template

Founder Service (Employment) Agreement

by
Genie Team
Genie Team
Nov, 14 2023

When to use this template

  • This template can be used as a single founder or multiple co-founders when starting a company

  • The agreement is made between each (co-)founder and the company

  • It is a service agreement, which is essentially an employment agreement, however contains some clauses unique to founders such as handling of directorship

  • This document is used by Entrepreneur First founders

Key issues covered in this template

  • Intellectual property before the commencement date
  • Intellectual property after the commencement date
  • Directorship
  • Sickness absence
  • Termination
  • Obligations upon termination
  • Restrictive covenants
  • Non-compete
  • Equity/share splitting
  • Board rights

What to watch out for

  • Watch out for defining whether founders and work on other businesses at the same time as this business

  • How IP is owned during working hours and outside of working hours

  • Equity/share split is not covered in this template

  • Obligations upon termination can be particularly relevant

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Used by

Author

Genie Team

Genie Team

@genieteam
Genie AI

The Genie Team consists of lawyers and paralegals. Our aim is to open source the law and provide high quality, regularly reviewed legal documents.

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+8 more
Technology
29%
Legal Services
11%
Consultancy
9%
Other
7%
Finance
7%
Education
5%
Consumer, Public & Health Services
4%
Media
3%
Sport & Entertainment
3%
Energy
3%
Transport
3%
Agriculture, Forestry and Fishing
3%
Construction
3%
Retail
3%
Real Estate
2%
Manufacturing
2%
Insurance
2%
Public Administration
1%

Additional information

Business categories

Business activities

Contract type

Relevant sectors

Agriculture, Forestry and Fishing

Mining

Construction

Manufacturing

Energy

Finance

Consumer, Public & Health Services

Media

Insurance

Legal Services

Education

Consultancy

Public Administration

Relevant company sizes

1 - 3

4 - 19

Governing law

England and Wales

Language

English UK

Gender neutral

Yes