In your start-up, it's important to Consider Roles and Responsibilities and properly define them.

This is important especially if you are starting a business with your friends or seniors.

Having been in this space for a while, I have seen that most cases of unclear terms and expectations come from people who are building with their peers or those senior to them.

For the sake of too much familiarity or fear of superiority, many things are left undefined, which eventually terribly harms the business.

So, it's important that you legally formalize the specific roles and responsibilities of each cofounder in the business.

This helps prevent disputes over who does what and ensures accountability.

Decision-making authority must also be clarified without assumptions and ambiguity.

Who has the final say in important things such as…

operations, finance, product development, etc.

 Consider if decision-making will be based on a majority vote or unanimous agreement, and document this legally.

This is where having a tight Agreement comes into play.

Founders’ Agreement will specify the legally binding agreement outlining the terms of the business relationship.

 It should include details on ownership, responsibilities, equity vesting, decision-making, and exit strategies.

Such agreement must also be clear on Dispute Resolution Clause.

This will show how disputes would be resolved to avoid lengthy and costly legal battles in the future.

so

have this in mind as you build

To your startup success!

Barinaada Legal.

P.S. We are getting close to shutting our doors for the Business Legal Stricture Program (BLS).

The program is for smart founders and business owners just like you who want to put the right legal structure in their business.

Chat on WhatsApp now(08091465571) to secure your slot.