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A founders agreement is a legal contract crucial for partners starting a new business together. It outlines the roles, rights, and responsibilities of each owner and can stand alone or be part of corporate bylaws, an LLC operating agreement, or a partnership agreement. The importance of having a founders agreement lies in protecting each founder's interests and preventing potential conflicts. In the event of a dispute, the agreement establishes a structured method for resolution by clarifying each owner’s role in the business. This foundational document is essential for fostering a cooperative and clear working relationship among co-founders.