Starting a business with someone can be an exciting and rewarding experience. However, it’s important to ensure that you and your co-founder are on the same page when it comes to expectations, responsibilities, and how to handle any potential disagreements. This is where a founders agreement comes in.

A founders agreement is a legal document that outlines the roles, responsibilities, and ownership of each co-founder in a business. It can also include provisions for how to handle a variety of scenarios such as a co-founder leaving the company, how to divide profits, and how to handle intellectual property.

While it’s always recommended to have a founders agreement in place, it can be expensive to hire a lawyer to draft one for you. Luckily, there are plenty of free templates available online that can serve as a starting point for your agreement.

Here are a few things to keep in mind when using a founders agreement template:

1. Customize it to your needs – While the template may cover a lot of the important points, each business is unique, and it’s important to customize the agreement to fit your specific situation.

2. Get legal advice – While you may be able to create a basic agreement using a template, it’s always a good idea to have an attorney review it to ensure that it’s legally sound and covers all necessary areas.

3. Be open and honest – It’s important to have open and honest communication with your co-founder throughout the entire process. Discuss any potential issues or concerns upfront to avoid any surprises down the line.

4. Review and update regularly – As your business grows and evolves, it’s important to review and update your founders agreement regularly to ensure that it still accurately represents the current state of your business.

In conclusion, a founders agreement is an important document for any business with multiple co-founders. While hiring an attorney to draft one for you may not be feasible, there are plenty of free templates available online that can serve as a starting point. Just remember to customize it to your needs, get legal advice, be open and honest, and review and update regularly.