The Management Partnership Agreement is essential for businesses operating in Hong Kong that wish to establish a formal partnership structure with defined management responsibilities. This document is particularly crucial when multiple partners need to clearly delineate their management rights, voting powers, and profit-sharing arrangements while complying with Hong Kong's Partnership Ordinance and related regulations. It's commonly used when establishing new professional services firms, restructuring existing partnerships, or admitting new managing partners. The agreement addresses key aspects such as capital contributions, management authority, decision-making processes, profit distribution, and dispute resolution mechanisms, all within the context of Hong Kong's legal framework. It provides necessary protection for all parties involved while ensuring the partnership's management structure aligns with local business practices and regulatory requirements.
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1. Parties: Identification of all partners entering into the management partnership agreement
2. Background: Context of the partnership formation and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Partnership Structure: Legal structure of the partnership, including partnership type and registration details
5. Management Rights and Responsibilities: Detailed outline of management partners' roles, authority, and decision-making powers
6. Capital Contributions: Details of initial and ongoing capital contributions from each partner
7. Profit and Loss Sharing: Formula and procedures for distributing profits and losses among partners
8. Decision Making Process: Procedures for management decisions, voting rights, and meeting protocols
9. Partnership Property: Treatment of partnership assets and intellectual property
10. Books and Records: Requirements for maintaining partnership records and financial accounts
11. Term and Termination: Duration of the partnership and conditions for termination
12. Confidentiality: Obligations regarding confidential information and trade secrets
13. Non-Competition: Restrictions on competitive activities during and after partnership
14. Dispute Resolution: Procedures for resolving disputes between partners
15. Governing Law: Specification of Hong Kong law as governing law and jurisdiction
1. Admission of New Partners: Procedures for admitting new partners - include if partnership plans to expand
2. Death or Incapacity: Procedures in case of death or incapacity of partners - important for smaller partnerships
3. Insurance Requirements: Required insurance coverage - include if specific insurance needs exist
4. International Operations: Provisions for international business - include if operating across borders
5. Intellectual Property Development: Provisions for IP creation and ownership - include for knowledge-based businesses
6. Employee Management: Procedures for hiring and managing employees - include if partnership will have employees
7. Environmental Compliance: Environmental obligations - include for businesses with environmental impact
8. Digital Assets Management: Management of digital assets and online presence - include for digital businesses
1. Schedule 1 - Partner Details: Detailed information about each partner, including contact details and professional qualifications
2. Schedule 2 - Capital Contributions: Detailed breakdown of each partner's capital contributions, including valuations of non-cash contributions
3. Schedule 3 - Profit Sharing Ratios: Detailed formula and examples of profit and loss distribution calculations
4. Schedule 4 - Management Structure: Organizational chart and detailed management responsibilities
5. Schedule 5 - Business Plan: Initial business plan and strategic objectives
6. Schedule 6 - Partnership Assets: Inventory of partnership assets and their agreed values
7. Appendix A - Meeting Procedures: Detailed procedures for partnership meetings and decision-making processes
8. Appendix B - Financial Procedures: Detailed financial management and reporting procedures
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