The importance of a founders' agreement for a startup

Excerpt. 

While there is no agreement over exactly how, there is widespread agreement over the value of forming some sort of agreement among company founders — sooner rather than later in the life of the company.

The power of these sorts of agreements may be as much a function of the conversations that are had in order to put these conclusions into place as it is a function of the formal agreement/document itself.  The goal of the conversation/agreement is to have an open and honest discussion of the attitudes, fears, and aspirations of, as well as the arrangements among the individuals involved with the startup in the hopes of minimizing the likelihood of debilitating surprises later in the life of the company.

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