The Small Business Partnership Agreement is a vital legal document for entrepreneurs and small business owners in Hong Kong who wish to formalize their business relationship with one or more partners. This agreement is particularly important in the Hong Kong business environment, where partnerships are governed by the Partnership Ordinance (Cap. 38) and must comply with local business registration requirements. The document should be used when establishing a new partnership or formalizing an existing one, as it provides essential protection for all parties by clearly defining their rights, responsibilities, and obligations. It covers crucial aspects such as capital contributions, profit sharing, management structure, decision-making processes, and dispute resolution mechanisms. The agreement also addresses important considerations such as partner admission, retirement, and business dissolution, making it an essential foundation for any small business partnership in Hong Kong.
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1. Parties: Identifies all partners entering into the agreement, including their full legal names and addresses
2. Background: Sets out the context of the partnership formation and the partners' intention to operate the business together
3. Definitions: Defines key terms used throughout the agreement to ensure clear interpretation
4. Partnership Formation: Establishes the creation of the partnership, its name, and commencement date
5. Nature of Business: Defines the scope and type of business activities the partnership will undertake
6. Capital Contributions: Details the initial and any agreed future capital contributions from each partner
7. Profit and Loss Sharing: Specifies how profits and losses will be distributed among partners
8. Management and Decision Making: Outlines the management structure and decision-making processes
9. Partners' Duties and Obligations: Lists the responsibilities and obligations of all partners
10. Banking and Financial Records: Specifies banking arrangements and requirements for financial record-keeping
11. Admission of New Partners: Procedures for admitting new partners to the business
12. Transfer of Partnership Interest: Rules governing the transfer of partnership interests
13. Termination and Dissolution: Circumstances and procedures for partnership termination and dissolution
14. Dispute Resolution: Procedures for resolving disputes between partners
15. Governing Law: Specifies Hong Kong law as the governing law of the agreement
1. Intellectual Property Rights: Addresses ownership and use of intellectual property when the partnership involves creative work or innovation
2. Non-Competition: Restricts partners from competing with the partnership, recommended for specialized or competitive industries
3. Insurance: Details required insurance coverage when the business has specific insurance needs
4. Partnership Property: Specific provisions for handling partnership property when significant assets are involved
5. Retirement of Partners: Procedures for partner retirement when partners are near retirement age or want this option
6. Death or Incapacity: Provisions for handling a partner's death or incapacity, important for family businesses or older partners
7. International Operations: Additional provisions for partnerships operating across borders
1. Schedule 1 - Capital Contributions: Detailed breakdown of each partner's initial and committed future capital contributions
2. Schedule 2 - Profit Sharing Ratios: Detailed allocation of profit and loss shares among partners
3. Schedule 3 - Business Plan: Initial business plan and strategic objectives of the partnership
4. Schedule 4 - Partners' Authority Limits: Specific financial and operational authority limits for each partner
5. Schedule 5 - Asset Register: List of partnership assets and their agreed values at commencement
6. Appendix A - Partnership Policies: Key operational policies and procedures
7. Appendix B - Specimen Signatures: Partners' specimen signatures for banking and official documents
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