The Founders Collaboration Agreement is a crucial document used when two or more individuals decide to establish a business venture together in Hong Kong. This agreement serves as the cornerstone of the founding team's relationship, typically created before or during company incorporation. It should be implemented when founders are ready to formalize their business relationship but before significant business operations commence. The document addresses key aspects such as equity distribution, roles and responsibilities, decision-making processes, and intellectual property rights, all within the context of Hong Kong's legal framework. The agreement helps prevent future disputes by clearly documenting the founders' understanding and commitments, incorporating relevant provisions from Hong Kong's Companies Ordinance and common law principles. It's particularly important given Hong Kong's status as a major business hub and its unique legal system that combines common law with local legislation.
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1. Parties: Identifies and defines all founding members entering into the agreement
2. Background: Describes the context, purpose of collaboration, and business venture
3. Definitions: Defines key terms used throughout the agreement
4. Business of the Company: Describes the nature and scope of the business venture
5. Founders' Commitments: Details the obligations, responsibilities, and commitments of each founder
6. Equity Structure: Specifies the initial shareholding split and any vesting arrangements
7. Roles and Responsibilities: Defines specific roles, duties, and areas of responsibility for each founder
8. Decision Making: Outlines the process for making key business decisions and voting rights
9. Intellectual Property: Addresses ownership and protection of IP created before and during the venture
10. Confidentiality: Establishes confidentiality obligations regarding business information
11. Non-Compete and Non-Solicitation: Restricts founders from competing activities and poaching employees/clients
12. Departure and Exit: Procedures for handling voluntary or involuntary departure of founders
13. Dispute Resolution: Mechanisms for resolving disputes between founders
14. General Provisions: Standard boilerplate clauses including governing law, notices, etc.
1. Investment Commitments: Required if founders are making initial capital contributions
2. Remuneration: Include if founders will receive salary or other compensation
3. External Funding: Include if the company plans to seek external investment
4. Board Structure: Required if establishing a formal board of directors initially
5. Share Transfer Restrictions: Include if specific restrictions on share transfers are needed
6. Dead Lock Resolution: Include for ventures with equal ownership splits
7. Good Leaver/Bad Leaver: Include if different treatment of departing founders is desired
8. Intellectual Property Assignment: Required if specific pre-existing IP is being transferred
9. Future Funding Rounds: Include if planning for future dilution and funding rounds
1. Schedule 1 - Founder Details: Personal information and contact details of all founders
2. Schedule 2 - Business Plan: Initial business plan and strategic objectives
3. Schedule 3 - Equity Structure: Detailed breakdown of shareholding and vesting schedules
4. Schedule 4 - Roles and Duties: Detailed description of each founder's roles and responsibilities
5. Schedule 5 - Pre-existing IP: List of any intellectual property brought into the venture
6. Schedule 6 - Initial Contributions: Details of any initial capital or asset contributions
7. Appendix A - Deed of Adherence: Template for new founders or shareholders to join
8. Appendix B - Share Valuation Methodology: Agreed method for valuing shares for transfers or exits
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