The Business Co-Ownership Agreement is a crucial document for any venture in Hong Kong involving multiple owners or partners. It serves as the foundational document that governs the relationship between co-owners and provides clarity on their respective rights, responsibilities, and obligations. This agreement is particularly important in Hong Kong's dynamic business environment, where clear ownership structures and governance mechanisms are essential for business success and dispute prevention. The document typically includes provisions for ownership distribution, capital contributions, management rights, profit sharing, dispute resolution, and exit mechanisms, all tailored to comply with Hong Kong's legal framework. It's commonly used when establishing new businesses, restructuring existing ones, or when new partners join an established business.
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1. Parties: Identifies and provides full details of all co-owners entering into the agreement
2. Background: Sets out the context of the agreement, including the nature of the business and the parties' intention to co-own it
3. Definitions: Defines key terms used throughout the agreement for clarity and consistency
4. Business Structure: Specifies the legal structure of the business and ownership percentages
5. Capital Contributions: Details the initial and ongoing capital contributions required from each co-owner
6. Management and Control: Outlines how the business will be managed and decisions will be made
7. Profit and Loss Distribution: Specifies how profits and losses will be shared among co-owners
8. Rights and Obligations: Details the specific rights and responsibilities of each co-owner
9. Transfer of Ownership: Establishes procedures for transferring ownership interests, including right of first refusal
10. Dispute Resolution: Sets out the process for resolving disagreements between co-owners
11. Termination: Specifies conditions and procedures for terminating the agreement or exit of a co-owner
12. Governing Law: Confirms Hong Kong law as governing law and jurisdiction
1. Non-Compete and Confidentiality: Restricts co-owners from competing with the business and protects confidential information
2. Intellectual Property Rights: Addresses ownership and use of intellectual property in the business
3. Insurance: Specifies required insurance coverage and responsibilities
4. Death or Incapacity: Procedures for handling ownership in case of death or incapacity of a co-owner
5. External Financing: Procedures for obtaining and managing external financing
6. Employment of Co-owners: Terms for co-owners who are also employees of the business
7. Tag-Along and Drag-Along Rights: Provisions for minority owner protection and majority owner exit rights
8. Business Expansion: Procedures for business expansion and additional capital raising
9. Related Party Transactions: Rules for handling business dealings with related parties
1. Schedule 1 - Business Details: Details of the business including registration numbers, address, and nature of business
2. Schedule 2 - Initial Capital Contributions: Detailed breakdown of each owner's initial capital contributions
3. Schedule 3 - Ownership Structure: Detailed breakdown of ownership percentages and share classes if applicable
4. Schedule 4 - Management Structure: Organizational chart and management responsibilities
5. Schedule 5 - Reserved Matters: List of decisions requiring unanimous or special majority approval
6. Schedule 6 - Valuation Method: Agreed method for valuing the business in case of transfer or exit
7. Appendix A - Business Plan: Initial business plan and strategic objectives
8. Appendix B - Financial Projections: Initial financial projections and budgets
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