

Founder's contract for a nights-and-weekends effort? - uartzmoq

Founder's contract for a a nights-and-weekends effort?
My friend and I want to bootstrap a startup as a nights-and-weekends effort. The first thing we want to do is to agree on a contract that will keep things fair if one of us doesn't contribute as much as the other, or bails out completely. After reading HN threads on founder disputes, we have so far come up with the following. Please critique, who knows what trouble you might save us down the road with your suggestions.<p>Our agreement so far:<p>1. 50/50 ownership (subject to vesting)<p>2. Four year vesting schedule (25% at 12 months, 50% at 24 months, so on...)<p>3. A commitment to work x hours per week.<p>4. Some rule where a founder who fails to meet that commitment for a prolonged period can be fired.<p>5. Eventual compensation, at some percentage of market consulting rate ($50/hr? $100/hr?) from revenue for the founder who worked more, if the other founder fell short of the commitment.<p>This may seem pretty complicated, but our goal is to set something up that will ease tension rather than create it. Any comments/ideas?
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ig1
Don't it's more hassle then it's worth. If someone isn't pulling their weight
then split and come to an agreement how much you're willing to pay for the
other person's work. If you can't come to an agreement throw the other
person's work away and redo it from scratch.

