clauses within team agreements face the same state-by-state enforceability limits as employment non-competes; California, Minnesota, and Oklahoma restrict them significantly. IP assignment clauses should reference 'work made for hire' carefully — the term has a specific statutory meaning under the Copyright Act that does not automatically apply to independent collaborators.",{"code":480,"name":481,"flag_asset_id":482,"note":483},"ca","Canada","flag-ca","In Canada, an unincorporated team operating for profit may be treated as a general partnership under provincial partnership legislation, creating unlimited personal liability for each member. Quebec applies civil law rather than common law, which affects how contractual obligations and IP ownership are interpreted — French-language contracts are required for provincially regulated entities in Quebec. Non-solicitation and confidentiality clauses must be reasonable in scope to be enforceable; courts will not rewrite an overbroad restriction and may void it entirely.",{"code":485,"name":486,"flag_asset_id":487,"note":488},"uk","United Kingdom","flag-uk","UK law recognizes team agreements as binding contracts under the Contracts Act framework, provided there is offer, acceptance, and consideration. Unincorporated teams trading together risk being treated as a general partnership under the Partnership Act 1890, with attendant unlimited liability. Post-termination restrictions — non-compete and non-solicitation — must go no further than is reasonably necessary to protect a legitimate business interest; courts will not enforce restrictions that are unreasonably wide in duration or scope. IP created in the course of collaboration defaults to joint ownership under the Copyright, Designs and Patents Act 1988 unless explicitly assigned.",{"code":490,"name":491,"flag_asset_id":492,"note":493},"eu","European Union","flag-eu","EU member states apply varying national contract laws to team agreements, but all must comply with GDPR where confidential information includes personal data about clients, users, or third parties. Several member states — including France and Germany — apply mandatory employment-law protections to collaborators who exhibit characteristics of an employed relationship, regardless of how the agreement labels the arrangement. Post-contractual non-compete restrictions typically require financial compensation to be enforceable in France, Germany, and the Netherlands. IP ownership defaults vary by country; explicit assignment language is essential to override local defaults.",[235,241,238,251,248,495,496,497,498,499,500,501],"joint-venture-agreement-D889","employment-agreement_at-will-employee-D541","general-non-compete-agreement-D882","intellectual-property-assignment-D5229","profit-sharing-agreement-D13753","consulting-agreement-D12711","memorandum-of-understanding-D12548",{"emit_how_to":196,"emit_defined_term":196},{"primary_folder":98,"secondary_folder":504,"document_type":505,"industry":506,"business_stage":507,"tags":508,"confidence":513},"partnerships-and-joint-ventures","agreement","general","startup",[509,510,511,512],"partnership","team-agreement","roles-and-responsibilities","equity-and-ownership",0.85,"\u003Ch2>What is a Team Agreement?\u003C/h2>\n\u003Cp>A \u003Cstrong>Team Agreement\u003C/strong> is a binding legal document that formalizes the working relationship among two or more people collaborating on a shared business venture, project, or creative initiative. It establishes each member's defined role, scope of responsibilities, decision-making authority, compensation or profit-sharing formula, intellectual property ownership, confidentiality obligations, and the process for resolving disputes or managing a member's departure. Unlike a handshake arrangement or an informal email thread, a properly executed team agreement creates enforceable obligations on all sides — and eliminates the ambiguity that invariably becomes a source of conflict when money, IP, or control are at stake.\u003C/p>\n\u003Ch2>Why You Need This Document\u003C/h2>\n\u003Cp>Teams that operate without a written agreement do not operate without rules — they operate under whatever rules local law defaults to, which typically means each member is treated as a general partner with unlimited personal liability for the team's debts and no clear ownership of jointly created IP. The cost of discovering this after a dispute is significant: a single disagreement over who owns the product, who controls the client relationship, or who gets paid what can dissolve a team that has already invested months of work and real capital. A signed team agreement, executed before any shared work begins, closes these gaps at the cost of an hour and a document review. This template gives you a complete, editable starting point covering every clause that matters — so your team can focus on building rather than litigating.\u003C/p>\n",1781185994681]