Joint Ownership Agreement Outline
This Joint Ownership Agreement ("Agreement") is entered into on [Date] between [Co-founder 1 Name] ("Party A") and [Co-founder 2 Name] ("Party B"), collectively referred to as the "Parties".
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1. Purpose
The Parties involved have reached a mutual agreement, deciding to establish a co-ownership structure that will be instrumental in the initiation and ongoing operation of a business venture. Further details regarding this matter will be thoroughly elaborated and discussed in the sections that follow this agreement.
2. Description of Business Venture
The business venture shall be a software development company, engaging in creating innovative mobile applications. The venture aims to provide user-friendly solutions for everyday problems.
3. Ownership Interest
Each Party shall hold an equal ownership interest in the business venture, with Party A owning 50% and Party B owning 50%.
4. Roles and Responsibilities
Party A Responsibilities:
Overseeing technical development
Managing software engineering team
Ensuring quality control of products
Party B Responsibilities:
Handling business development and marketing
Managing client relations
Overseeing financial operations
5. Decision Making
Major decisions related to the business venture, including but not limited to financial matters, strategic direction, hiring key personnel, and entering into contracts exceeding $10,000, shall require mutual agreement between both Parties.
6. Financial Contributions
Each Party shall contribute $50,000 as an initial investment to fund the startup expenses of the business venture. Additional funding requirements shall be discussed and agreed upon by both Parties as needed to support the growth and operations of the venture.
7. Profit Sharing
Profits generated by the business venture shall be distributed equally between the Parties, in proportion to their ownership interests.
8. Confidentiality
The Parties agree to maintain the confidentiality of all proprietary information, trade secrets, and sensitive data related to the business venture, both during and after the term of this Agreement.
9. Term and Termination
This Agreement shall commence on the date of execution and shall remain in effect until terminated by mutual agreement of the Parties or by operation of law.
10. Governing Law and Dispute Resolution
This Agreement shall be governed by and construed by the laws of [Jurisdiction]. Any disputes arising out of or in connection with this Agreement shall be resolved through arbitration by the rules of the [Arbitration Organization].
11. Amendment
Any amendment or modification to this Agreement shall be valid only if made in writing and signed by both Parties.
12. Entire Agreement
This Agreement constitutes the entire understanding and agreement between the Parties concerning the subject matter hereof and supersedes all prior agreements, whether written or oral, relating to the same.
13. Execution
IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first above written.
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[Your Company Name]
[Date Signed]
[Co-Founder Name]
[Date Signed]
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