The Profit Sharing Agreement Between Partners is a fundamental document for businesses operating under Malaysian jurisdiction, particularly those structured as partnerships under the Partnership Act 1961. This agreement is essential when two or more parties wish to formalize their business relationship and establish clear mechanisms for sharing profits and losses. It becomes particularly relevant when partners are contributing different levels of capital, expertise, or resources to the business. The agreement addresses crucial aspects such as profit calculation methods, distribution timing, partner responsibilities, and management rights, while ensuring compliance with Malaysian tax regulations and business laws. It serves as a vital tool for preventing future disputes and providing clarity on financial arrangements between partners.
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1. Parties: Identifies and provides full details of all partners entering into the profit sharing agreement
2. Background: Explains the context of the partnership and the purpose of entering into the profit sharing arrangement
3. Definitions: Defines key terms used throughout the agreement including 'Profits', 'Financial Year', 'Business', etc.
4. Partnership Business: Describes the nature and scope of the business activities covered by the profit sharing arrangement
5. Term and Duration: Specifies the commencement date and duration of the profit sharing arrangement
6. Capital Contributions: Details the initial and ongoing capital contributions of each partner
7. Profit and Loss Sharing: Specifies the agreed ratio or method of profit and loss distribution among partners
8. Accounting and Financial Records: Outlines requirements for maintaining books of accounts and financial records
9. Partner Rights and Obligations: Details the rights, duties, and responsibilities of all partners
10. Management and Decision Making: Establishes the management structure and decision-making processes
11. Termination: Specifies conditions and procedures for terminating the profit sharing arrangement
12. Governing Law: Establishes Malaysian law as the governing law of the agreement
1. Non-Competition: Restricts partners from engaging in competing businesses - used when partners have other business interests
2. Intellectual Property Rights: Addresses ownership and use of IP - included when the business involves significant IP assets
3. Admission of New Partners: Procedures for admitting new partners - relevant for partnerships planning future expansion
4. Death or Incapacity: Procedures following death or incapacity of a partner - important for long-term partnerships
5. Dispute Resolution: Details mediation and arbitration procedures - recommended for complex partnerships
6. Insurance: Requirements for business insurance - relevant when significant assets or risks are involved
7. Confidentiality: Protects sensitive business information - important when dealing with trade secrets or proprietary information
1. Schedule 1: Capital Contributions: Detailed breakdown of each partner's capital contributions, including valuations of non-cash assets
2. Schedule 2: Profit Sharing Formula: Detailed calculations and examples of how profits will be calculated and distributed
3. Schedule 3: Partner Details: Complete information about each partner including contact details and bank account information
4. Schedule 4: Business Assets: Inventory of business assets and their agreed values
5. Appendix A: Financial Procedures: Detailed procedures for accounting, reporting, and profit distribution
6. Appendix B: Management Structure: Detailed organizational structure and management responsibilities
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