Teen dost, ek idea, aur chai ki tapri par ek hi line mein deal ho gayi: "Teeno barabar, 33-33-33!" Chhe mahine baad ek dost ka naya job lag gaya aur woh sirf weekend par aata hai. Company ke 33% shares uske naam par hain, aur baaki do din-raat kaam kar rahe hain. Jab investor ne cap table dekha, to pehla sawal yahi tha: "Yeh teesra founder abhi bhi kaam kar raha hai kya?" Equity ki baat shuru mein awkward lagti hai, lekin baad mein yahi sabse mehngi galti banti hai.
Quick Summary
- Equity split sirf barabar baantne ka sawal nahi hai: role, time, paisa, risk aur future kaam sab dekhna padta hai.
- Vesting shares ko samay ke saath "kamane" ka tareeka hai. 4 saal + 1 saal cliff market practice hai, law nahi.
- Founder agreement likhwayein aur key clauses Articles of Association mein bhi daalein.
- Unvested shares ko kam daam par wapas lene mein Income-tax ke 50CA aur 56(2)(x) ka trap ho sakta hai, isliye valuation ka dhyan rakhein.
- Ek founder ke jaane ke baad ke rules shuru mein hi likhna sabse sasta padta hai.
Equity Split Kaise Tay Karein: 3 Common Tareeke
| Tareeka | Kaise kaam karta hai | Kab theek, kab nahi |
|---|---|---|
| Barabar split | Sab founders ko same percentage. | Sabka commitment aur role similar ho to theek. Alag-alag contribution par naaraazgi ban sakti hai. Deadlock ka risk bhi. |
| Role/factor weighted | Idea, full-time commitment, domain experience, paisa aur future responsibility ko points dekar split nikalna. | Zyada fair lagta hai aur baat-cheet ko structure deta hai. Weights par behas ho sakti hai, par woh behas shuru mein hi achhi. |
| Dynamic / contribution-based | Equity waqt ke saath, kaam aur paise ke hisaab se badalti hai. | Bahut early stage mein kaam kar sakta hai, par record rakhna mushkil aur company banne ke baad cap table fix karna padta hai. |
Koi ek formula sabke liye sahi nahi hota. Zaruri yeh hai ki split ek khuli baat-cheet ke baad tay ho, aur likhit mein ho. Aur yaad rakhein: equity sirf idea ka inaam nahi, aage ke kaam ka commitment bhi hai. Isi liye vesting aati hai.
Vesting: Shares "Kamaye" Jaate Hain
Vesting ka seedha matlab: aaj aapke naam par 40% shares dikhte hain, lekin sab abhi pooree tarah aapke nahi, woh samay ke saath aapke hote jaate hain. Common structure (market practice, kisi law mein fix nahi):
- Vesting period: aam taur par 4 saal.
- Cliff: pehle 1 saal ke andar chhodne par koi share vest nahi hota.
- Monthly/quarterly vesting: cliff ke baad baaki shares har mahine ya quarter mein vest hote hain.
- Acceleration (optional): company bikne ya funding jaise events par vesting jaldi poori ho sakti hai.
- Leaver clauses: good leaver (jaise health issue) aur bad leaver (jaise misconduct) ke liye alag buy-back price.
Worked Example
Company ke 1,00,000 shares hain (face value ₹10 each). Bhavna ke paas 40,000 shares hain, 4 saal vesting, 1 saal cliff. Woh 18 mahine baad chhodti hai.
| Item | Calculation | Result |
|---|---|---|
| Vested shares | 40,000 x 18/48 | 15,000 shares |
| Unvested shares | 40,000 - 15,000 | 25,000 shares |
| Wapas kharidne ka price (agar agreement mein face value) | 25,000 x ₹10 | ₹2,50,000 |
Bhavna ke paas 15,000 vested shares rehte hain, aur 25,000 unvested shares wapas company ke baaki founders ke paas aa sakte hain, jo ab bhi kaam kar rahe hain. Cliff isliye hota hai ki 6-8 mahine mein hi chhodne wale ko kuch na mile.
Tax Trap: Kam Daam Par Wapas Lena
Upar ke example mein agar tab tak company ka FMV (fair market value) ₹100 per share ho gaya ho, aur 25,000 shares ₹10 par ek founder ko transfer hon, to ₹90 x 25,000 = ₹22.5 lakh ka gap bana. Income-tax Act, 1961 (ab Income-tax Act, 2025 ke under renumber) ki Section 50CA unlisted shares ke seller par FMV ko sale value maan sakti hai, aur Section 56(2)(x) kharidne wale individual par FMV aur price ke gap par tax laga sakti hai (jab gap ₹50,000 se zyada ho). Yani dono taraf tax ka jhatka ho sakta hai. Early stage mein FMV aksar face value ke paas hota hai, to problem nahi hoti, lekin funding ke baad agar vesting trigger hoti hai, to valuation aur structure par CA ki salah lena zaroori hai. Yeh "depends on facts" wala area hai.
Founder Agreement Checklist
| Clause | Kyun zaroori hai |
|---|---|
| Roles aur time commitment | Full-time/part-time aur kaun kya dekhega, saaf likha ho. |
| Equity, vesting aur cliff | Commitment ko equity se jodta hai. |
| Good/bad leaver | Chhodne ke reason ke hisaab se alag buy-back price. |
| IP assignment | Code, brand, design aur content ka ownership company ke paas ho, na ki kisi ek founder ke paas. IP ka assignment likhit hona chahiye. |
| Decision-making aur deadlock | Kaun se faisle majority se, kaun se sabki sahmati se, aur tie hone par kya. |
| Transfer restrictions (ROFR, tag, drag) | Bahar ke kisi ko shares bechne se pehle baaki founders ko pehla haq. |
| Confidentiality aur non-solicit | Business ki jaankari aur team/clients ki suraksha. Post-exit non-compete par Section 27 ka dhyan. |
| ESOP pool | Future team ke liye shares alag rakhne ka plan. Dekhein ESOP tax guide. |
Company Law Ki Taraf Se Kya Dhyan Rakhein
- Pvt Ltd ke Articles mein transfer par restriction hoti hi hai. ROFR, tag-drag jaise clauses Shareholders' Agreement ke saath-saath Articles of Association mein bhi daalein, taki company par bhi lagu hon.
- Founder shares aam taur par shuru mein face value par subscribe hote hain. Baad mein allotment karna ho to valuation (aur tax) ka dhyan rakhein.
- Sweat equity: kaam ke badle shares dena Companies Act ki Section 54 ke under aata hai aur ismein special resolution, valuation aur lock-in jaisi shartein hoti hain. Founders ke liye aksar upar ka reverse-vesting structure zyada seedha hota hai.
- Cap table aur records: har allotment ke baad ROC filing aur register update karein. DPIIT-recognised startups ke liye startup benefits bhi dekhein.
- Investor aane se pehle vesting aur IP assignment theek ho, kyunki due diligence mein yahi sabse pehle dekha jaata hai.
Common Mistakes
- Sab kuch zubaani "chalta hai" par chhod dena, aur likhit agreement na banana.
- Barabar equity baant dena bina vesting ke, jis se jaane wale founder ke paas bhi poori hissedari rah jaati hai.
- IP ko company mein assign na karna, aur code/brand kisi ek founder ke naam par rehna.
- Part-time founder ko full-time ke barabar equity dena.
- Unvested shares ko kam daam par transfer karna aur valuation/tax ka ghalat andaza lagana.
- Post-exit non-compete par poora bharosa karna, jabki India mein woh aksar enforce nahi hota.
- ESOP pool ke liye jagah chhode bina saari equity baant dena.
Related Guides
- Private Limited Company Registration
- Pvt Ltd Mein Shares Transfer Kaise Karein
- Startup India DPIIT Recognition: Tax Benefits
- ESOP aur RSU: Tax Rules
Frequently Asked Questions
Co-founders mein equity 50-50 karna theek hai ya nahi?
Do founders ke liye 50-50 common hai aur bura nahi hai, bashart dono ka commitment, role aur risk lagbhag barabar ho. Dikkat tab aati hai jab ek founder full-time hai aur doosra part-time, ya ek paisa laga raha hai aur doosra nahi. 50-50 mein deadlock ka risk bhi hota hai, isliye decision-making aur deadlock ka clause zaroor likhwayein.
Vesting aur cliff ka matlab kya hota hai?
Vesting ka matlab hai ki founder ke shares samay ke saath kamaye jaate hain. Cliff ek minimum period hai (jaise 1 saal), jiske pehle koi share vest nahi hota. Market mein 4 saal ki vesting aur 1 saal ka cliff aam practice hai, lekin yeh koi law nahi hai, aap apne deal ke hisaab se badal sakte hain.
Reverse vesting kya hota hai?
Reverse vesting mein founders ko shares shuru mein hi allot ho jaate hain (usually face value par), lekin agreement mein likha hota hai ki agar founder jaldi chhod de, to unvested shares company ya baaki founders wapas kharid sakte hain. Isse founder ke naam par shares dikhte hain, lekin commitment bhi secure rehti hai.
Kya company seedha unvested shares buyback kar sakti hai?
Company ka buyback Companies Act ki Section 68 ke niyam aur limits ke under aata hai, isliye har case mein yeh asaan ya sahi route nahi hota. Isliye kai structures mein baaki founders ya nominee ko transfer ka option rakha jaata hai. Kaunsa route sahi hai, yeh facts aur CS/CA ki salah par depend karta hai.
Founder agreement mein kaun si clauses zaroori hain?
Roles aur time commitment, equity split aur vesting, leaver provisions (good leaver/bad leaver), IP assignment, decision-making aur deadlock, transfer restrictions (ROFR, tag/drag), confidentiality, aur exit ka process. Sab important clauses ko Articles of Association mein bhi daalna behtar hota hai.
Kya founder ke chhodne ke baad non-compete enforce ho sakta hai?
India mein Indian Contract Act ki Section 27 ke kaaran employment/relationship khatam hone ke baad lagne wale non-compete aksar enforce nahi hote. Kaam ke dauran ka non-compete, confidentiality aur IP assignment alag baat hai. Ek vakil se apna draft zaroor check karwayein.
Company banane ja rahe hain? Hamari Company Registration service mein hum shareholding structure, MOA/AOA aur founder agreement ke points saath mein plan karne mein madad karte hain, taki shuru ki galtiyan baad mein mehngi na padein.
Disclaimer
Yeh article sirf general jaankari ke liye hai aur Companies Act, 2013 aur Income-tax law ke October 2026 tak ke position par based hai. Yeh legal ya professional advice nahi hai. Founder agreement, valuation aur tax ka result aapke facts par depend karta hai, isliye kisi vakil aur CA/CS se salah lekar hi final draft banayein.