The Co-Founder Agreement serves as a foundational document for businesses establishing operations in Hong Kong, typically used when two or more individuals join forces to launch a new venture. It provides essential legal protection and clarity regarding ownership, management, and operational aspects of the business relationship. This document is particularly crucial in Hong Kong's dynamic business environment, where clear delineation of roles and responsibilities is vital for successful business operations. The agreement includes provisions for equity distribution, decision-making processes, intellectual property rights, and exit mechanisms, all aligned with Hong Kong's legal framework and business practices. It helps prevent future disputes by establishing clear guidelines and expectations from the outset of the business relationship.
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1. Parties: Identifies and provides details of all co-founders entering into the agreement
2. Background: Explains the context of the agreement, including the business concept and purpose of the collaboration
3. Definitions: Defines key terms used throughout the agreement
4. Roles and Responsibilities: Outlines each co-founder's specific duties, responsibilities, and areas of authority
5. Equity Structure: Details the initial share distribution, vesting schedules, and any share transfer restrictions
6. Capital Contributions: Specifies initial and future capital contributions from each co-founder
7. Decision Making: Establishes voting rights and procedures for key business decisions
8. Intellectual Property Rights: Addresses ownership and assignment of IP created during the business relationship
9. Confidentiality: Defines confidential information and obligations to maintain confidentiality
10. Non-Compete and Non-Solicitation: Establishes restrictions on competitive activities and solicitation of employees/customers
11. Departure and Exit: Procedures for voluntary or involuntary departure of a co-founder
12. Dispute Resolution: Outlines process for resolving disputes between co-founders
13. General Provisions: Standard boilerplate clauses including governing law, amendments, and notices
1. Salary and Compensation: Details any salary, benefits, or other compensation for co-founders who are also employees
2. External Activities: Addresses permissions and restrictions for involvement in other business activities
3. Board Composition: Establishes structure and operation of the board of directors
4. Tag-Along and Drag-Along Rights: Special rights for share sales in case of acquisition offers
5. Pre-emptive Rights: Rights of first refusal for new share issuances
6. Death and Incapacity: Procedures for handling a co-founder's death or permanent incapacity
7. Family Members Involvement: Rules regarding involvement of family members in the business
8. International Operations: Provisions for international business activities and compliance
1. Schedule 1: Share Capital Table: Detailed breakdown of share ownership and classes of shares
2. Schedule 2: Business Plan: Initial business plan and strategic objectives
3. Schedule 3: Intellectual Property Register: List of existing IP brought into the business by each founder
4. Schedule 4: Vesting Schedule: Detailed share vesting terms and milestones
5. Schedule 5: Initial Capital Contributions: Details of cash, assets, or services contributed by each founder
6. Schedule 6: Key Performance Indicators: Specific performance metrics for each founder's role
7. Appendix A: Form of Deed of Adherence: Template for new parties joining the agreement
8. Appendix B: Restricted Activities List: Specific activities restricted under non-compete provisions
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