The Memorandum of Agreement Business Partnership is a crucial legal document used when establishing a formal business partnership in Hong Kong. It serves as the foundational agreement that governs the relationship between partners, whether they are individuals, corporations, or other business entities. This document is particularly important in Hong Kong's dynamic business environment, where partnerships must comply with the Partnership Ordinance (Cap. 38) and other relevant legislation. It should be used when partners wish to formalize their business relationship, clearly define their rights and obligations, establish profit-sharing mechanisms, and set out governance structures. The agreement typically includes detailed provisions on capital contributions, management responsibilities, decision-making processes, and dispute resolution procedures, all tailored to meet Hong Kong's legal requirements and business practices.
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1. Parties: Identifies and provides full details of all partners entering into the agreement
2. Background: Explains the context and purpose of the partnership, including the business objectives
3. Definitions: Defines key terms used throughout the agreement to ensure clarity and prevent misinterpretation
4. Partnership Structure: Outlines the nature of the partnership, ownership percentages, and business structure
5. Capital Contributions: Details the initial and ongoing capital contributions required from each partner
6. Profit and Loss Sharing: Specifies how profits and losses will be distributed among partners
7. Management and Decision Making: Establishes management structure and decision-making processes, including voting rights
8. Partners' Duties and Obligations: Defines the responsibilities, commitments, and expectations of each partner
9. Financial Management: Outlines financial procedures, accounting practices, and banking arrangements
10. Term and Termination: Specifies the duration of the partnership and conditions for termination
11. Dispute Resolution: Details the procedures for resolving conflicts between partners
12. Governing Law: Confirms Hong Kong law as governing law and jurisdiction
13. General Provisions: Includes standard clauses such as notices, amendments, and severability
1. Non-Competition: Restricts partners from engaging in competing businesses - include when partners have other business interests
2. Intellectual Property Rights: Addresses ownership and use of IP - include when the partnership involves significant IP assets
3. Insurance: Specifies required insurance coverage - include for high-risk businesses or when significant assets are involved
4. Confidentiality: Protects sensitive business information - include when dealing with proprietary information or trade secrets
5. Death or Incapacity: Procedures for handling partner death or incapacity - include for long-term partnerships or family businesses
6. Buy-Sell Provisions: Procedures for buying out partners - include when partners may want exit options
7. International Operations: Addresses cross-border activities - include if business operates internationally
1. Schedule 1: Capital Contributions: Detailed breakdown of each partner's initial and planned capital contributions
2. Schedule 2: Profit Sharing Ratios: Detailed formulas and calculations for profit and loss distribution
3. Schedule 3: Business Plan: Initial business plan and strategic objectives
4. Schedule 4: Partner Information: Detailed information about each partner, including contact details and representatives
5. Schedule 5: Asset Register: List of partnership assets and their agreed values
6. Appendix A: Banking Arrangements: Details of partnership bank accounts and authorized signatories
7. Appendix B: Accounting Policies: Specific accounting procedures and policies to be followed
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