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by trussi 5410 days ago
There are a bunch of triggers you want to include in the agreement, like what if one of the founders become incapacitated or gets divorced? Will the survivor/ex-wife now be your boss? You'll need to either dig up a well-written agreement or get some good legal advice.

If you're attorney costs less than their attorney, you're most likely going to leave an opening for you to get screwed in the future. Even if your other founders aren't dicks, a future investor might be (i.e. screw over bob and kick him out or you don't get my money).

Remember, this is like a pre-nuptial agreement. You have to write the agreement as if you are going to get a divorce.

You want to make sure you cover owner equity distribution in the agreement. If the other founders are pulling money out of the company, you should get an equal share.

And you might want to consider a buy-out clause. This gives the other founders an option to buy your shares. They will really like this. And you might give up some upside, but still walk away with a nice pile of cash. Make sure to structure it as best you can, so it's your option to take or not take. This gets tricky, but is doable.

If you really think there is some potential for the company to make some serious profit, you need to go find a $350-500/hr attorney to help you get into the right agreement.