₦airaland Forum

Butterworth:
Recommending his removal is same as removing him.

erico2k2:
They can change that law don't forget they ate law makers

thinkdip:
I love this, send him back and remove him. We don't want people like him in our country.
I thought he would form James Bond and won't show up.
Coward.

legalifyNg:
(5 Minutes Read)

 Many wars had been fought and battles lost over the failure to draft a founder’s agreement. Some, founders, prefer to wait until they have a viable product before entering into such agreement and in the
Interim, between conceiving a business idea and working it into a viable

product that scales, a lot of things can go wrong between partners.

There ought to be an agreement on ground, signed by the partners, to

deal with certain possibilities and eventualities, which might later become

full blown litigation.

 

Scenario

 

A, B and C brainstormed on an idea that led into a business product, before the formal lunch of the product, A left for further studies abroad and did not participate in the running and planning of the business for 2 years.

After 2 years, A returned, he insisted he is still part of the Business, with as much equity as B and C.

 

In the scenario above, a founder’s agreement signed by the parties will duely resolve the issue at hand. A founder’s agreement stipulates who gets what, when and how. What such person needs to do to get what equity.


Contents of a Founders Agreement

 

Equity Split

The issue of equity split between partners is sometimes a touchy issue, it has caused a lot of business to collapse even before they launched. It is way easier to divide equity  before the product scales, than it is to draft a
founder’s agreement after the product scales

 
Roles and responsibilities

Roles and responsibilities of each partners must be clearly stated; clash will reduce when everybody knows what is expected of him or her and the evaluation system.

 

Early Exits

 This is aptly fundamental. A founder’s agreement should provide for situations of early exit by any partner, that in the event that a founder leaves prior to the company formation or before the products scales or
even after it scales. When such agreements are in place everybody knows what to expect and the resultant repercussions, without much quarrel. The partners may decide to set milestone for equity vesting, meaning that the departed founder could be granted equity for work so far done. The partners may decide  to give cash compensation for work so far done by the partner, or they may decide to include a clause that a partner who is
leaving and wants to sell his equity must first tell the other partners who would offer to buy it at fair price.

-----------------------------------------------------. Visit www.legalify.ng to read more posts

BrilliantMind:
Michael Sam-wobo pitied Buhari no be small! Read him!

NIGERIA IS AN IMPOSSIBLE COUNTRY TO GOVERN IF YOU ARE NOT A THIEF.

HOW DO YOU GOVERN A PEOPLE WHO CELEBRATE CORRUPTION AND THEN CRY WHEN THE DAMAGE IS DONE, AS IF THEY HAD NO IDEA WHERE IT CAME FROM. A COUNTRY WHERE TREASURY LOOTERS ARE WORSHIPED AND THEIR ILL-GOTTEN WEALTH IS A SOURCE OF FASCINATION .
A COUNTRY WHERE EVERYONE BRIBES TO GET HIS WAY AND EXPECTS TO BE BRIBED TO DO THEIR JOB OR ANY JOB.

HOW DOES A GOOD MAN GOVERN A COUNTRY THAT STILL CELEBRATES A PRESIDENT WHO PRESIDED OVER THE WANTON PILFERING OF ITS RESOURCES AND SOME OPENLY WISH HE COULD COME BACK TO POWER .

A COUNTRY WHERE PEOPLE SPEND MORE TIME ON THEIR KNEES THAN THEY DO ON THE JOB. A COUNTRY WHERE WORK SCHEDULE RUNS FROM 7.30 AM TO 4.30 PM, BUT WORKDAY ENDS AT 12 NOON ON A VERY GOOD DAY .

HOW DO YOU FIX AN ECONOMY THAT IMPORTS EVERYTHING FROM TOOTHPICK TO TOILET PAPER AND MAKES NOTHING ? AN ECONOMY THAT HAS FOR YEARS AND EVEN DECADES HAD ONLY ONE CURRENCY , CORRUPTION.!!!

HOW DOES A GOOD MAN GOVERN A COUNTRY THAT HAS MORE PLACES OF WORSHIP THAN FARM LANDS OR FACTORIES AND EVERYONE SEE S CORRUPTION AS MEANS TO GOD'S BLESSING.

A COUNTRY WHERE GETTING RICH FROM PRAYER AND NOT WORK IS A DAILY SPIRITUAL DIET AND MEN OF GOD OPENLY FRATERNIZE WITH CERTIFIED AND INDICTED THIEVES AND DROLL OVER THEIR LOOT. .

A COUNTRY WHERE HARD WORK IS DERIDED AND EVERYONE SEEKS WEALTH AT ALL COST. A COUNTRY WHERE POLITICIANS HAVE NO IDEOLOGY AND POLITICS A COMPETITION BETWEEN TWO THIEVING PARTIES THAT ARE ONLY UNIFIED BY THEIR COMPETITION FOR THE COUNTRY'S RESOURCES .

A COUNTRY WHERE THE PRESIDENT MUST BRIBE THE LEGISLATORS TO GET HIS BUDGET PASSED .

HOW DOES A GOOD MAN GOVERN NIGERIA WHEN EVERYONE HE SEES AROUND CANNOT WAIT TO GET RID OF HIM SO THEY CAN START STEALING , AND THEY ALL SEE HIM AS THE STUMBLING BLOCK TO THEIR DESIRE TO LOOT THE TREASURY. ..?
NIGERIA IS NO COUNTRY FOR GOOD MEN AND GOOD MEN IN POWER IS AN OXYMORON..

It took Mahathir Muhammad 22 years (1981-2003) to fix Malaysia;

It took Lee Kuan Yew 8 consecutive terms in office for 30 years (1959-1990) to fix Singapore.

It took Jerry Rawlings 26 years (1981-2002) to fix Ghana

It took Meles Zenawi 12 years (1995-2012) to fix Ethiopia.

But they want you to miraculously fix Nigeria in 2 years.

Hmm! Nigerians are exceptionally wonderful.

You really need a rest!

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Mod. Front Page Abeg

coolcharm:
Why are you writing in capital letters? It is rude and difficult to read.

Alero3Arubi:
You were eating ovulated eggs for 33yrs oga.
Think about it again

ehis889:
Guy how far? I hope u have built a house in lekki? The way you put price on Nigeria used cars, I'm sure you will make N15 million from the sale of 1 car. Bloody thief