The Co-Owner Business Contract serves as a foundational document for establishing joint ownership of a business enterprise in Nigeria. This agreement is essential when two or more parties wish to formalize their business relationship, whether starting a new venture or restructuring an existing one. It draws authority from Nigerian legislation, particularly the Companies and Allied Matters Act (CAMA) 2020, and incorporates provisions for capital contributions, profit sharing, management rights, dispute resolution, and exit strategies. The document is crucial for protecting co-owners' interests, preventing potential conflicts, and ensuring smooth business operations. It's particularly relevant in the Nigerian business environment where joint ventures and partnerships are common across various sectors, and where clear documentation of ownership rights and responsibilities is essential for legal compliance and business sustainability.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Your data doesn't train Genie's AI
You keep IP ownership of your docs
1. Parties: Identifies and defines all co-owners entering into the agreement, including their full legal names, addresses, and any business registration details
2. Background: Outlines the context of the agreement, including the business purpose and intention to establish co-ownership
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Business Structure and Ownership: Details the legal structure of the business and each party's ownership percentage
5. Capital Contributions: Specifies initial and ongoing capital contributions from each co-owner
6. Management and Control: Outlines decision-making processes, voting rights, and day-to-day management responsibilities
7. Profit and Loss Distribution: Details how profits and losses will be shared among co-owners
8. Transfer of Ownership: Procedures for transferring ownership interests, including right of first refusal
9. Dispute Resolution: Processes for resolving disagreements between co-owners
10. Termination: Conditions and procedures for terminating the agreement or dissolving the business
11. Governing Law: Specifies that Nigerian law governs the agreement
12. Execution: Signature blocks and execution requirements
1. Non-Compete and Confidentiality: Restrictions on competing businesses and handling of confidential information - used when protecting intellectual property or trade secrets is crucial
2. Death or Incapacity: Procedures in case of death or incapacity of a co-owner - important for family businesses or when succession planning is needed
3. Insurance Requirements: Mandatory insurance coverage for the business and co-owners - relevant for high-risk businesses or significant assets
4. Intellectual Property Rights: Ownership and management of IP - essential when the business involves creative works, patents, or trademarks
5. Employment of Co-Owners: Terms for co-owners working in the business - relevant when owners take active operational roles
6. Foreign Investment Provisions: Compliance with NIPC regulations - required when any co-owner is a foreign national or entity
1. Schedule A - Capital Contributions: Detailed breakdown of each owner's initial and committed capital contributions
2. Schedule B - Asset Register: List of business assets and their ownership status
3. Schedule C - Business Plan: Initial business plan and strategic objectives
4. Schedule D - Management Structure: Detailed organizational structure and management responsibilities
5. Appendix 1 - Voting Procedures: Detailed procedures for various types of business decisions
6. Appendix 2 - Valuation Method: Agreed method for valuing business shares
Find the exact document you need
Co Owner Business Contract
A Nigerian law-governed agreement establishing the terms and conditions of business co-ownership between multiple parties.
Download
Co Ownership Business Agreement
A Nigerian law-governed agreement establishing the terms and conditions for joint business ownership and operation between multiple parties.
Download
Property Co Ownership Agreement
A Nigerian law-governed agreement establishing rights and responsibilities between multiple parties who jointly own a property.
Download
ұԾ’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; ұԾ’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)